There are many features that Piggyvest, one of the best savings and investing apps in Africa offers to its users that help them build their savings habits to secure their future, and one of such features is the Target Savings.
In today’s article, I will share with you everything I know about the target savings features, interest rates, and how to save using it so you can start saving your money towards achieving your financial goals.
What is Piggyvest Target Savings?
Piggyvest allows you to save, invest, and withdraw at any time you wish to by offering the best and mouthwatering features. But there is more, with the target savings feature, you can invest, and save towards a target goal either by yourself or with a group of friends, you also have the option to monitor your finance.
Piggyvest has become the most flexible app to save money in Nigeria, and as long as you have a working smartphone and internet connection, you can take advantage of its mouthwatering features. Piggyvest is among our top savings apps and we’ll continue to recommend it to our esteemed readers.
How to use the Target Savings feature on Piggyvest
To start using Target Saving, you must have created an account, otherwise, follow these steps in the process:
Step 1: Create an account
You’ll need an account to have access to the target savings feature, not just that, you’ll be able to access every other feature on the app, the target saving among a few of them.
- Log in to the website
- Click on Create Free Account
- Enter your full name
- Input your email address
- Put your phone number
- Set a strong password that is memorable and you can remember anything you want to use the app.
- After setting a strong password, you can skip the other options.
- Confirm the details you’ve added and click on Create Account to continue.
Step 2: Log in your account
Once you’ve created the account successfully, you’ll be sent a message through the email you provided to verify your account.
- Head over to your email and click the link sent by Piggyvest.
- After clicking the link, you’ll see a confirmation that your account has been confirmed.
- Securely login to your account
That’s all.
You’ve just become a Piggyvest account owner and are ready to start enjoying its numerous services. The next stage is to complete your account and onboarding process and provide other details which will require some government-approved I.D. card.
Step 3: Verify your account
Once you’ve securely logged in, your account will look something like the image below if you are using the web version of the app. It’s now time to verify your account to further proved that you are human and you comply with government regulations.
- Click on the Complete Account Setup.
- Or start clicking on the items on the To-Do List on the homepage/dashboard one by one.
- Add a valid BVN/NIN
- Add a valid debit card and make sure you have at least N100 inside. This will be used to verify your account.
- The N100 is non-refundable
- Set up your security questions.
Completing these details is important to ensure that Piggyvest is operating in line with government regulations. So, now that everything is good to go, it’s time to start exploring all the features one after another.
Although the features you’ll encounter in the app are too good to be ignored and will make you want to start using them immediately. But keep in mind that we’re still in the Target Savings so don’t get carried away.
Now that you have a working and verified account it’s time to explore. To use Target Savings, follow these simple steps.
Step 1: Click on Total Savings
Step 2: Scroll down and you’ll see all the features that Piggyvest offers then click on Targets. This is what we want to access.
Step 3: Once you’re on the Targets Savings page, click on Create A Targets it will bring you to another page that looks like the image below with three options:
- Start a personal target
- Start a public savings challenge
- Start a private group target
For now, you can click on the Start A Personal Target and leave the other options.
Step 4: After clicking on that it will bring you to another page to create your personal target savings.
- Give your Target a title
- Select a category or reason for the Target
- Set the overall target amount. This is the amount of money you want to target.
- Choose your savings frequency. It can be:
- Daily
- Weekly
- Monthly
- Anytime/Manual
Once you are done, click on Tap To Continue.
Step 5: Complete your Target
This is the final and most important stage to start using your target. Here, you’ll need to add the total amount of money to save on a manual basis if you’ve chosen the manual option as your frequency.
- Put the amount you want to save frequently towards the target you’ve set.
- Add a photo to easily identify the target. This is optional though.
- Set the start date
- Set the withdrawal date
- Select a primary source. This is where the money will be deducted from. Normally, the primary source is set as the Piggy Flex wallet. So, when you are ready to start the target, you can add money to your Piggy Flex wallet for easy deduction.
