Grow Your Savings Effortlessly: Enjoy 5% Yield with No Lock-In Period

With rising interest rates in today’s financial markets, it is not surprising to see that many banks and credit unions are often more cautious about offering high-interest savings accounts without lock-in periods. Their unwillingness to provide users with more flexible opportunities is a feature and not a bug. It is basically their way of protecting their interests, and that is why these traditional institutions do not hold your best interest at heart. With Cenoa, this is different.

A more flexible high-yield savings account is a savings account that promises significant interest rate value while also giving you the control over how long you want your money to be held for or when you want to take it out. This is why Cenoa’s savings wallet is designed to be no lock-in, basically granting you the opportunity to hold your funds for as long as you need to.

In this blog, we explore how the Cenoa wallet can help you comfortably grow your savings without feeling stuck. But first, let us take a look at how the traditional financial system holds you back.

Understanding the traditional savings system.

For these traditional financial organisations, survival is paramount, and survival means avoiding the risk of customers withdrawing their funds and reinvesting them in higher-yielding accounts as interest rates increase. This plus the overall conservative nature of traditional banks make it more difficult for them to offer you savings opportunities that do not require you to make longer term commitments.

Long term commitments mean that these banks and credit unions have control over your finances until the designated period is exhausted. This means that even though you have money, you cannot typically gain access to your money. So, while you get to enjoy competitive interest rates, you have to wait for a longer period before you can access that money and the accrued interest.

This may not seem like much trouble on the surface, but the reality is that it limits your options and handicaps you in the case of better investment opportunities.

Why Cenoa?

Simply put, Cenoa offers freedom when it comes to saving. With Cenoa, it is easier to grow your wealth by owning digital dollars and earning interests (5% annual yield) without restrictions.

Cenoa users, especially those in highly volatile and inflation prone areas, to get easy access to digital dollars, hold those dollars in a savings wallet for as long as they like and access their dollars whenever they need.

Three key features make Cenoa more preferred than banks and other traditional financial institutions:

Accrue interests by the minute: Cenoa users can literally watch their money grow because interests are accrued and payed to them by the minute. But this is not even the best part.
Instant access to funds: In addition to accruing interests by the minute, Cenoa users can easily access their funds (capital and accrued interests) instantly. This means that when you save with Cenoa on Monday, you can withdraw your savings hours later, by Friday or in a year along with the accrued interests to the date.
No penalties for withdrawals: And the best part is that you can accrue these interests and withdraw them without having to pay a penalty.

Conclusion

Traditional banking has limited many people for years, restricting them to the opportunities they think they have access to. Meanwhile, Cenoa provides the freedom to grow your savings while retaining full control over your money. This means that you can finally get the best of both worlds and enjoy high yields and absolute freedom and flexibility.

Ready to start saving? Download the Cenoa Dollar App on the AppStore or on Playstore.