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How to break safelock on Piggyvest?
Read all about how to break safelock on piggyvest.
Safelock on Piggyvest is a feature that allows you to lock away funds for a fixed period of time in order to avoid sending temptation. You also earn up to 13% of interest paid up front.
With Safelock, you can lock funds for as little as 10 days or as much as 100 days and you will not be able to access the money until the maturity date.
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.
Safelock is good for people struggle with the temptation of spending money when trying to save.
A lot of people have been searching for how to break safelock on Piggyvest, so I decided to answer the question in this post.
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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 to safelock funds on Piggyvest?
To safelock funds on Piggyvest, you will need to login to your piggyvest account on the piggyvest app and:
- Click on Savings
- Click on Safelock
- Click on CREATE SAFELOCK
- Select the duration (The higher the duration, the more the interest)
- Input the required details like amount to lock, title of safelock, payback date and source of funds
- Click on Preview Safelock
- Authorize the app
- Click on CREATE SAFELOCK
Can I have more than one SafeLock?
Yes, you can have more than one SafeLock; and you can give them different names (purposes) too. E.g. You can have a SafeLock for your Fees, Wedding; Birthday; Vacation etc.
Is the SafeLock different from the normal savings plan?
Yes, your SafeLock is different from your normal savings plan. After initiating a SafeLock for a particular amount of money, your savings plan continues as normal.
It is completely under your control. You set the pace, duration and everything else concerning your SafeLock.
Can I add more funds to my SafeLock?
Yes, you can. Simply ensure the duration of the existing locked fund is above 90days. Select the particular SafeLock, click on “Top-up” and enter the amount.
PS: You can only top up your safelock with funds from your Piggybank wallet. Your interest would be prorated and paid based on the remaining days.
How do I get my SafeLock paid back when time is up?
Upon maturity, all funds that you have put in Safelock get sent to your Flex Naira wallet.
Can my SafeLock be unlocked before maturity?
No, funds can only be accessed upon maturity.
In cases where you may want to close your account completely, you’ll have to wait until funds mature from your SafeLock before you can liquidate.
What’s the maximum amount I can Safelock?
The maximum amount per Safelock is #100m.
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