- Click on Create Target after you’ve added money to your Flex wallet.
Before clicking on the create target button, you must have consented to Piggyvest’s policies which will be visible before the create target button.
Congratulations as you begin your Piggyvest journey to savings, investing towards your financial goals and objectives. Now that you know how to create target savings on Piggyvest kindly note that you can set any amount in the overall target savings, and you will have to meet that target before making a withdrawal, otherwise, you’ll forfeit all the interest you’ve accrued.
Simply put, you must meet the overall target you’ve set up before making withdrawals. This is why it is called Target Savings. If you want to use other features, you can learn more about them before starting your savings journey.
Saving and investing at the same time is a sure way to guarantee a successful career, business, and habits, and all it takes is discipline, determination, and consistency. Don’t get carried by the temptation of withdrawing your money early except you are in a critical position.
Frequently Asked Questions (FAQs)
What is the interest rate of Target Savings?
As of now, the interest rate stands at 9% to 10%. You can see the interest rate on your dashboard and when you’re about to create your target. The interest rate is per annum but it is paid daily.
How do I withdraw after meeting my Target?
To withdraw, you must have to meet the overall target and the process is straightforward. Just head over to your dashboard and click on savings then Target Savings, scroll down and you’ll see the withdrawal option.
The withdrawal option will always be there even if you haven’t met the target you’ve set. However, you should meet the target before making any withdrawal so that you don’t lose or forfeit your interest. Ensure that you read the policy of withdrawals before going ahead with anything as it will help you make an informed decision.
How long does Piggyvest withdrawal take?
It can take 2-3 business days for it to arrive in your bank account. However, the funds will be withdrawn to your Flex wallet from there you can withdraw to your desired bank account.
What is the lowest amount to save on Target savings?
There is no minimum amount of money you can target. When you reached the page you’ll see it is set to N500000. But you can edit and add your preferred amount before continuing.
When was Piggyvest created?
The app was launched in 2016, and at that time, digital penetration was still very low so nobody knows about it. Today, it has evolved to be one of the leading fintech companies in Africa, winning numerous awards because of its excellent services.
In that year, the app was only offering savings options to customers. In the following year, it changed its name to ‘PiggyBank’ to provide more robust features, which later became one of its core values. In fact, I didn’t need to say much because you must have heard all the good stuff about the platform from friends and business partners.
Why should I save with Piggyvest?
I created a Piggyvest account in 2018 and at that time I wasn’t aware of its potential. If I had taken advantage of saving and investing with the app since that period, I would have come close to becoming a millionaire. I returned to Piggyvest in December 2022 when the platform has already become a giant in the African fintech space.
Read..
- How to Open A Savings and Deposits Account With Kuda Bank
- 7 Reasons Why Piggyvest is the Ultimate Savings Solution
- How to Open a US Dollar Account with Zenith Bank
So, what’s the moral lesson? Act now because you don’t know where the habit may lead you to. Whether it is saving or investing it is your responsibility to make decisions based on who you are or what you are dealing with.
Piggyvest will not only change the way you save money, but it will also change the way you spend and invest at the same time. So, don’t take my word for it, just give it a shot if you haven’t. Remember, investing and saving is a guaranteed way to live a financial life of abundance full of wealth and riches.
That’s A Wrap!
Overall, Piggyvest happens to be my number one saving app in Nigeria even though there are many other platforms in the market today, I still preferred to use the app to save, invest, and set a target for my monthly expenses.
As I’ve said, if you want a guaranteed life full of wealth and riches, then saving and investing money should be your utmost priority. There are no two ways about it, you save for future reasons, and you invest to leave a life you’ve dreamed of. Both sides go hand in hand and there is no better option between them.
So, start saving and your future, tomorrow will thank you later. If you like this blog post please recommend it to your friends and relatives. You can also keep locked in to get all the information, and powerful posts on topics related to personal finance, savings, and investing.
