How Lock Saving Works
Start compounding your wealth in under two minutes with automated financial discipline.
Choose Tier & Tenure
Select your lock commitment tier (Soft, Medium, Hard Landing, or Total Lock) spanning from 30 days to over a year based on your target timeline.
Select Interest Payout
Decide whether to receive interest at maturity OR select Upfront Payout to get your entire interest credited to your wallet on Day 1.
Top Up Savings Anytime
Add extra funds to your active lock whenever you have surplus cash. Top-ups earn interest pro-rata while keeping your original maturity end-date fixed.
Automated Settlement
On your maturity date, our automated system credits your principal + earned interest straight to your main wallet without manual hassle.
Daily interest accrued
Earn up to 20% per annum to help you reach your goal faster. Think of it as a reward for meeting your target.
- 1 Go to the ‘Lock Saving’ or ‘MyLocker Savings’ wallet
- 2 Click on the ‘+’ or ‘New lock’ icon to create a lock
- 3 Enter a description of your savings goal in the ‘Lock name’ (e.g. Vacation, Rent)
- 4 Choose your commitment level (Soft, Medium, Hard Landing, or Total Lock)
- 5 Input your ‘Lock Amount’ (e.g. ₦234,000)
- 6 Select your preferred maturity date & interest payout timing (‘At maturity’ or ‘Upfront’)
- 7 Then, follow the prompts to confirm your lock term, start date, and end date
Choose Your Commitment Level
Clearer lock rules mean higher interest returns. Choose Upfront Interest on Day 1 or At Maturity, with clearly defined wait periods before early break.
Soft Landing
Flexible entry tier ideal for short-term targets and low lock commitment.
Medium Landing
Balanced option for mid-range goals like rent or school tuition deposits.
Hard Landing
High commitment tier for disciplined, substantial wealth accumulation.
Total Lock
Maximum return tier for long-term investments, asset building & wealth preservation.
Detailed Tier Comparison
Compare commitment rules, Upfront Day 1 interest access, early withdrawal waiting periods, and penalties side-by-side.
| Tier Name | Interest Rate (p.a.) | Tenure Duration | Upfront Interest (Day 1) | Wait Period Before Break | Min Progress to Break | Early Break Penalty | Top-Up Support |
|---|---|---|---|---|---|---|---|
| Soft Landing | 5% p.a. | 30 – 60 Days | ✓ Day 1 Credit | 30-Day Cliff | 40% | 5% (on interest) | Supported |
| Medium Landing | 8% – 10% p.a. | 61 – 180 Days | ✓ Day 1 Credit | 61-Day Cliff | 70% | 15% (on interest) | Supported |
| Hard Landing POPULAR | 12% – 15% p.a. | 181 – 365 Days | ✓ Day 1 Credit | 181-Day Cliff | 95% | 25% (on interest) | Supported |
| Total Lock | 15% – 20% p.a. | 365+ Days | ✓ Day 1 Credit | Full Maturity (365+ Days) | 100% | No Early Break | Supported |
Calculate Your Guaranteed Payout
Input your lock deposit amount, choose your tier, and select whether you want interest paid upfront on Day 1 or at maturity.
Built for High-Yield Financial Discipline
Everything you need to secure your funds, beat inflation, and achieve maximum returns with guaranteed safety.
100% Principal Security
Your original principal deposit is 100% protected and guaranteed. Penalties on early exit apply strictly to interest earned, never touching your initial deposit.
Upfront vs. Maturity Payouts
Choose to receive your interest disbursed alongside principal at maturity, or get your full expected interest paid upfront on Day 1 directly to your wallet.
Guaranteed Rate Lock
The annual interest rate agreed upon when creating your lock is locked in for your entire tenure, protecting you even if system rates drop later.
Top-Up Without Reset
Add extra savings to your active lock anytime. Top-ups earn interest pro-rata from the deposit date while keeping your original maturity date fixed.
Automated Daily Settlement
No manual requests needed on maturity date. Our system automatically credits your principal and interest to your primary wallet.
4 Tailored Savings Tiers
Select from Soft Landing, Medium Landing, Hard Landing, or Total Lock based on your duration and flexibility preferences.
Instant Interest on Day 1 & Fair Early Exit Rules
Experience complete flexibility with iContribute's unique Upfront Interest Payout. Spend your interest today while your capital compounds securely.
Lock Saving FAQs
No, never. Your initial principal deposit is 100% safe and fully protected under all circumstances. Penalty deductions apply exclusively to earned interest and unearned upfront interest advances — your principal is never touched.
Suppose you deposit ₦500,000 into Medium Landing Flexible Lock (17% p.a.) for 365 days, but decide to break the lock on Day 180 (after the required 61-day cliff):
Result: You walk away with your full ₦500,000 principal plus ₦35,630 in net interest profit!
When you select the Upfront Payout mode, your total expected interest for the full duration is credited directly to your main iContribute wallet on Day 1. You can spend, transfer, or withdraw this interest immediately!
- Day 1 (Lock Created): ₦200,000 instant interest is credited to your wallet. You spend or invest it right away.
- Scenario A (Hold to Maturity): On Day 365, your full ₦1,000,000 principal is released to your wallet. Total earned: ₦200,000.
- Scenario B (Early Break on Day 200): You break early after the 181-day cliff:
• Interest Earned for 200 Days: ₦109,589• Unearned Upfront Advance to Recover: ₦200,000 - ₦109,589 = ₦90,411• 25% Penalty on Earned Interest: 25% × ₦109,589 = ₦27,397• Total Deduction from Principal Release: ₦90,411 + ₦27,397 = ₦117,808• Principal Released on Day 200: ₦1,000,000 - ₦117,808 = ₦882,192(Combined with the ₦200,000 upfront you already received, your total cash in hand is ₦1,082,192!)
For Flexible Lock plans, early withdrawal is permitted after completing the mandatory minimum waiting cliff. Penalties apply only to earned interest based on your tier:
Locked at 15% p.a. for 90 days, but broken early on Day 45 (after passing 30-day cliff):
• 5% Penalty = 5% × ₦3,698 = ₦185
• Total Net Payout Released: ₦200,000 + ₦3,513 = ₦203,513
No. Total Lock plans enforce strict 100% lock commitment. Early withdrawal is disabled by smart contract code until your maturity date passes. This guarantees maximum financial discipline and protects your maximum 20% compound yield.
Yes! You can top up any active lock goal at any time. Top-up deposits earn interest pro-rata from the exact day they are added without extending your original maturity timeline.
You create a ₦300,000 Hard Landing Total Lock plan (20% p.a.) on Jan 1 maturing Dec 31. On Day 100 (April 10), you top up ₦100,000:
• ₦100,000 Top-Up earns 20% for remaining 265 days = ₦14,520 interest
• Total Payout at Maturity (Dec 31): ₦300,000 + ₦100,000 + ₦60,000 + ₦14,520 = ₦474,520!
At 12:00 AM on your maturity date, our automated settlement system processes your payout. Your full principal deposit plus earned compound interest are credited instantly to your primary iContribute wallet, accompanied by SMS and push notifications.
Build High-Yield Wealth Today
Lock your funds, beat inflation, and earn up to 20% interest per annum.