Piggyvest review: All you need to know about piggyvest
Piggyvest is a fintech company that was launched back in 2016 as piggybank.ng and only changed its name to piggyvest in 2019.
Piggyvest was founded by Odunayo Eweniyi, Somto ifueze and Joshua chibueze and was the first of its kind in Africa.
Piggyvest was initially only a savings platform, but in the past few years, it has added some interesting features that enables people to make extra money on the platform.
Piggyvest enables you to not only save money, but get good interest of up to 12% on your savings. You might ask, what is the difference between leaving your money in your normal commercial bank account and saving it on piggyvest.
The difference is, piggyvest makes it easier to save money, since it has in place some features that enables you to develop a saving culture.
In this piggyvest review, am going to write about all you would need to know about piggyvest and if it is a legit/trusted platform to save your money.
Let’s get into it piggyvest review then….
Features of piggyvest
Piggyvest has put in place some features to help you not only save money but to invest your money.
The following are some of the interesting features that make piggyvest a very interesting platform:
Remember when people use to save money in those boxes that made it easy to put money in but difficult to take money out.
The idea was to imbibe a saving culture. Even if you had a need a for the money, you were likely still not to touch it, since it was very difficult to take out.
The whole idea of piggyvest is similar. Easy to put money but has some conditions that make it difficult to take money out before the withdrawal date that you set.
This will imbibe a saving culture in you, and will make you very pleased on withdrawal date.
The piggybank enables you a little or a large amount of money, this money will be deducted automatically from your bank balance, so you don’t have to be depositing money to your piggyvest savings every day.
A withdrawal date will be set by you, and you usually are not supposed to withdraw before that date, but if you do, piggyvest will charge you 5% on your saved money.
This will most likely discourage you from withdrawing before the date that you set, making it easier to save money in a long term.
This is piggyvest’s equivalent of a bank fixed account. Unlike the piggybank, you can’t withdraw this money before the set withdrawal date.
The safelock allows you to set money aside for a fixed period of time, without having access to it until its has reached maturity.
The difference between a piggyvest safelock and a bank’s fixed account is the interest that piggyvest pays you. With piggyvest, you can get up to 12% interest on saved money annually.
You can safelock your money on piggyvest for a minimum of 10 days and up to 1000 days.
This is useful if for example, you want to save up for something like a car, you can safelock it on piggyvest so you won’t be tempted to touch it until it has reached maturity.
Piggyvest flexnaira is a feature on piggyvest which permits you to transfer, accept and build emergency funds with ease and zero charges.
This feature on piggyvest enables you save towards a certain goal in mind and you can only withdraw your money when you reach that set goal.
For example, if you intend to save up to buy a car that maybe costs 1 million naira, you can use the piggyvest target savings feature to achieve this goal.
Saving a 100,000 naira every month for 10 months will help you reach your target, this is basically the primary use of the piggyvest target savings feature.
Autosaves is a piggyvest feature that allows you to save a certain amount of money daily, weekly or monthly.
With the autosaves feature, piggyvest automatically deducts a certain amount of money from your account daily, weekly or monthly.
With Autosaves, you don’t need to remember to transfer money to your piggyvest savings account, it automatically deducts the money.
If you miss a day i.e if for example you usually save a 100 naira everyday with piggyvest autosave, but on a particular day your account is not up to a 100 naira, you don’t need to worry as piggyvest will check back the next day to deduct the usual 100 naira and continue your savings until you reach your target.
This another interesting piggyvest feature. Back in 2016 when piggyvest first launched, it was completely a savings platform, all it did was help you save and withdraw your money once it got to withdrawal date.
Over the last few years, piggyvest has expanded its business from just being a savings only platform and has added some other interesting features. One of these features is “investify”.
Investify is a feature on piggyvest that enables to make money by investing on agriculture, production and industries directly from the app.
You get up to 25% interest with investify. This means you can not only save money but make extra money on the side.
Piggy points is another way to make extra money on piggyvest. Simply put, piggy points are a way piggyvest rewards you for saving on its platform.
You will need to save at least 2000 naira at one on your piggyvest wallet to begin earning piggy points.
