I have been using piggyvest for some time now and this morning I got a mail from them congratulating me on my one year anniversary of saving my money with piggyvest. So I decided to write this review to answer all your questions regarding the platform.
Piggyvest is a new fintech startup that was founded by some students of covenant university, Nigeria.
The main aim of the startup is to help people save money online with a strong sense of discipline just like a traditional piggyback.
If you have ever used a piggy bank you would testify of how you have been able to reach your saving goals using it, simple, because breaking it would incur you further cost in getting the piggy bank replaced.
However, the today’s banking system is a direct opposite of what the piggybank system used to be. Today’s bank believe that you should be allowed to spend your money at any time and at your own will and that is very bad when you plan on saving money.
So piggyvest brings a lot of technology and platform that helps people meet their saving goals without breaking it halfway.
Is piggyvest a scam?
Hell NO, piggyvest is a registered financial startup and is also incorporated with Providus microfinance bank.
It is completely legit as I have been banking with them for over a year now.
So without wasting more time, let’s quickly jump into the features of piggyvest.
I think this is actually not different from a conventional bank account. As a matter of fact, it is being powered by providus bank, Nigeria. Any money deposited in your piggyflex account fetched you an interest of 10% per annum and can be withdrew at any time you so please.
This is a very smart way of avoiding the numerous bank charges that come monthly and till keep your money in safe hands. And guess what, you get paid for saving (10% per annum).
This is actually the part of piggyvest that actually works like a traditional piggybank. Piggybank is a section in piggyvest where you are allowed to deposit money at any time but only withdraw the money at the end of the following months
And of course they also add interest to your savings monthly making it quite better than a traditional piggyvest.
However, in a case of an emergency, you can withdraw your money from your piggybank wallet anytime but you would have to face a 2% loss for breaking your savings before the agreed date.
Safelock is any aspect of piggyvest and in fact the strictest part of it. It is strictly for people who want to lock down their money till a particular time in the future.
So when you place a money in safelock on piggyvest, you are immediately paid the interest which depends on the duration of which you are locking the money.
Until the date agreed, you will not for any reason be given your money.
I don’t usually advice people to use the option because no one can actually predict what tomorrow would look like.
However, for instance you get a contract that will be due by the ending of the year and you don’t want to be tempted to spend the money, you can consider placing it in the safelock till the desired time.
I remember early this year when I wanted to purchase a new laptop, all I needed to do was to create a Target saving account on piggyvest and i dropped the money in it little by little.
A target saving account entails the duration you want to meet your target and the target amount of money you want to save.
In my own case I wanted to save #180,000 across three months and it was successful. Thanks to piggyvest target saving.
This is a system that allows you deposit money from your bank account directly to any piggyvest plan above you want to.
So it saves you the stress of inputting your card details and receiving and OTP any time you want to make a saving.
With quick save, all you simply need to do is , type in the amount you wish to deposit and click the CHARGE button.
Even if you don’t plan on saving now, I actually think you should have a piggyvest account or better still open one for each of your kids to help them develop that saving culture.
It is so user friendly and they have an excellent support system.