Before writing on this topic, I typed in “idle cash” on Reddit, and tons of people needed answers to one question
“How can I make money from my idle cash?”
“I don’t want to leave my money in the bank and earn just 4.2 percent in a year”
Having idle cash sitting around might seem safe, but in reality, it’s an opportunity cost. That same money can be better used by investing wisely for returns.
Another question that pops up with idle cash is the phobia of losing money. Instead of losing money, I better keep it in my “kolo” where it is safe. Again, that’s not the best way to go about that. You can invest your idle cash safely and build wealth at the same time.
Where can I keep my Idle Cash?
Our team built the “Earn by Trove” on the Trove app to accommodate those who want a safe way to grow wealth with zero risk.
What is Earn by Trove?
It’s a recently launched fixed-income feature on the Trove app that allows you to earn interest on your money. There are two fund options to save in. You can save your funds in naira or dollars. In naira, you can gain interest of up to 20% per annum while in dollars, you can earn up to 5.5% interest per annum.
Here’s an example of how these percentages work
If you save 100,000, you’ll get 20,000 fixed interest at the end of a year period
Cool, right?
How about if you want to save in dollars?
You get a 5.5% interest on your money by annum
For example, if you save $2,000, you’ll be getting a fixed interest of $110 at the end of a year period. Save $4,000 and get $220.00 in interest at the end of a year period.
Here’s a Step by step-by-step guide on How to use Earn by Trove on the Trove app
- Download/Update your Trove App
- Login to the Trove app. See a guide here.
- Click the “Earn” icon at the bottom of the Trove app
- Choose how you’d like to save (in naira or dollars). See a guide here
- Choose how long you’d like to save. For 3 months, 6, 9, or 12 months. See a guide here
- Add the amount and name your savings plan. Eg: 500,000 naira. Plan name: Wedding. See a guide here
- Choose your payment option. See guide
- If you pick “debit card” add your card to process your transaction. See a guide
And voila! You’ve successfully funded your savings plan. Do this as frequently as possible and earn returns accordingly.
This feature will be a game-changer for your financial growth as you can earn even while asleep. You don’t need to do market research or look out for stocks performing best. All you need to do is lock your funds and earn fixed interest.
Let’s help you put your idle cash to work!
