- FairLock is FairMoney’s fixed-term deposit product, where you can securely lock funds for a duration of time and earn interest on the funds. The funds are automatically paid out once the term is completed. However, the interest is either paid upfront or paid out on the maturity date, depending on your choice.
- Interest rates can vary between 18 - 28% per annum, depending on the duration.
- Each plan tells you how many days are remaining and whether it is ready to withdraw. Tapping on each plan on FairLock Homepage takes you to your plan details
- Your FairLock fixed deposit will be withdrawn automatically to your FairSave balance once your plan term is completed
- You can have multiple fixed deposit plans in your FairLock. Just tap on the Create new plan button to create one that suits your needs. You can also repeat a previous plan.
- All interest earned in FairSave is subject to a 10% withholding tax which can be seen and tracked in the transactions history of the app. The daily interest posted in your FairSave will be less than 10% due to this withholding tax deduction
To create a FairLock plan:
- First, create and fund your FairSave account.
- Navigate to the FairLock column!
- Click 'Create a new plan'
- Enter the amount you’d like to lock and confirm.
- Choose whether to collect interest upfront or not
- Select the number of days you wish to lock funds.
- Choose a payment method. (either FM account/FairSave or card)
- Click 'Continue' and name your plan.
- Click ‘Confirm' to securely lock your funds.