How much is list to start saving using money mutual fund? And can I fit they top it everyday with 1000?
Fokona Latest Questions
Please briefly explain why you feel this question should be reported.
Please briefly explain why you feel this answer should be reported.
Please briefly explain why you feel this user should be reported.
How much is list to start saving using money mutual fund? And can I fit they top it everyday with 1000?
I will break it down and solve it like Joint Contribution First, what is Money Market Mutual Fund ? Imagine 10,000 Nigerians put their money together inside one big pot. A professional company (like Stanbic IBTC, ARM, Meristem) will take that big pot and invest it in safe government investments likeRead more
I will break it down and solve it like Joint Contribution
First, what is Money Market Mutual Fund ?
Imagine 10,000 Nigerians put their money together inside one big pot. A professional company (like Stanbic IBTC, ARM, Meristem) will take that big pot and invest it in safe government investments like Treasury Bills. Every 3 months they share the profit for everybody.
It’s safer than business, better than saving in your bank account.
How much is the minimum to start ?
It depends on the company, but in Nigeria it’s very small now:-
– Most big companies:- ₦5,000 to start
– Stanbic IBTC Money Market Fund – ₦5,000
– Vetiva Money Market Fund – ₦5,000
– Anchoria, TrustBanc – ₦5,000
– Some are cheaper (Fintech apps): ₦1,000 to start
– Zedcrest Money Market Fund – ₦1,000 to start and ₦1,000 to add
– Apps like Cowrywise, PiggyVest, Bamboo use these funds behind the scenes, so you can start with ₦1,000.
– Some are expensive: ₦10,000 – ₦100,000
– Meristem – ₦10,000
So your ₦1,000 idea is VALID.For most people, start with ₦5,000.
Can you top it with ₦1,000 everyday?
YES. You can.
All Money Market Funds allow you to add money anytime – daily, weekly, monthly. This is called “top-up” or “additional subscription”.
If you use Zedcrest, you can top up with ₦1,000 daily. If you use Stanbic, minimum top-up is also ₦5,000.
How your ₦1,000 everyday will work:-
1. You start Day 1 with ₦5,000
2. Every day you add ₦1,000 – in 30 days you have ₦35,000 inside
3. The fund will calculate interest DAILY on whatever you have inside. So your money grows small-small every day.
4. After 30 days, you can withdraw if you need – most have 30-day holding period.
My advice for you is that:-
1. Download Stanbic IBTC Mobile App or Cowrywise App
2. Start with ₦5,000
3. Set an automatic top-up of ₦1,000 daily – exactly like you said.
In 6 months, you will be shocked how much interest you have compared to leaving it in your normal bank.
See lessThe amount to start with depends on the platform you are using. PlutusNeo allows you to start with 1000 naira and you can top up with 1000 naira.
The amount to start with depends on the platform you are using. PlutusNeo allows you to start with 1000 naira and you can top up with 1000 naira.
See lessYes 1000 to 10,000 you are good to go.
Yes 1000 to 10,000 you are good to go.
See lessThis depends on the fund you wanted to get. It depends on the fund rule. But For you to invest in mutual funds in invest9ja, you need a minimum of 5000 naria. And you can too it up with a minimum of 1000 naria each time you want to.
This depends on the fund you wanted to get. It depends on the fund rule.
See lessBut For you to invest in mutual funds in invest9ja, you need a minimum of 5000 naria.
And you can too it up with a minimum of 1000 naria each time you want to.
Alright, let's break this down in simple terms that Mama Ngozi in the village will easily understand.So, a money market mutual fund is like a big basket where many people put their smaller baskets of money together. These small baskets are like your savings that you want to grow. The big basket is mRead more
Alright, let’s break this down in simple terms that Mama Ngozi in the village will easily understand.
So, a money market mutual fund is like a big basket where many people put their smaller baskets of money together. These small baskets are like your savings that you want to grow. The big basket is managed by professionals who buy things like Treasury Bills and Commercial Papers. When these things grow, everyone’s baskets grow too.
To start saving in a money market mutual fund, you typically need to have at least ₦5,000 or ₦10,000. This is like the entry fee to join the money market fund. You can compare it to joining a group where everyone pools their money for investing.
As for topping up with ₦1,000 every day, it may not always be possible in a money market mutual fund. These funds usually have rules on how much and how often you can add more money. It’s like if Mama Ngozi wants to add more tomatoes to her basket for sale, she may have to follow certain rules in the market.
In summary, to start saving in a money market mutual fund, you typically need around ₦5,000 or ₦10,000 to join the fund. Topping up with ₦1,000 every day may not always be allowed due to the fund’s rules. It’s like joining a savings group where everyone contributes to invest together.
See less