Piggyvest review (All you need to know about Piggyvest savings platform)
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Piggyvest review (All you need to know about Piggyvest savings platform)
Read all about Piggyvest in this Piggyvest review.
Saving is necessary to managing money and also for future investments. There are lots of people who can’t save. Either because they don’t have enough to save or simply just lack the discipline.
Piggyvest is a savings and investment platform that helps you save and grow your money. With piggyvest, you can lock your money for a period of time and withdraw at a set date.
In the past, people save money in a box that was made in a way in which, putting money was easy, while taking money out was very difficult.
This system was made in order to imbibe a saving culture in owners of the box. This is because when you think of how difficult it is to take money out of the box, you are inclined to just leave it in.
Piggyvest has put in place this sort of system, that enables users to easily put money in, but make it otherwise difficult to withdraw money before the withdrawal date set by you.
Apart from just saving, Piggyvest also allows you to earn some interest on your savings, as well as invest on the platform and making passive income.
In this piggyvest review, am going to be writing about all you will need to know about the platform, as well as answering some questions like “How does piggyvest work?”, “Who owns piggyvest?”, “is piggyvest legit?” and more.
Remember to leave us a comment after you finish reading and also share with your friends on social media.
Let’s get into it then…
What is Piggyvest?
Piggyvest is a savings and investment platform that was launched in 2016 by the trio of Odunayo Eweniyi, Somto Ifezue and Joshua Chibueze, who at Covenant University and worked on many projects together.
Initially launched in 2016 as piggybank, which was a savings only platform, it rebranded to Piggyvest in 2019, which as well as helping customers save money, also helps them make money.
Piggyvest has put in place this sort of system, that enables users to easily put money in, but make it otherwise difficult to withdraw money before the withdrawal date set by you.
Apart from just saving, Piggyvest also allows you to earn some interest on your savings, as well as invest on the platform and making passive income.
Some people might ask, “What is the difference between piggyvest and a normal bank?”. The difference is that piggyvest locks your fund and doesn’t allow you to withdraw it, until the date that you set.
This makes it easier for people to save, especially since withdrawing your money before set date will attract a 5% penalty fee on Piggyvest.
How does Piggyvest works?
With piggyvest, you can save money any way you like, either daily, weekly or monthly. You get to decide how much you want to save:
N50 – N2500 daily
N1000 – N100000 weekly
N3000 – N500000 monthly
Piggyvest has in place autosave, so you won’t have to deposit manually. Autosave will deduct your set amount daily, weekly or monthly.
Piggyvest features
Safelock
Safelock is one of the interesting feature of Piggyvest. With safelock, you can lock your funds from your debit card or piggyvest wallet for a certain period of time.
During this period of time, you will not have access to this money and you will also get a certain percentage of interest, depending on the number of days you are locking your money for (you can earn up to 15.5% interest per annum).
The minimum amount of money you can keep in safelock is 1000 naira and you will have to keep it for a minimum of 10 days to 2 years and above.
The interest on safelock is higher than any other savings option and you can create as many as you want.
The safe lock is good for when you want to save for projects like a wedding, a birthday party etc.
Autosave
With Piggyvest, you don’t need to always transfer money to your savings account, this can be done for you automatically, if you allow it.
If for example, you want to be saving 200 naira daily, you can turn on Autosave function and Piggyvest will deduct the amount from your account every day until you reach your goal.
Even if you miss a day i.e. when you don’t have up to the set amount for Piggy to deduct, it will come back and check the next day until you reach your saving goal.
Target savings
If you have a target to meet, e.g. save 90,000 naira in one month. You can do that with target savings by creating a personal target or group saving challenge.
Piggyvest also offers a certain interest percentage for target savings, which you can withdraw to your piggyflex account before withdrawing to your bank account.
If you decide to withdraw the money before the set date, you will lose all your interests plus a 1% processing fee.
