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The short answer
A Fixed Box holds the money you put in until the end date you choose, at the rate shown in the app before you lock it. Treat locked money as unavailable until that date, which makes a Fixed Box right for known-date bills such as rent or school fees and wrong for an emergency fund.
How locking works
A Fixed Box is the naira savings option for money you will not need until a set date. Setting one up follows the same pattern each time:
- Choose the amount you want to lock.
- Choose the end date. Pick a date a little before the bill it is meant for, not on the day itself.
- Read the rate and the terms shown in the app. These are shown before you commit.
- Confirm. The money then moves from your main balance into the Box and is held until the end date.
- On the end date the money becomes available to use.
The rate depends on market conditions and is shown in the app at the time you lock; we do not publish figures here because they change. Read what the screen says about the rate for the term before you approve.
Why lock money at all
Locking does two things. It usually earns a better return than money you can take out at any moment, because the bank knows it can rely on the deposit for a set time. And it removes temptation: money you cannot spend is money that is still there when the rent is due. Our guide to whether locked savings stop you spending looks at the second point in more depth.
Rates across the market have been moving. The CBN reset the Monetary Policy Rate to 23% at its September 2026 meeting, from 26.5% at the May and July meetings. Benchmark changes like this feed through to what banks offer on deposits over time, which is why the rate on any new Fixed Box is shown at the time you lock.
What a Fixed Box suits
| Goal | Fixed Box? | Why |
|---|---|---|
| Next year's rent | Yes | Known amount, known date |
| School fees for next term | Yes | Due on a set date each term |
| Money for a planned trip or wedding | Yes | Date known months ahead |
| Emergency fund | No | Emergencies do not wait for an end date |
| Stock for a business you trade every week | No | You need it on short notice |
| Money you may lend to family | No | The timing is unpredictable |
Planning dates: a ladder
If you have several bills through the year, you do not need one large Fixed Box. Split the money so each part ends just before the bill it pays. This is sometimes called a ladder.
| Box (example) | Amount | Ends |
|---|---|---|
| Second-term fees | ₦300,000 | Early January |
| Third-term fees | ₦300,000 | Early April |
| First-term fees | ₦300,000 | Late August |
| Total locked | ₦900,000 |
In this example ₦900,000 is split into three Boxes of ₦300,000, each ending a week or two before a school deadline. Each term's money is protected from spending until it is needed, and none of it is locked longer than necessary.
Before you lock: what to check
- You have an emergency fund elsewhere, ideally in a Flexible Box, so you will not need this money early.
- The end date falls before the bill, with a few days to spare.
- The rate and terms on the screen, including anything they say about the period, before you approve.
- The amount is what the bill will be, allowing for price rises.
Fixed Box and other options
A Fixed Box is the naira equivalent of a fixed deposit at a bank. For the general comparison, see fixed deposit vs savings account. If you are weighing it against the Investment Box, which funds lending and has a return that depends on that lending, read Investment Box vs Fixed Box. For accessible money, see the Flexible Box. All four Box types are on the Boxes page.
Common mistakes with locked savings
- Locking the emergency fund. The most common mistake. Keep emergency money in a Flexible Box.
- Choosing an end date on the due date. If the date and the bill fall on the same day, a small delay can make you late. Leave a few days.
- Locking everything for the longest term. A longer term is not always better if you will need part of the money sooner. Split the money by need.
- Forgetting the Box exists. Name each Box for its purpose and note the end date, so the money is used for what you saved it for.
If you have a Personal Assistant, ask it to remind you before each Fixed Box ends, so you can plan the payment it is meant for.
Questions people ask
Can I withdraw from a Fixed Box before the date?
Plan as if you cannot. A Fixed Box holds your money until the end date you choose, so only lock money you will not need before then, and read the terms shown in the app before you confirm.
What is the interest rate on a Pryme Fixed Box?
The rate is shown in the app before you lock, and it depends on market conditions at the time. We do not publish figures because they change.
What should I use a Fixed Box for?
Known amounts on known dates: rent, school fees, a planned trip or wedding. Not an emergency fund or money you may need at short notice.
Is a Fixed Box the same as a fixed deposit?
It works in a similar way: you lock naira for a set period at a rate shown upfront. Naira deposits with Pryme are held by Solid Allianze MFB and insured by the NDIC up to the applicable limit.
Sources
- NDIC: Frequently Asked Questions (deposit insurance cover per depositor) · accessed Oct 2026
- CBN: Monetary Policy Decisions (307th MPC, 21-22 Sep 2026) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.