How to Grow Your Savings with Raven High Interest Fixed Accounts (HIFA)

As young adults, building a financial nest egg remains a key & integral part of our growth. The next concern however is finding the right platforms to build this nest on, platforms that guarantee stability, and security while offering impressive interests on your savings.

Traditional savings accounts often offer these features, but minimal interest rates which when compared to Raven High Interest Fixed Accounts (HIFA) is a far cry. If you’re looking for a secure and rewarding way to grow your savings, then HIFA is the ideal solution. In this piece, we’ll explore Raven HIFA, what you need to know, how it works and how to start growing your savings with HIFA.

What is Raven HIFA?

Raven High Interest Fixed Accounts (HIFA) is a savings product designed for individuals looking for high, guaranteed returns on their savings over a fixed period. Unlike regular savings accounts that offer fluctuating interest rates, HIFA offers a locked-in competitive interest rate for a predetermined term, providing you with stability and predictability. These accounts are typically designed for short term savings, ranging from three months to one year.

Raven HIFA offers:

• 3-month savings: 18% interest per annum
• 6-month savings: 20% interest per annum
• 12-month savings: 21% interest per annum

Key Features of Raven HIFA

1. High Fixed Interest Rates: The primary feature that sets Raven HIFA apart from other savings accounts is its interest rate. HIFA offers some of the most competitive fixed rates in the market with up to 21% interest per annum, ensuring your savings grow faster over time.
2. Guaranteed Returns: Since the interest rate is locked in when you open the account, you don’t have to worry about market fluctuations affecting your interest. Your returns are guaranteed, making it an excellent option for risk-averse savers.
3. Flexible Terms: Raven HIFA offers flexibility in terms of the duration of the account. You can choose terms that suit your financial goals, ranging from three months to one year, with varying interest rates.
4. Minimum Deposit Requirements: To open a Raven HIFA, there is a minimum deposit requirement of 200,000 NGN, ensuring you have a substantial sum to benefit from the higher interest rate. However, the minimum deposit is often accessible enough to accommodate a wide range of savers.
5. No Market Risk: Since Raven HIFA offers fixed returns, you’re not exposed to market risks associated with investments like stocks or bonds. This makes it an ideal choice for risk averse and new savers.

Benefits of Raven HIFA for Growing Your Savings

1. Predictable Growth: With Raven HIFA, you can view your interest before you begin saving. This allows you to calculate your returns in advance, and plan your finances better, knowing exactly how much your savings will grow by the end of the term.

2. Compounding Interest: The longer you save in HIFA, the more you benefit from compound interest. With compounding, your interest earns interest, exponentially growing your savings over time.

3. Security: Your savings in Raven HIFA are protected which makes it a secure alternative to more volatile investment options.

4. Peace of Mind: For individuals who are uncomfortable with market investments or those approaching retirement, Raven HIFA offers peace of mind. Your principal and interest are both guaranteed, so you don’t have to worry about losing money during economic downturns.

How to Open a Raven HIFA

Opening a Raven HIFA is a straightforward process:

• Log in to your Raven account and click “Easy Savings” from the “Quick Actions” list.
• Select “HIFA” from the list of savings plans. Next, select “Activate HIFA” to start saving.
• Create a savings title, “i.e. New HIFA Savings,” and click “Proceed.” Select an amount to lock, 200k and above, and click “Proceed.”
• Set a duration for maturity between three to twelve months and click “Proceed.”
• Confirm the details of your savings to be correct and toggle the “I accept” button to give consent.
• Enter your transaction pin and wait for the successful prompt.

Tips to Maximise Your Returns with Raven HIFA

1. Choose Longer Terms: If you can afford to lock your money away for a longer period, opt for a longer term. Longer terms often come with higher interest rates, resulting in more significant returns.

2. Start Early: The sooner you open a Raven HIFA, the more time your money has to grow. By starting early, you can take full advantage of compound interest.

3. Reinvest Maturing Funds: When your Raven HIFA matures, consider reinvesting the funds into a new HIFA. This strategy, called “laddering,” can help you take advantage of any rising interest rates while keeping your savings growing steadily.

4. Diversify Your Terms: If you’re uncertain about locking all your money for an extended period, you can open multiple Raven HIFAs with different terms. This gives you access to some of your funds sooner while still benefiting from long-term high-interest rates.

Is Raven HIFA Right for You?

Raven HIFA is ideal for individuals looking for secure, predictable savings growth. It’s particularly suited for anyone looking to save for short periods whilst earning significant interests.

Conclusion

Raven High Interest Fixed Accounts (HIFA) offer a simple, secure, and highly effective way to grow your savings. With guaranteed high-interest rates, flexible terms, and the power of compound interest, HIFA helps you reach your financial goals faster while minimizing risk. By choosing the right term and consistently reinvesting your savings, you can maximize your returns and watch your wealth grow over time.

If you’re looking for a reliable way to save for the future, Raven HIFA could be the key to achieving your financial success.