Piggypoints
Piggypoints is another way to make money on Piggyvest. This system was created by Piggyvest to reward you for saving consistently on the platform.
The more you save in your piggybank wallet, the more you earn. The piggypoints earning system is a s below:
N2000 – N4999 – 1 point
N5000 – N9999 – 2 points
N10000 – N49999 – 10 points
N50000 – N99999 -25 points
N100000 and above – 55 points
1 piggy point is worth 10 naira. This means that if you have 1000 piggypoints, you will have 10000 naira. You can convert your piggypoints to cash in you piggyflex account.
Core savings
Core savings is the default piggyvest savings account, that allows you to invest daily for any number of days you want.
You can withdraw your savings at any time after it reaches the maturity date. It also accrues interest daily which you can withdraw on the 1st of every month.
If you decide to withdraw your money before it reaches maturity, it will attract a 5% penalty fee.
Investify
Investify is a feature on Piggyvest that allows you to invest in Agriculture, production and industries directly from the app.
It is another to make money from Piggyvest while your savings accrues interest for its maturity date withdrawal.
Flexnaira
Flexnaira is a feature on Piggyvest which permits you to transfer, accept and build emergency funds with ease and zero charges.
How to register on Piggyvest
To register on piggyvest, you will have to either download the app form the website and create an account or create one from the website itself.
- Click “Create free account”
- Fill in all your details correctly including your email address, phone number and password.
- Verify your email address by clicking on the link sent to your email address.
- You will need to activate your account by depositing 1000 naira.
- You can then begin saving daily, weekly or monthly.
Piggyvest interest rates
Here is how the Piggyvest interest rate works:
- You earn 10% per annum on Piggyvest & target savings
- Safelock earns you up to 15.5% per annum.
- With piggyflex, you earn 10% per annum and 7% on flex dollar.
- You earn up to 25% on investify.
How to withdraw your savings on Piggyvest
Before you can withdraw on Piggyvest, you will need to fill in your bank details in the withdrawal settings on your piggyvest account.
Once you finish doing this, you can now request for withdrawal by following the below steps:
- Click on WITHDRAW option in your dashboard.
- Input the amount of money you will like to withdraw
- Your money will be credited to you within 3 hours.
NOTE: You can only withdraw on set withdrawal dates, otherwise there will be a penalty fee.
Piggyvest customer care
If you want to reach out to piggyvest, you can do that via the following channels:
Phone number: 0700 933 933 933
Email: Contact@piggyvest.com
Address: 16 Boyle street, Onika, Lagos island, Lagos Nigeria.
Is Piggyvest legit?
Piggyvest is a legit savings and investment platform. They have been helping Nigerians save money for years and there has been little to no complaints.
All piggyvest dealings are licensed by the central bank of Nigeria, this means that all your details are safe with them. Hence you should have no problem using the platform to save your money.
You don’t have to take our word for it, you can go ahead and do your own research, and we are positive you will come to the same conclusion as we did.
Frequently asked questions (FAQs)
What is the minimum amount I can withdraw on Piggyvest?
The minimum amount you can withdraw on Piggyvest is 3000 naira, and there is no maximum limit to the amount you can withdraw.
Can I withdraw before withdrawal date on Piggyvest?
Yes, but it will attract a penalty fee of 5%. This is done to imbibe saving culture in Piggyvest users.
Who owns Piggyvest?
Piggyvest is owned by the trio of Odunayo Eweniyi, Somto Ifezue and Joshua Chibueze.
Is Piggyvest legit?
Piggyvest is a legit savings and investment platform. They have been helping Nigerians save money for years and there has been little to no complaints.
Conclusion
Piggyvest is definitely going to help lots of people save money, as it is very different from your traditional banks, which make it very easy for you to spend money.
If you have a project that you want to save for e.g. A birthday party, a wedding etc. Go ahead and register an account on Piggyvest and begin saving. You will thank me later.
Thank you for reading my Piggyvest review. If you have any question or comment, you can leave it below in the comment section.
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