Savings

The platform offers five savings products. Interest compounds monthly on the last business day and is credited directly to the savings balance.

Products at a Glance

Product	Min Amount	Interest Rate	Lock Period	Early Withdrawal Penalty
Flexible	₦5,000	10% p.a.	None	None
Target	₦5,000	12% p.a.	Until target date	None
Locked	₦10,000	15% p.a.	3–36 months	5% of balance
Group	₦1,000/member	13% p.a.	Per group rules	Per group rules
SAYT	No minimum	Varies	Transaction-linked	None

View Savings Summary

GET /api/v1/savings/summary

Returns an overview of all active savings accounts for the user, including total balance and interest earned.

Get Savings Configuration

GET /api/v1/savings/config

Returns the current interest rates, minimum amounts, and product rules for the tenant.

Flexible Savings

Deposit and withdraw at any time with no penalties. Ideal for emergency funds.

POST /api/v1/savings/flexible

{
  "productType": "flexible",
  "initialDeposit": 50000.00
}

Response:

{
  "success": true,
  "data": {
    "accountId": "s1a2b3c4-...",
    "productType": "flexible",
    "balance": 50000.00,
    "interestRate": 10.0,
    "status": "active",
    "createdAt": "2026-02-27T10:00:00Z"
  }
}

Target Savings

Set a goal amount and target date. The system tracks your progress toward the goal.

cURL

curl -X POST https://api.korastratum.com/api/v1/banking/savings/target \
  -H "Authorization: Bearer $TOKEN" \
  -H "X-Tenant-ID: fmfb" \
  -H "Content-Type: application/json" \
  -d '{
    "productType": "target",
    "targetAmount": 5000000.00,
    "targetName": "Holiday Fund",
    "targetDate": "2026-12-31",
    "monthlyContribution": 500000.00
  }'

Node.js

const res = await fetch(
  "https://api.korastratum.com/api/v1/banking/savings/target",
  {
    method: "POST",
    headers: {
      Authorization: `Bearer ${token}`,
      "X-Tenant-ID": "fmfb",
      "Content-Type": "application/json",
    },
    body: JSON.stringify({
      productType: "target",
      targetAmount: 5000000.0,
      targetName: "Holiday Fund",
      targetDate: "2026-12-31",
      monthlyContribution: 500000.0,
    }),
  }
);

Python

res = requests.post(
    "https://api.korastratum.com/api/v1/banking/savings/target",
    headers={"Authorization": f"Bearer {token}", "X-Tenant-ID": "fmfb"},
    json={
        "productType": "target",
        "targetAmount": 5000000.00,
        "targetName": "Holiday Fund",
        "targetDate": "2026-12-31",
        "monthlyContribution": 500000.00,
    },
)

Response:

{
  "success": true,
  "data": {
    "accountId": "s2b3c4d5-...",
    "productType": "target",
    "targetName": "Holiday Fund",
    "targetAmount": 5000000.00,
    "currentBalance": 500000.00,
    "progressPercentage": 10.0,
    "targetDate": "2026-12-31",
    "daysRemaining": 307,
    "monthlyContribution": 500000.00,
    "estimatedMaturityAmount": 5450000.00,
    "estimatedInterest": 450000.00,
    "status": "active"
  }
}

Locked Savings

Deposit a lump sum for a fixed period at a higher interest rate. Early withdrawal incurs a 5% penalty.

POST /api/v1/savings/locked

{
  "productType": "locked",
  "amount": 1000000.00,
  "lockPeriodMonths": 12
}

Response:

{
  "success": true,
  "data": {
    "accountId": "s3c4d5e6-...",
    "productType": "locked",
    "balance": 1000000.00,
    "interestRate": 15.0,
    "lockPeriodMonths": 12,
    "maturityDate": "2027-02-27",
    "estimatedInterest": 150000.00,
    "earlyWithdrawalPenalty": "5% of balance",
    "status": "active"
  }
}

Group Savings

Collaborative savings where members pool contributions. Each group has its own rules for contribution frequency and withdrawal.

POST /api/v1/savings/group

{
  "productType": "group",
  "groupName": "Travel Club",
  "contributionAmount": 10000.00,
  "contributionFrequency": "monthly",
  "memberEmails": ["alice@example.com", "bob@example.com"]
}

Save As You Transact (SAYT)

Automatically save a percentage of every transaction. For example, setting 5% means ₦50 is saved on every ₦1,000 transfer.

POST /api/v1/savings/sayt

{
  "productType": "sayt",
  "percentage": 5.0,
  "sourceWalletId": "a1b2c3d4-..."
}

The SAYT percentage can range from 0.5% to 10%.

View Savings Details

GET /api/v1/savings/:id

Returns full details including balance, interest earned, and product-specific fields (target progress, lock period, group members, etc.).

Withdraw from Savings

POST /api/v1/savings/:id/withdraw

{
  "amount": 100000.00,
  "destinationWalletId": "a1b2c3d4-..."
}

warning

Withdrawing from locked savings before maturity incurs a 5% penalty on the withdrawn amount. Flexible and SAYT savings have no withdrawal penalties.

Interest Breakdown

GET /api/v1/savings/interest-breakdown

{
  "success": true,
  "data": {
    "totalInterestEarned": 45000.00,
    "breakdown": [
      {
        "accountId": "s1a2b3c4-...",
        "productType": "flexible",
        "interestEarned": 5000.00,
        "rate": 10.0
      },
      {
        "accountId": "s3c4d5e6-...",
        "productType": "locked",
        "interestEarned": 40000.00,
        "rate": 15.0
      }
    ]
  }
}

View Savings Goals

GET /api/v1/savings/goals

Returns all target savings with progress tracking.

Next Steps

• Accounts & Wallets — Wallet management and limits.
• Transfers — Fund savings from wallet transfers.
• Loans — Loan products and repayment.