FLEXIBLE (FLEX) SAVINGS FAQs

General

1. What is Flexible Savings?

Flexible Savings is a savings wallet that allows you to save money, earn interest daily, and withdraw anytime without penalties.

2. Who can use Flex Savings?

All eligible VBank customers can create a Flex Savings wallet.

3. What is the minimum amount required?

You need at least ₦100 to fund your Flex Savings wallet.

4. Can I create multiple Flex Savings wallets?

No. Each customer can only have one Flex Savings wallet.

5. Why should I use Flex Savings?

Flex Savings gives you:

  • Easy access to your money

  • Monthly interest payouts

  • No withdrawal penalties

  • Flexible saving at your own pace

Funding & Withdrawals

6. How do I fund my Flex Savings?

You can fund your Flex Savings from:

  • Your Universal Savings Account

  • Joint Account

  • Child Account

7. Can I withdraw anytime?

Yes. You can withdraw anytime up to 4 withdrawals without penalties.

8. Is there a withdrawal limit?

Yes. You can make up to 4 withdrawals per calendar month.

9. What happens after 4 withdrawals?

You’ll need to wait until the next month before making another withdrawal.

10. Can I withdraw all my money?

Yes. Full withdrawals are allowed.

11. Will my Flex account close if my balance becomes ₦0?

No. Your wallet remains active and visible even at zero balance.

12. Can I fund my wallet again after withdrawing everything?

Yes. Your Flex wallet automatically reactivates once funded again.

Interest & Earnings

13. How is interest calculated?

Interest accrues daily based on your closing balance.

14. When is interest paid?

Interest is credited monthly on the 1st day of every month.

15. What is the minimum balance required to earn interest?

You must maintain at least ₦100 to earn interest.

16. What happens if my balance drops below ₦100?

Interest accrual pauses until your balance returns to ₦100 or more.

17. Will I still receive interest if I withdraw before month-end?

Yes. You’ll still receive accrued interest for the days your balance qualified before withdrawal.

18. What happens if I empty my account before the payout date?

Any accrued interest earned before withdrawal will still be paid during the monthly payout cycle.

19. Does Flex Savings support Halal mode?

Yes. If Halal mode is enabled, interest will not be paid, but you’ll still earn VReward points.

Wallet Status & Activity

20. What happens if I stop using my Flex Savings account?

Your wallet may become inactive after a period of no activity, but it will remain visible in the app.

21. Will I be notified if my account becomes inactive?

Yes. You’ll receive reminders if your wallet remains inactive for a long period.

22. Can an inactive wallet become active again?

Yes. Funding the wallet automatically reactivates it.

23. Can I view my transaction history?

Yes. You can view all funding, withdrawal, and interest transactions within the app.

Notifications & Rewards

24. Will I receive notifications for transactions?

Yes. You’ll receive notifications for:

  • Funding

  • Withdrawals

  • Interest payouts

  • Inactive wallet reminders

  • Wallet reactivation

25. Do I earn VPoints on Flex Savings?

Yes. Eligible savings activities can earn VReward points.

26. Are there penalties for withdrawals?

No. Withdrawals are free.

Troubleshooting & Edge Cases

27. Why can’t I create a Flex Savings wallet?

Possible reasons include:

  • Temporary network issues

  • Insufficient balance for first funding

  • Existing Flex wallet already created

28. Why didn’t I receive interest this month?

Possible reasons include:

  • Your balance stayed below ₦100

  • Your account was inactive

  • Interest payout date has not yet been reached

29. Why was my withdrawal blocked?

You may have exceeded the monthly withdrawal limit.

30. What happens if funding fails during setup?

Your Flex wallet may still be created, but you’ll need to manually fund it to begin saving and earning interest.

31. Can I close my Flexible Savings wallet?

No. Flexible Savings wallets cannot be closed directly within the app. If you no longer wish to use the wallet, you can simply leave it inactive or maintain a zero balance. In exceptional cases requiring closure, our team may review the request in line with the bank’s internal processes and regulatory requirements. 

32. Where can I view my Flex Savings wallet?

Your Flex Savings wallet will appear on your savings dashboard in the app


33.  Steps to Create a Flexible Savings Account

  1. Open the app.
  2. Tap Save Now.
  3. Select Flexible Savings.
  4. Tap Save.
  5. Enter the amount you want to deposit.
  6. Select preferred account to be debited from 
  7. Enter your PIN to complete the setup.

34. Steps to Withdraw from a Flexible Savings Account

  1. Select your Flexible Savings Account.
  2. Tap Details.
  3. Select History.
  4. Click Withdraw.
  5. Choose the desired withdrawal percentage.
  6. Enter your PIN to authorize the withdrawal.

34.1 Steps to Withdraw from a Flexible Savings Account (Quicker Route to withdraw):

- Tap the Save now button from the dashboard homepage
- Select Flexible savings and you’ll be redirected to your flexible savings dashboard
- On the dashboard, tap the withdraw button
- Choose the desired withdrawal percentage
 - Input your pin