How To Withdraw Money From Your Sumobank Account
It is quite easy and seamless to withdraw money from your Sumobank account; all it takes is the right information on how you go about it. This article is to guide you on how you can simply withdraw your money from your Sumobank account to your local bank. Before we delve into the discussion of withdrawal, let us look into the various accounts on Sumobank and their unique requirements.
The Different Accounts You Can Open On Sumobank
Sumobank basically has three different accounts for its dear customers. These accounts include the following:
- Main savings account
- Fixed deposit account
- Mission savings account
Let us consider the purpose of these different accounts on Sumobank. When you have a good understanding of all these accounts, it will be much easier for you to withdraw money from your Sumobank account.
Also read: The need for sumobank in Nigeria
Sumobank Main Savings Account
The Sumobank main savings account is the account that holds your savings whenever you directly save money on the Sumobank platform without any particular specification. For example, when you “InstantSave” or “AutoSave” on Sumobank it goes directly into your main savings account. The only exception is when you specifically want to save on your mission account or fixed savings account. The main savings account comes with a 10 % annual interest on the amount of money you have saved.
Fixed Deposit Account
Under the fixed deposit account, deposit a fixed amount of money to your fixed deposit account. Your money is fixed for at least 1 year but can also extend it to as long as you wish. The fixed deposit account pays 15% annual interest on the money you deposited. This is really something that will be worth your while.
The Mission Savings Account
In your mission savings account, you are encouraged to save for a stipulated mission. For example, you can create your sumobank mission account stating that you would want to save N100, 000 for your school fees, business startup capital, the coming festive season, you name it. Whatever thing you want o achieve with your money is stated in the mission savings account. By stating your reason for saving, it serves as a motivating factor to spur you on to saving and achieving your target.
What Is The Sumobank Kick Account?
You may have been seeing the kick account when you log in to your sumobank account and wondering what is it all about. The kick account holds your daily accrued interests of the money in your main savings account, fixed deposit account, and your mission savings account. Any amount of money that Sumobank wants to pay to your first goes into your kick account, and then you can withdraw it from there. All the withdrawals you make from your kick account is completely free of any charge.
Also see: Sumobank: How to maximize this platform to save and invest wisely
Guide On How To Withdraw Money From Your Sumobank Account
You need to know that Sumobank does not charge you on any withdrawals made from your Sumobank account provided your withdrawal falls within the free withdrawal dates given on the main saving account. When withdrawing from your mission account after reaching your goal, Sumobank won’t charge you a dime. In the situation where you want to withdraw before your mission savings goal has been attained, Sumobank will also charge you for that.
Withdrawing outside the free withdrawal dates for your main savings account or before reaching your savings goal comes with a charge of 4.5% on your withdrawal. This charge is a way Sumobank uses to discourage you from making withdrawals when you target hasn’t been achieved
There are different ways through which you can withdraw money from your Sumobank account.
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You can make withdrawals free of charge
To withdraw for free, you must make withdrawals within the sumobank stipulated free withdrawal days or you can set your own free withdrawal date as well. This means that within a year, you can withdraw from your sumobank account 5 times without any charge. Sumobank free withdrawal dates include 1st of March, 1st of June, 1st of September, and 1st of December.
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Make withdrawal with 4.5% charge
The 4.5% charge as stated earlier only applies when you want to withdraw outside the listed free withdrawal dates.
Once your withdrawal request has been sent, Sumobank instantly credits your kick account from where you can withdraw into your designated bank in Nigeria.
How To Add Your Personal Free Withdrawal Date On Sumabank
To create your personal withdrawal date,
- simply click on the drop-down menu on your dashboard, and then you click on the downward arrow at the top right corner of the menu. Once you click the downward arrow, you will see the settings prompt, just click on it. After you have clicked on the settings, it will redirect you to the page where you will add your free withdrawal date. You will click on “add my own withdrawal day” and then add the date and save. It is as simple as that, and your personal withdrawal date will be automatically added. I trust you completely understand how to withdraw money from your sumobank account. For more information, kindly click here
