7 Reasons Why You Should Save With Piggyvest

I am 100% sure you don’t need to be reminded of how fast time is moving. 

As a 9-5 worker, a business owner (an entrepreneur) or even a student, having a saving plan is very important.

The most common reason to save is categorized into two (2) sections;

1. Saving towards future hardship

2. Saving for luxury

Saving towards future hardship simply means saving towards an intended accomplishment or goal, examples are business start-up, getting a degree and sometimes a health emergency. This enables you to have a clear purpose to utilize the money saved.

The second reason which is saving for luxury means saving to afford something that can’t be purchased at once, for example, a trip, property, car, an occasion, fashion accessories and so on.

Different people save for different reasons, but in general, having savings will be of benefit to you in the future, whether you’re saving to avoid hardship or to go after the things you wish to have.

In this era of modern technology, the changes technology brought and is still bringing has been amazing, we seem to have moved past saving money with “baba alajo or iya alajo“. 

Every individual with a smartphone can start a saving plan right from their comfort zone, as such, I’ll be introducing to you Piggyvest.

What is Piggyvest?

Piggyvest is an online bank that helps people save money. Their mode of operation is similar to that of commercial banks, what makes them different is that they are mainly targeted at helping people manage and grow their finance.
Also, they add other benefits and features that motivate people to save more.

Piggyvest started existing on 7th January 2016, they were formerly known as Piggybank. After 3 years of being a successful enterprise, they rebranded and changed their name to Piggyvest, they also created direct investment opportunities for their users in addition to savings.

7 Reasons Why You Should Save With Piggyvest

1. Interest

Saving money with Piggyvest attracts interest, the interest is paid to a user according to the saving plan chosen. The interest rate Piggyvest offer according to their saving plan are:

• Piggybank – 8% per annum 
• SafeLock – up to 13% per annum 
• Target – 8% per annum 
• Flex Naira- 8% per annum 
• Flex Dollar – 7% per annum 
• Investify – up to 25% 

2. Piggy Point

Piggyvest rewards customers that save consistently with points, these points are earned when you save at least N2,000 at once to your Piggybank and Target wallet ONLY.

NB: For Target savings, the duration needs to be 90days and above.

The Piggy Points earned can be converted into money.

1 Piggy Point = N10.

Have heard questions like, “Is It only when I save N2,000 I can get rewarded with Piggy Point”. 

The answer is NO, you can get rewarded when you save higher than N2,000. 

See below the Piggy Point to be rewarded with when a certain amount is saved. 

3. Referral Bonus

Piggyvest rewards its users with N1000 for each referral. Each time a new user signs up with an existing user referral link, the existing user automatically get rewarded with N1000.

4. Autosave and Quicksave

Another good thing with Piggyvest is that you don’t have to log in to the app to save money.

Wondering how? I’ll explain.

Piggyvest has a section where you can automate your savings, you can select the amount to be saved, time to be saved and your saving frequency.

Also, you can opt for the QuickSave option that allows you to save manually (this means inputting the amount to be saved yourself). 

5. Investment

Piggyvest has an investment feature called “Investify”. Investify allows users to earn more on their savings by investing in investment opportunities displayed in their mobile application. The interest rate on Investify can be as high as 25%, it all depends on the investment opportunity chosen by the user. 

6. Target Savings

The Target Savings feature enables Piggyvest users to save consistently towards a particular financial goal. It can be a personal target saving or a group one with multiple users.

7. Withdrawal

Piggyvest has four (4) set date for FREE withdrawal of money every year which is 31st March, 30th June, 30th September and 31st December. Also, users are allowed to set their preferred withdrawal date which must also be four (4) times in a year.

Piggyvest helps their users to cultivate the habit of saving by restricting them to a FREE withdrawal only 4 times yearly, any withdrawal made outside these free days (either Piggyvest withdrawal date or the user set withdrawal date) will attract a breaking or penalty fee of 2.5% of the amount withdrawn.

Now, how do you know the right saving plan for you

All of the savings and investment options on Piggyvest are tailored towards a particular need. 

• If you will like to regularly put away money for your savings and withdraw only once a quarter, then the Piggybank wallet is right for you. You can set it so that money is taken from your account and you don’t have to worry about saving manually. 
• If you’re saving towards a particular goal such as rent or travel, Target Savings is a great option. You can invite friends and make it a fun challenge to smash all your financial goals. 
• If you’re looking for something geared towards the long term, The SafeLock feature is perfect for you. With higher interest rates, you could lock away funds you don’t need access to and make even more money by doing so. 
• If you’re looking to get started on investments or diversify your portfolio, then pre-vetted, low-risk investment opportunities are regularly available on Investify to help you grow your money.

Having enough to pay for everything you need shouldn’t stop you from saving. 

Start a saving plan with Piggyvest today!

Originally posted on March 18, 2021 @ 9:32 pm