Spend & Save does the saving as you spend. Kuda Premium adds interest at 9% per annum to your eligible savings, without locking your money away.
Here’s what you need to know
Your eligible Spend & Save balance starts earning interest once you’ve been on Kuda Premium for one month
Interest is calculated daily and paid into your Spend & Save pocket at the beginning of each month
You can make up to four withdrawals in a calendar month without losing that month’s interest
A fifth withdrawal means losing all the interest accumulated for that month, not your savings
You don’t need to create a separate savings plan or lock your money away.
Stay on Kuda Premium, keep track of your monthly withdrawals, and let your everyday savings do a little more.
How does interest at 9% per annum work?
Spend & Save automatically puts aside a percentage of your spending
Your eligible savings balance earns interest at 9% per annum, calculated daily
We pay your earnings into your Spend & Save pocket at the beginning of each month, as long as you meet the eligibility and withdrawal conditions.
Per annum means per year. The rate is nine per cent per year, not nine per cent every month.
Who can earn interest at 9% per annum?
To qualify, you’ll need to:
Be on Kuda Premium
Have been on Premium for one month
Have money in your Spend & Save pocket
Make no more than four withdrawals from your Spend & Save pocket in a calendar month.
How do I get started?
Unlock Kuda Premium if you haven’t already.
Set up Spend & Save and choose the percentage you’d like to save from your spending.
Keep using Spend & Save to build your savings automatically.
Once you’ve been on Premium for one month, your eligible savings balance will start earning interest at 9% per annum.
Already using Spend & Save? You don’t need to create a separate savings plan or lock your money to qualify.
How much will I earn at 9% per annum?
Your interest at 9% per annum builds daily. The amount you earn depends on:
How much money you keep in your Spend & Save pocket
How long that money stays in your pocket.
You earn interest on your savings, not directly on the amount you spend.
When will I receive my interest at 9% per annum?
When: At the beginning of each month
Where: Directly into your Spend & Save pocket
Conditions: You must meet the eligibility requirements and make no more than four withdrawals in the relevant calendar month.
The payment is monthly, but the 9% per annum rate is annual.
Can I withdraw my savings?
Yes. Your money isn’t locked, so you can withdraw whenever you need it.
You can make up to four withdrawals in a calendar month and still keep the interest earned at 9% per annum for that month, as long as you meet the other eligibility conditions.
What happens if I withdraw more than four times?
If you make a fifth withdrawal in the same calendar month, you’ll lose all the interest accumulated at 9% per annum for that month.
Your savings are still yours. This isn’t a withdrawal fee, and it doesn’t reduce the money you’ve saved.
The simple rule: Up to four withdrawals keeps you within the monthly allowance. A fifth withdrawal means losing that month’s earnings calculated at 9% per annum.
Will I get a withdrawal reminder?
Yes. Before you make your fourth withdrawal, you’ll see an in-app alert letting you know you’re about to use your last withdrawal within that month’s allowance.
You can still go ahead. Just remember that another withdrawal in the same calendar month will mean losing that month’s interest earned at 9% per annum.
Why haven’t I received my interest at 9% per annum?
Check that:
You’re on Kuda Premium
You’ve been on Premium for one month
You’ve had money in your Spend & Save pocket
You haven’t made more than four withdrawals in the relevant calendar month
Your monthly payment is due.
If everything checks out and your earnings haven’t arrived, please, reach out to us through the Kuda app so we can help.