Piggy Bank is an excellent feature provided by Piggyvest to promote the culture of savings in Nigeria. As we know, Piggyvest happens to be one of the best savings apps in Africa, and the platform has been striving to provide exceptional services to its users.
Piggy Bank is one such service. The features allow you to save without any restrictions compared to the rest and you can break your savings anytime you wish. You have the option to save automatically either daily, weekly, or monthly.
There is also the option to quick save.
In today’s post, we will show you how to save, withdraw anytime and break your savings in case of emergency. A situation may arise where you will be exhorted to withdraw your money, like for instance, unforeseen circumstances, debt repayment, school expenses, and many more.
These are reasons why you need to master the habit of saving money. You never know what may befall you or what is coming your way. Gone are the days when there used to be ‘Thrift Collectors’, those who specialize in keeping our money safe through contributions.
Some can be weekly or monthly depends how fast you need them. Thrift collectors in Yoruba mean ‘Ala Jo’. It’s the traditional way to save money in Nigeria. However, there are some cons related to this type of savings.
We’ve heard stories of thrift collectors who abscond with people’s money, especially market women who work tirelessly in the market to feed and send their children to school.
This is no longer possible with online savings apps even though they also have their own pros and cons. In this case, the pros may far outweigh the cons because they are duly recognized by the relevant authority to operate.
A few weeks ago, I read in a newspaper that Bamboo, one of the biggest investment apps in Africa has secured a license to carry out their operations in Nigeria. On the other hand, Piggyvest has a license from the CBN and has partnered with top financial institutions to save users’ money.
Although everything has its own risk, but as a man we were born to take those risks. I am not saying that you should invest in any platform you see, but taking calculated risks will take you far more than not trying at all.
So what’s Piggybank and how can you leverage this opportunity to take your savings habits to another level? This brings us to the main topic of the day.
What is Piggybank by Piggyvest?
You can save your money and earn a 10% interest rate per annum which will be calculated every day and withdrawn to your Flex wallet. Piggy bank is just another feature on the app with no restrictions, goals, or target to meet and comes with a whopping 10% even more the Target Savings.
You have the option to turn on autosave or quicksave options and save daily, weekly, or monthly. You can also set up manual savings if you want to do the work.
In Piggyvest, there are products like:
- Piggy bank
- Target savings
- Safe lock
- Flex dollar
- Flex naira
- Investify
Knowing all these features, their characteristics, interest rates, and core values will go a long way for you. This is why I’ve always advocated for a proper research before saving. It will give you the boldness and knowledge to handle any situation in case you come across some while using any platform.
So, before you start saving using Piggybank there are some things to keep in mind:
- There are only four withdrawal days in a year.
- You can choose between autosave or manual daily, weekly, or monthly savings.
- You’ll be charged a breaking fee if you decided to withdraw outside the withdrawal days.
- There are options for you to conveniently set the withdrawal days of your choice.
These four reasons are what differentiate Piggybank from other features or products. In others, you forfeit all your interest if you break before your target or goals.
How to Save with Piggybank
To start saving, simply follow these steps:
- Step 1: Log in to the app
- Step 2: The homepage or dashboard will look something similar to the image below. Click on savings to proceed.
- Step 3: When you are on the savings page, you’ll see a list of products to choose from. Here, we’re going to choose the Piggybank option which is at the top.
- Step 4: After that, you’ll land on the Piggybank page. Here, you’ll see options like:
- Quick save
- Interest rate
- Withdraw
- Settings
And other penitent information about the feature before you start using it. You can walk yourself through the information you’ll find below to get familiar with the product. Most importantly, you can turn on the auto-save option through settings if you want.
- Step 5: Tap on Quicksave and it will bring you to another page like the image below. Here, you are going to enter the amount and the destination.
- Enter the amount
- Tap on Proceed to continue
- Step 6: After tapping on proceed, it will bring you to another page to choose your payment options.
The options are:
- Use PiggyFlex Wallet: If you have money in your wallet you can use this option.
- Use a New Card: If you don’t have money in your flex, you can select this option to pay with your debit or prepaid card.
- Pay with Bank: Select this option if you like to pay through bank transfer.
The choice is yours.
