Piggyvest Savings Plans Review

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This post is geared to discuss some of the saving plans on Piggyvest, their interest rates, and tips on using the platform to your advantage and personal objective.

It is no longer a doubt that personal finance should be taught in school, if not, in society towards eliminating the challenges we have with money.

Since we normally think of money when the issue of finance arises, it will be in our best interest to educate the youngest ones on the importance of finance and how to use it to improve themselves financially.

Nigerians are faced with money issues, the reason is that it is not just the economy but the attitude people have towards personal finance. The majority see their problems as something related to money. However, that shouldn’t be a concern anymore with the revolution of online saving apps.

I am referring to Piggyvest in this case. If you want to know more about this fintech platform, maybe it’s your first time, Piggyvest has the potential to fix 50% of money challenges in the country.

But, the decision often comes from people. I mean those who want to improve their lifestyle and finances through savings and investments.

What is Piggyvest?

Piggyvest is a leading fintech app in Nigeria that was formed to change the way people think about money. It happens to be one of the first saving and investment apps in West Africa that started as a saving-only platform.

What is Piggyvest used for?

You can save, invest, and monitor your wealth in a single dashboard and also comes with maximum security that store and save users’ data from authorized access.

When you are ready to save, create an account, pick a saving plan, and fund the plan or your wallet. However, there are requirements to be met before taking full advantage of the app.

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Is it safe to keep money in Piggyvest?

It is completely safe to save with Piggyvest as the app uses advanced banking security secured by 256 bits SSL security encryption to improve its efficiency and protect users’ data.

In addition, it uses secure payment processing gateways like Paystack and Flutterwave, which are both PCI DSS compliant to encrypt payments and card information.

Download Piggyvest app

To start saving, you need to download the app from the app store. Alternatively, you can use the website to access the app and start using the platform. The web version is similar to the app as there are no discrepancies.

After creating an account through the website, you can download the app.

It is available for Android and iOS. However, ensure that you are downloading the real app from whatever source you are using.

Benefits of using Piggyvest to save money

1: It teaches you how to save and invest at the same time without limitations.

2: Piggyvest helps you build wealth through saving money, as that’s the only genuine way to be financially stable.

3: You earn interest on any savings plan and you can save in more than one. Higher interest rates than your commercial bank.

4: It helps you build savings habits as Nigerians normally lack this trait when it comes to money issues.

5: Earn points and convert them to cash when you save at least N2,000 with either Target or SafeLock.

6: Ability to set your preferred withdrawal dates or adjust to your preference.

7: Earnings potential is unmatched as you can also make money through its referral program.

When you combined these benefits and access them one after another, you will notice that you are benefiting more from the platform.

Here’s the secret and formula:

Save = earn interest
Save = earn points
Share = earn referral bonus
Double savings = multiply earnings

Piggyvest Savings Plans Review

What are the types of savings in Piggyvest?

In Piggyvest, there are three primary savings plans, but the rest like Flex Naira or Dollar are there to make savings easier for users.

Let’s discuss them below so that you have a better understanding before saving your money.

1: Piggybank

The first savings plan in Piggyvest is Piggybank and it comes with a 9 – 10% interest rate. When you decide to save on this plan, you have the options to either save automatically or manually depending on your knowledge.

With Piggybank you can save daily, weekly, or monthly and let the app do the rest for you with the automatic savings option. You can also choose to save manually if you want.

You can quicksave.

What is Quicksave? You can add funds anytime or meet up with the number of days you have missed. For example, if you are saving N1,000 daily, with the Quicksave, you can add funds that supplement other days.

Lastly, the plan has four withdrawal days in a year. You can adjust them to your preferences, but you can’t withdraw outside those days. If you plan to withdraw outside those dates, you pay a penalty fee.

2: SafeLock

This is the most common savings plan in Piggyvest. It allows users to lock funds they will never touch for certain days or months and earn competitive interest rates while also teaching them the habit of saving money.

You can set the fund for a fixed period and never get tempted to break until the maturity date.

That’s how Safelock works. It comes with a 13% interest rate that entices users to save with the plan more often than others.

Think of it as your personalized fixed deposit account. You can lock the fund for 10 days or even 1000 days depending on how you want. The minimum amount to lock starts from N1,000.

Can I unlock my Safelock on Piggyvest? Yes, you can break your SafeLock, but before that, just ensure that the lock-up date is more than 90 days.

2: Target

With Target Savings, you set a target for yourself or with a group and save towards that target. For example, if you plan to target N200,000 for 3 months, you can save daily, weekly, or monthly to reach the target.

In addition, you can also save towards buying a home, or car, or meeting other objectives. It helps you create an achievable plan that is combined with effort and discipline.

The interest rate for Target Savings stands at 9% at the time of writing this post and you can withdraw at any time.

How to save money with Piggyvest

To start, you will need to create an account.

1: Create an account and complete your profile so that you get all the benefits.

2: Verify your account with BVN. This keeps your account secure. Complete other necessary steps on the dashboard.

3: Find the savings plan you tend to save in and familiarize yourself with the plan.

4: Add or fund your account to start saving towards the goal you have set.

Note: You must add money to your Flex, Piggybank, or Target wallet to be confirmed a valid user if this is your first time using the app.

How to keep your Piggyvest account safe

1: Never share sensitive information with people. Examples, your password, email, and phone number, including card details.

2: Enable Two Factor Authentication to further improve the security of your account.

3: Don’t use public computers or someone’s mobile devices to log in. This is one mistake you must avoid at all costs.

4: If possible, have a separate business email to access the account. It is important to adhere to the tips to keep you safe using Piggyvest as security begins from you.

5: Don’t share your phone with other Piggyvest users or try to show people how the app works using your dashboard.

By following these tips, you should be able to protect your Piggyvest account in addition to the app’s security.

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That’s A Wrap!

These are the main savings plans in Piggyvest and they come with set objectives that let users achieve their goals. It is also important to understand how they work before you start.

Now you can try other tools and resources that will help you make an informed decision.

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