How Safe Are Piggyvest Savings?

Filed in Product Profile & Review by on August 5, 2019 0 Comments

A lot of people have recently come up with queries about how safe are piggyVest savings. They keep asking: is PiggyVest safe and legit? Should I save with them?

Well, in this article, we are going to try to answer some of those questions about piggyVest savings, and give you an insight into why the piggyVest app is adjudged as one of the safest online platforms to save your money with.

Sit back, relax and keep reading this, as it is likely to be a fairly long but interesting article.

What is PiggyVest?

PiggyVest, formerly known as piggybank.NG, is an innovative and digitalised online piggybank where you basically use to save your money in an efficient and fun way. The app is available on web, android, and IOS, and it allows you to either use a dedicated account number (which is a recent feature) to save, or use their registered debit card.

Apart from encouraging a savings culture, which is low among a generality of Nigerians, it also allows users to save towards specified goals or targets. Before we go into some of the features packed into this app that makes it a unique platform for savings, let’s delve a bit into the history of the company behind this innovative product.

History of PiggyVest

Formerly known as piggybank.NG, piggyVest was launched as a start-up in 2016 in respond to the poor saving culture among most Nigerians. The name was changed from piggybank.NG to piggyVest in February 2019. Since its inception, the company has managed to create an interactive and fun way for users to save towards specific goals and targets. Within a year of its launch, the company introduced a myriad of features, all aimed at easing the stress it takes users to save money on the platform.

What Are The Different Savings Features Of Piggyvest?

The PiggyVest app is packed with a lot of innovative savings features, all geared towards making users maximise how they save for specific goals and targets. The following are some of the features:

  1. AutoSave

This is one of the earliest features incorporated into the piggyVest app. With this feature, piggyVest automatically debits a fixed amount of money (as set by the user) from the user’s registered debit card. This can be programmed to be daily, weekly, or monthly. To make things more fun, users have the option to set the exact time they want the fixed amount to be debited from their regular bank account.

  1. QuickSave

With the Quicksave feature, users are at liberty to add funds to their savings at any point in time. This is different from the Autosave feature, where they simply set the amount and time for debiting. The Quicksave option comes in handy if you are not one with a steady flow of money in your account. Thus, you can simply save immediately you come into some money.

piggyvest savings

The Quicksave feature can also be used by those on the Autosave plan. For instance, if you are on the Autosave plan where you earmark N5,000 for savings monthly, but on the second month, you have no cash in your account to be automatically debited, you can use the Quicksave option to add the money to your account whenever you come into some cash.

Note; the Quicksave option on piggyVest has a limit of NGN500,000 per deposit, meaning you can only add 500k at once. However, you can use the option multiple times in a day. Thus, if you want to save 3 million in a day, you simply use the feature 6 times.

  1. SafeLock feature

This is like a fixed deposit feature in piggyVest savings, allowing users to save money while also earning return on investment (interests). This is how it works: users can set aside a fixed sum of money for a set period (between 10 to 1,000 days). Depending on the length of the SafeLock, interests can go as high as 34%.

  1. Target Saving Feature

This feature allows users to save for a personal or group goal. Another name for it is Savings Challenge, and you get paid 10% interest once you hit the specified savings target.

  1. Flex Account

This is where all interests you earn from your savings are domiciled. It shows on your dashboard, in relation to your actual savings. Earnings from this account can be withdrawn anytime and could also be transferred to other saving plans within the app.

How To Withdraw Money From Your Piggyvest Account.

Withdrawing money from your piggyVest savings account is simple and straight-forward. Also, it’s free as the app does not charge for either savings or withdrawals. The only thing is that you have to set a custom withdrawal date or go by piggyVest’s own withdrawal dates, which are every three months as follows:

  • 31st March
  • 30th June
  • 30th September
  • 31st December

Thus, if you set a withdrawal date and make a withdrawal, the next time you will be due for another withdrawal will be in three months’ time. This is to encourage savings and guard against unnecessary withdrawals which ultimately will defeat the purpose of the scheme. If you choose to withdraw on a date outside the fixed date for withdrawal, you will be charged a penalty fee of 5% of the withdrawn amount.

The minimum users can withdraw at a certain time is N3,000, while there is no upper limit to how much can be withdrawn. Withdrawal is almost instantaneous and the money is paid into the regular bank account you used to register on the platform.

Also note that you can only make a single withdrawal request under 24 hours.

How Safe Is Piggyvest Savings?

In terms of safety, piggyVest is adjudged one of the safest online platforms to save money in. All financial information is encrypted and stored to PCI DSS Level 1 compliant standards. PCI DSS Level 1 compliance is a set of rules stated by credit card companies and audited by an independent third-party.

It is the highest possible rating one can get in the electronic payment processing industry. Additionally, all transmission to our banking partner and on our site is via an encrypted 256-bit HTTPS SSL connection.

Initially, the company operated in partnership with 2 micro-finance banks, and used their licence. But in early 2018, they acquired microfinance bank and a licence. Currently, they are registered cooperative Piggytech Cooperative Multipurpose Society Limited (Registration number, 16555).

All saved funds are warehoused with and managed by AIICO Capital, the leading asset management company in Nigeria, registered and licensed by the Securities and Exchange Commission (SEC).

Does Piggyvest Have A Physical Office?

For those who are still traditionally-minded and would want to deal with a company with a brick and mortar office, yes, piggyVest has a physical office. It is at No 16 Boyle Street, Onikan, Lagos Island, Lagos, Nigeria. You can contact them on 0700 933 933 933, or thorough email.

What Are The Benefits Of Using Piggyvest For Savings?

While some are still used to the traditional wooden or iron piggybank they knew, piggyVest has come to revolutionise the way you save money. And the benefits are awesome:

  • It automates the saving process, making it less cumbersome and less stressful
  • PiggyVest savings helps you keep track of savings as you can easily see how much you have been able to save at any given time
  • It comes as one app, with multiple saving features
  • There are mouth-watering interests and you also have a piggyvest referral code for bonuses
  • Withdrawing your funds is simple and straightforward
  • No charges on deposits and withdrawals

Final verdict

This writer has used this piggyVest for a while now, and from the ease of savings and overall efficiency of the platform, he can assure you that you won’t ever regret using piggyVest for your savings.

For more information on how to get started, visit the piggyVest official website. You can also go through their FAQ page for additional information before signing up.

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I am Josh Bassey, a blogger, professional CV writer, copy editor and proofreader, as well as your go-to guy for all kinds of writings. Connect with me through the social media handles displayed above.

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About the Author ()

I am Josh Bassey, a blogger, professional CV writer, copy editor and proofreader, as well as your go-to guy for all kinds of writings. Connect with me through the social media handles displayed above.

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