Written by Mary Abiodun
Piggyvest is more than a savings platform or app. I use Piggyvest and you should too but if you are wondering, “What is Piggyvest and why should I use it?”, I have 12 reasons here for you (with a little extra 5 reasons at the end).
What is Piggyvest?
Piggyvest is an online bank that helps you to save your money just like your normal commercial bank but they are better, they are innovative and they challenge you to save.
They do all of these better than your normal banks. Besides, they added other benefits and features to spice up your saving habits.
They also took it a notch higher by adding investment options to the saving options they have. They really want to help you save and invest. This means more money and more opportunities to make your money work for you.
Why You Should Save With Piggyvest — Your 12 Reasons
1. You earn points for saving
With Piggyvest, you don’t just save, you earn points for saving. Every point earned can be converted to cash which is kept in your Flex Naira account and it can be withdrawn at any time.
A point is equivalent to N10. Accumulated bonus points can be converted to cash that you can use to buy airtime or data (*winks*).
Your Flex Naira account is also where the monthly interest on your savings is paid to. The purpose of the Flex Naira account is for you to keep money that you might need at any time.
2. Higher interest rates than your commercial bank
Piggyvest now pays between 8% -10% for both PiggyFlex Savings, Target Savings, and Piggybank Savings. For Safelock, it is up to 13% in interest rate. I doubt you can get such an interest rate from any bank.
The interest rates are definitely higher — the more reason for you to save. Put the same amount of money in your normal bank account and in your Piggyvest app, the money in Piggyvest will definitely grow faster.
3. Transparency of transactions
Every month, you get a breakdown of how your interest was accrued on your savings. The interest is calculated daily; you get to know how much was paid daily as an interest to you on any amount saved. There’s also a record of all your transactions.
4. You can set withdrawal dates
You can set the time to withdraw your money but if it is not set, Piggyvest has its own withdrawal dates that you can use. It’s four times in a year and it is quarterly.
Any attempt to withdraw before your withdrawal date leads to a penalty called a breaking fee. It is a small percentage of whatever amount you are withdrawing.
5. You are penalized for not following your plan
If you decide to withdraw before the date that you have set, Piggyvest now charges you 2.5% of any amount you wish to withdraw at that point in time. This is just to make you a man of your words and to discourage you from being an impulsive spender.
The aim of Piggyvest is to help you save. The penalty makes you disciplined and allows you to take a second thought before withdrawing your savings before the agreed time.
6. Lock your funds like it’s Fixed Deposit
Safe Lock on Piggyvest is when you decide to put some money away for a particular period of time. It works like the Fixed Deposit Account for commercial banks. One interesting thing about Safe Lock is that you get your interest upfront.
Your interest is immediately paid to your Flex Naira account when you safe-lock any amount but your original amount is withdrawable after your set time elapses. You can safe-lock your funds for less than 90 days or more. This is up to you to decide.
7. Save for the future
The ‘Target Savings’ is a way for you to save for the future. You target an event in the future and you begin to set money aside for it. This is good if you are saving towards a wedding, a birthday, a burial, or a fun event — any event at all.
It can also be saving to buy something very important just like someone I know was saving to buy a MacBook using Piggybank and the target was met.
Piggybank will show you how far or near you are to meeting this target. You earn interest on this as well.
8. Get money transferred directly to your piggy account and save in dollars.
Anyone can make transfers directly to your Piggybank account just like they would with your normal bank account. This is because you can get a unique bank account for your Piggyvest account. When a transfer is done to this account, it goes directly to your PiggyFlex account on Piggyvest.
You can take this money to save in dollars. This happens with Flex Dollars. You can hedge your funds against inflation by keeping it in dollars. Be rest assured that this comes with an interest too.
9. You earn a referral bonus too
This is one awesome part of having a Piggyvest account. When people join Piggyvest using your referral link or your phone number, you both earn a referral bonus of N1,000 each.
Find out how you can redeem your N1,000 referral bonus as a new user. You can also find this in the FAQs section on their website, under Referral Program (Stories).
10. Automatic savings
Automatic savings is also referred to as AutoSave. This is when Piggybank saves for you based on the time and amount you state. This can be daily, weekly, or monthly. You can deactivate or turn off the AutoSave option if you don’t want to use it.
Apart from AutoSave, there is Quick Save. Quick Save allows you to save on your own, at any time you choose. Use this option to save if you have deactivated AutoSave.
11. Savings Challenge
For the savings challenge, you can decide to start a challenge with friends where you all decide to save a certain amount consistently for a particular period. This can also be a form of Target Savings if you all are targeting the same goals.
This is collective savings and it can be used by a group of people looking at saving towards an investment opportunity. They can put together some funds to invest together.
If you don’t have a group to do this with, Piggyvest has a variety of savings challenge that you can join. You can use this to challenge yourself.
12. Investment options
Piggyvest has investment opportunities from different trusted sources that users can explore to grow their money. You can invest in agriculture, transportation and other investment opportunities there.
Looking to start on the path of investments, check out these four questions you need to ask yourself before you start investing.
How to Get Started with Piggyvest
Visit piggyvest.com and create an account.
It is very easy to create an account and if you feel like using the referral option while creating an account, you can do so but it is optional.
You can also download the Piggybank mobile app to save as you go but the web app is also very great.
More reasons for you to save with Piggyvest
They are tested and trusted and they’ve got:
- Awesome recognition for amazing and inspiring customers.
- A beautiful and colourful website.
- Great user experience.
- Excellent customer support.
- They respond to emails and are active on social media.
Do you know that Nigerians save over 1 billion Naira with Piggyvest every month?
These are the 12 (plus 5) reasons you should save with Piggyvest.
Have questions about Piggyvest? Drop them in the comments, let’s have a discussion.
Thank you for reading!
Share this with friends who are looking for efficient ways to save their money and make it work for them.