Piggyvest - 12 Good Reasons Why You Should Save With Them

Hello Belleful fam, Happy New year. Recently, I got a question from a friend who has been seeing my posts about Piggyvest (formerly Piggybank) on my WhatsApp status. The question struck me and I tried as much as possible to give answers to this one question. I was asked,

“Why should I choose Piggyvest over a normal commercial bank for savings?”.

I answered the above question with about 10–11 points and then it hit me that I should write a medium post on this and share. Not too long after that, someone else asked me, “How does it work?”. So most times, I try to refer those who ask me about Piggyvest to the FAQ section of the Piggyvest website after I have tried to answer their questions in my own little way.

I believe that from all you will be reading here, you will gain insight on what Piggyvest really is, why you should save with Piggyvest, ways on how you can get started and finally, you will get to know why I love Piggyvest.

What is Piggyvest?

I also get this question sometimes — what is Piggyvest?

Piggyvest is an online bank that helps you save money just like your normal commercial bank just that they are better, they are innovative and they challenge you to save. They do this better than your normal banks. Besides, they added other benefits to help you spice up your saving habits.

They have taken it a notch higher and have added investment options to the current saving option they have. They want to help you to not just save but also invest.

You know what that means, right? More money for you and more opportunities to make your money work for you because investing is just making your money work for you. That is why they had to change the name Piggybank to Piggyvest just to accommodate investments.

Why You Should Save With Piggyvest — Your 12 Reasons

1. You earn points for saving

With Piggyvest, you don’t just save, you earn points for saving. Every point earned can be converted to cash which is kept in your Flex Naira account and it can be withdrawn at any time. Your Flex Naira account is also where the monthly interest on your savings is paid to. The purpose of the Flex Naira account is for you to keep money that you might need at any time. Accumulated bonus points can be converted to cash you can use to buy airtime or data subscription 😉

2. Higher interest rates than your commercial bank

Piggybank now pays 8% for both Piggybank Savings and Target Savings. For Safelock, it is about 13% in interest rate. I doubt you can get such interest rate from any bank. The interest rates are definitely higher and this is more reason for you to save. Put the same amount of money in your normal bank account and in your Piggyvest app, the money in Piggyvest will definitely grow faster.

3. Transparency of transactions

Every month, you get a breakdown of how your interest was accrued on your savings. The interest is calculated daily; you get to know how much was paid daily as an interest to you on any amount saved. There’s also a record of all your transactions.

4. You can set withdrawal dates

You can set when you want to collect your money but if it is not set, Piggyvest has its own withdrawal dates that you can use: it’s four times in a year and it is a quarterly period — the last day of March, June, September, and December. Any attempt to withdraw before your withdrawal date leads to a penalty called a breaking fee. You can also choose to set your own withdrawal dates apart from these.

5. Penalty for not following your plan

If you decide to withdraw before the date that you have set, Piggyvest now charges you 2.5% of any amount you wish to withdraw at that point in time. This is just to make you a man of your words and to discourage you from being an impulsive spender. The aim of Piggyvest is to help you save. If you just come to withdraw at any time without any penalty, I doubt that you will be able to save anything at the end of the day. The penalty is to make you disciplined.

6. Different saving plans with individual interest rates

As earlier mentioned, Piggybank savings come with 10% interest rate. You can save by using the Quick Save or AutoSave options. Quick Save allows you to save at any time you wish. AutoSave is when Piggyvest saves automatically for you based on the amount and times you state.

There is Safe Lock with about a 13% interest rate. Safe Lock is when you decide to put some money away for a particular period of time. It works like the Fixed Deposit Account for commercial banks. One interesting thing about Safe Lock is that you get your interest upfront. Your interest is immediately paid to your Flex Naira account when you safe-lock any amount but your original amount is withdrawable after the period of time you set expires.

7. Save for the future

I will say that the Target Savings with 9% interest rate is a way of you saving for the future. You target an event in the future and you begin to set money aside for it. This is good if you are saving towards a wedding, a birthday, a burial or even a fun event — any event at all. It can also be that you want to save to buy stuffs for Christmas 🎄 just like someone I know was saving for Christmas and other Possible events during the festive season using Piggybank and the target was met. Piggybank will also show you how far or near you are to meeting this target.

8. Get money transferred directly to your piggy account.

Commercial banks charge for transfers from one bank to another but with Piggyvest, anyone can make transfers directly to your Piggybank account. When they do this, it goes directly to your Piggybank. That way, you save yourself the stress of having to save the money with the Quick Save option and the transfer charge is lesser than your commercial bank.

Make transfers from any bank to your piggybank account locate the Flex Naira and scroll down to see an account generated for you.

9. You earn a referral bonus too.

This is one awesome part of having a Piggyvest account. When people join Piggyvest using your referral link or your phone number while signing up, you both earn referral bonuses of N1,000.

You can create your own free Piggybank account now.

Check out how you can redeem your N1,000 referral bonus as a new user.

10. Automatic savings

Automatic savings is also referred to as AutoSave. As earlier mentioned, this is when Piggybank saves for you based on the time and amount you state. This can be daily, weekly, or monthly.

If you don’t want the AutoSave option, you can deactivate or turn it off. You can then use the Quick Save option any time you wish to save.

11. Savings Challenge

For the savings challenge, you can decide to start a challenge with friends where you all decide to save a certain amount consistently for a particular period. This can also be a form of Target Savings if you all are targeting the same goals. This is collective savings and it can also be used by a group of people looking at saving towards an investment opportunity that requires that they pull together some funds in order to invest together.

12. Investment options

Piggybank is bringing in more investment opportunities for users asides Safe Lock, which is similar to treasury bills. You can invest in agriculture and other investment opportunities available on Piggyvest.

Looking to start on the path of investments, check out these four questions you need to ask yourself before you start investing.

How to Get Started with Piggyvest

Visit piggyvest.com and create an account.

It is very easy to create an account and if you feel like using the referral option while creating an account, you can do so but it is optional.

You can also download the Piggybank mobile app to save as you go.

Why I Love Piggybank.

They are tested and trusted and they’ve got:

• Awesome testimonials and stories from amazing and inspiring customers.
• A beautiful and colourful website.
• Great user experience.
• Top-notch customer relationship service.
• They respond to emails and are active on social media.

Have questions about Piggyvest? Drop them in the comment section, let’s have a discussion.

Reference:
www.maryabiodun.medium.com/