Pick a payment option that best suits your needs. However, keep in mind that Piggyvest doesn’t support all the banks in Nigeria. So, you may not see your bank in the list when you choose to pay with a bank.
Read..
- How to Earn Money with Piggyvest Referral ProgramProgram
- How to Convert Points to Cash on Piggyvest
- How to Use the Target Savings Feature on Piggyvest
How to Withdraw from Your Piggybank Account
Kindly note breaking your savings outside the withdrawal dates you’ve set will attract a fee. Be cautious when setting up your withdrawal dates. Piggybank has four withdrawal dates in a year, which helps users build savings habits while allowing their funds to work for them.
For me saving is enough to face other areas of my life even if I am not earning interests. Nevertheless, you might be tempted to break your savings for reasons important to you.
To achieve that, simply follow the instructions below:
- Step 1: Log in to your account
- Step 2: Click on Savings beneath the app homepage or dashboard.
- Step 3: Click on Piggybank as you have no business with the rest.
- Step 4: Click on Withdraw and it will bring you to a page similar to the image below. There are three options here:
- Notice of withdrawal
- Withdraw to Pocket App
- Withdraw to bank
- Step 5: Click on Withdraw to bank to continue. Here, you’ll see another page where you can enter:
- The amount to withdraw
- Select the bank
- Enter your generated OTP (One Time Password).
- Enter your password
You will need to generate an OTP first before you continue with withdrawal. Once the code has arrived you can input the relevant fields to withdraw.
This is how to save, withdraw and break your Piggybank on Piggyvest. By following the steps by steps, you shouldn’t be bordered about making a mistake or coming across errors.
Frequently Asked Questions (FAQs)
Is Piggybank the same as Piggybest?
Piggyvest is a saving and investing platform while Piggybank is one of the products it offers. People must learn to differentiate between the two. The product is just like a bank on the app that comes with no restrictions like the Target savings and Safelock, and with robust settings that allow you to auto-save and quicksave without having to log in every time.
Which bank works with Piggyvest?
There have been some development on the app in the last few years which make users want to know how and where their money is being saved. Piggyvest partnered with two recognized Microfinance banks and as such, also bought another microfinance bank to make customers’ funds even more secure. Source, read their blog.
Can I increase my savings anytime?
You can increase the frequency of your savings amount anytime you wish to. Just log in to your account, click on Piggybank, and edit the auto-save instructions. You can also edit the time frame for example daily weekly or monthly.
What if I don’t have funds in my account or debit card?
If you’re saving for the first time, you won’t be able to save because you’ll need to add funds to your Flex account or debit card for it to work. If you’re already saving, you’ll be debited when you have funds. However, you have the option to use the quicksave option when you have added funds to your account or better still stick to manual savings.
What is Quicksave on Piggyvest?
Quicksave allows users to easily add multiple funds to their savings when they’ve missed their target. For example, if you’ve chosen the daily saving option of N1,000 and you miss a day, you can use Quicksave to add maybe N1,000 or N2,000, or N3,000 at once. This is to make sure you meet up with your target.
The quicksave option is just there for you to make up for the days, weeks, or months you’ve missed.
Can I pause and continue savings anytime?
The answer is a capital yes. You can do anything with your savings as only you have access to them. When you’re ready to continue, just log in to your account. But make sure to turn off the auto-save option on the settings page.
Do I need to log in every time I want to save?
The Piggybank is a feature that allows you to auto-save and quicksave and as such, you don’t need to log in every time if you choose the auto-save option, except if you want to use quicksave. When you use autosave, all transactions will be carried through the debit card in your account.
That’s A Wrap!
That’s how to use the Piggybank on Piggyvest. In case you still have doubts about using the app, you can ask me anything and I will gladly help.
With Piggybank, you can auto-save or save manually depending on how fast you want your savings to be. In addition, you can add multiple funds using the quicksave option. If you need more explanation on this, read their blog. Another thing that differentiates it from the rest is the ability to set four withdrawal dates that are right for you so that you won’t break your savings and attract fees.
Above all, it’s a very great product and an opportunity to take your saving habits to a different level. I hope you now understand, don’t forget to subscribe to my blog for anything related to personal finance, savings, and investment.
