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The short answer
Moniepoint's support centre says personal Fixed savings run for 1, 3, 6 or 12 months, cannot be topped up, and forfeit interest if withdrawn early. Target savings let you withdraw up to 50% before the target date, losing the interest on that part, while breaking the whole plan forfeits interest; at maturity Moniepoint pays principal plus interest after withholding 10% tax.
The Moniepoint savings range
Moniepoint's support centre lists the personal savings plans as Flexible, Locked and Fixed, alongside Target savings and Save As You Transact (shown as SAYT V2), which is available on both personal and business accounts. Each has its own rule for getting money out before the end date. Moniepoint's website footer says Moniepoint Microfinance Bank Limited is authorised and regulated by the CBN and that deposits are insured by the NDIC.
| Plan | Lock period | Top-ups | Early exit |
|---|---|---|---|
| Fixed | 1, 3, 6 or 12 months | Not allowed | Allowed; interest is forfeited |
| Target | Runs to a target date you set | Allowed (personal top-up limit shown as 10M) | Up to 50% partial withdrawal, losing interest on that part; breaking forfeits interest |
| Locked | Set when created | Check the app | Breaking is possible; proceeds credited within 48 hours (interest treatment shown in app) |
| Flexible | None | Allowed | Cancelling forfeits accrued interest |
All of these come from Moniepoint's savings support pages as checked in October 2026. The pages do not state minimum amounts, so the minimum is whatever the app shows when you create a plan.
Fixed savings: the rules in detail
Fixed savings is a lump-sum plan. You choose a tenor of one, three, six or twelve months and deposit the whole amount at the start. You cannot add to it later; if you want to save more, you open another plan. Moniepoint says early withdrawal forfeits interest, so the cost of changing your mind is everything the plan has earned up to that point.
Worked example (example only)
Example only, using an invented rate of 12% a year. Halima fixes ₦400,000 for six months. Simple interest for half a year is ₦400,000 × 12% × 6 ÷ 12 = ₦24,000. Withholding tax at 10% is ₦2,400, so at maturity she receives ₦421,600. If she withdraws after four months, she forfeits the interest and receives ₦400,000. Choosing the three-month tenor and renewing would have given her an exit point at month three without losing anything.
Target savings: partial withdrawal
Target savings works differently because it is built around a goal and regular deposits. Moniepoint says you may take out up to 50% of the balance before the target date, and only the interest on the withdrawn part is forfeited. Break the plan entirely and all interest is lost. When the plan reaches maturity, principal and interest are credited after 10% tax is withheld.
Worked example (example only)
Example only. Emeka's Target plan holds ₦600,000, of which ₦30,000 is accrued interest. He needs ₦200,000 urgently. That is a third of his balance, within the 50% allowed. If the interest is shared in proportion to the balance, he gives up about ₦30,000 × 200,000 ÷ 600,000 = ₦10,000 of interest and keeps the rest of the plan running. Breaking the whole plan would have cost all ₦30,000. Moniepoint does not publish the exact formula, so the app's confirmation screen is the figure to rely on.
Locked and Flexible plans compared
Locked and Flexible sit at opposite ends. A Flexible plan lets you add and withdraw freely, but Moniepoint says cancelling it forfeits the interest accrued, so treat it as somewhere to park money rather than a place to dip into and close repeatedly. A Locked plan is designed to keep you from spending; Moniepoint's pages say that when a Locked plan is broken, the money is credited within 48 hours, so it is not instant cash in an emergency. If you know you may need money at short notice, keep it in your main account or a Flexible plan and use Fixed or Locked only for sums with a set purpose and date.
Opting out of interest
Moniepoint's support pages note that you can opt out of interest on savings. That matters to savers who prefer not to earn interest for religious or personal reasons; the plan then works as a discipline tool only. If this is your reason for choosing a plan, our guide to interest-free savings in Nigeria compares the options.
What to check first
- The tenor on a Fixed plan. Shorter terms renewed in sequence give you more exit points.
- The minimum the app requires for each plan type.
- The rate shown before you confirm; it is the figure that applies to that plan.
- Whether you need flexibility. If yes, Target with its 50% partial withdrawal or Flexible suits better than Fixed.
- That your account's KYC level allows the balance you plan to hold.
For a broader view of lock-in products, read locked savings in Nigeria: do they stop you spending? and our companion piece on how Moniepoint sets and shows its savings rate.
Keep records as you go. Each time you open, top up or break a plan, Moniepoint's app shows a confirmation; a screenshot gives you the date, amount and rate if you ever need to query an interest payment. Moniepoint's support centre also lets you export an account history as Excel or PDF, which is useful when you want to see the savings movements alongside your main account over a full year.
Where Pryme fits
Pryme's naira Savings Boxes separate Flexible money from Fixed money, with each Box's rate and terms shown before you commit.
Questions people ask
Can I break Moniepoint fixed savings?
Yes. Moniepoint's support pages say early withdrawal from a Fixed plan forfeits the interest. You receive your principal.
Can I withdraw part of my Moniepoint target savings?
Yes, up to 50% before the target date. You lose the interest on the part you withdraw.
What is the minimum for Moniepoint fixed savings?
Moniepoint's support pages do not state a minimum. The app shows it when you create the plan.
Does Moniepoint deduct tax on savings interest?
Yes. For Target savings, Moniepoint says principal and interest are credited at maturity after 10% tax is withheld.
Sources
- Moniepoint Support: Savings (Flexible, Locked, Fixed, Target and Save As You Transact) · accessed Oct 2026
- Moniepoint Nigeria: homepage footer (licence and NDIC statements) · accessed Oct 2026
- Moniepoint Support: Account Information and Updates (statement export) · 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.