Here is how the point system works:
2,000 naira – 4,999 naira = 1 points
5,000 naira – 9,999 naira = 2 points
10,000 naira – 49, 999 naira = 10 points
50,000 naira – 99,999 naira = 25 points
100,000 naira & above = 55 points
1 point is worth 10 naira and you can convert your points to cash on your piggyflex account.
Piggyvest referral program
Another way to make extra money on piggyvest is through the piggyvest referral program. You get 1,000 naira for every person you get to sign up on piggyvest.
That means you can make up to 10,000 naira quickly if you refer 10 people to the platform, cool right?
All funds must be sent to your piggyflex account before you can withdraw it directly to your local bank account.
Piggyvest interest rate
The interest you get on your savings depends on the type, which could be one of the three:
- Core savings
* Core savings interest rate is accrued daily on the balance, piggyvest will pay the interest rate which is usually available on the 1st of every month.
* Safelock savings interest rate is paid upfront into your piggy flex account.
* Target savings interest rate is accrued daily and is paid at the end of your target.
* You earn 10% per annum on piggyvest and target savings
*Safelock earns you to 15.5% per annum.
* With Piggyflex, you earn 10% per annum.
* 7% on flex dollar
* You earn up to 25% on investify.
How to register and start saving on piggyvest
To get started saving on piggyvest is very simple, but you need to first follow the below the steps and register an account:
- Click on the hamburger icon at the right hand top corner and select “CREATE A FREE ACCOUNT” from the dropdown, if you are using a desktop, just click on “CREATE A FREE ACCOUNT”.
- Fill in your correct details which include your name, email address, phone number, password and referral phone number.
- Choose any of the “how did you hear about us” option.
- Click on “CREATE ACCOUNT”
- Go ahead and confirm your email
From your dashboard, you will need to deposit at least 1,000 naira to activate your account.
Click on SAVINGS on your dashboard to view all your savings and earnings, since you have none, it will probably be empty.
From here on, you can start saving daily, weekly or monthly.
How to withdraw your savings from piggyvest
Withdrawals should be done on the set date; this is so you don’t accrue charges. To withdraw your money from piggyvest, follow the below instructions:
- Fill in your bank details in the withdrawal settings on your dashboard.
- Click on the WITHDRAW option your dashboard.
- enter the amount you would like to withdraw and your account will be credited in 3 hours or so.
Piggyvest customer care
If you want to reach the piggyvest customer care, you can do so via the following:
Piggyvest customer care number: 0700 933 933 933
Address: 16 Boyle street, Onikan, Lagos island, Lagos, Nigeria.
Is piggyvest a legit platform?
Yes, piggyvest is legit. How do we know this? To know if a platform is legit, all you have to do is research via forums, social media etc.
Through our research, and searches for piggyvest review we have not found negative feedbacks about piggyvest and all the people who have been saving money on the platform seem satisfied.
If you are looking for a trusted platform to save your money, look no further than piggyvest.
Frequently asked questions (FAQs)
What is the minimum and maximum amount I can withdraw?
The minimum amount you can withdraw on piggyvest is 3,000 naira, there’s no maximum amount to withdraw, you can withdraw all the money in your piggyvest savings account.
Can I withdraw before the withdrawal date?
Yes, you can, but you should know that this will come with charges, so it will be best to leave it till the withdrawal date.
Is piggyvest safe?
Yes, piggyvest is a safe platform to save your money and you should have no problems using it to save your money.
What is autosave?
Autosave is a feature on piggyvest that automatically deducts money from your bank account to your piggyvest savings account daily, weekly or monthly.
How can I fund my investment?
To fund your investment, you can use your debit card, flex and piggyvest savings.
Piggyvest has made saving money easy and fun. If you have a big project that you need to save money for, but have been struggling to do so, you can create a piggyvest account and start saving immediately.
You can save as low as 50 naira daily, weekly or monthly, and when you are ready to withdraw your money, you get extra money on top.
I hope this piggyvest review has helped you understand how piggyvest works and has equipped you with the basic knowledge on how to get started saving money on the platform.
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Thank you for reading
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