How to save money on piggyvest

PiggyVest, a leading Nigerian fintech platform, has transformed saving and investing for many.

Its user-friendly interface and diverse saving options make it an attractive choice for individuals looking to build their financial security.

But how can you maximize your savings potential on PiggyVest?

How to save money on piggyvest

This comprehensive guide delves into the platform’s features and explores strategies to help you save effectively.

How to save and invest with PiggyVest

Figuring out how to save money in Nigeria can be hard, but PiggyVest can help! It’s an app that lets you save money in different ways and even invest a little to make your money grow.

PiggyVest has six options to choose from: PiggyBank, Safelock, Target Savings, Flex Naira, Flex Dollar, and Investify. We’ll break down each of these options to see how they work!

1. PiggyBank

PiggyBank is a tool from PiggyVest that helps you automatically save money. Think of it like a schedule for your savings. You can choose to save a little bit every day, every week, or every month. This is a great way to learn how to save money regularly. On top of that, you can also add extra money whenever you want.

PiggyBank can even help your money grow! You can earn up to 10% interest each year on the money you save. This is a good option if you want to save more money or if you just want to try out PiggyVest.

We’ll talk more about how to set up automatic saving with PiggyBank next.

  1. Login to the PiggyVest app.
  2. Go to “Savings.”
  3. Click on “PiggyBank” and “Enable AutoSave.”
  4. Then go to “Settings” and select “AutoSave Settings.”
  5. Set up your preferred AutoSave plan (for instance if you want to save 10,000 weekly).
  6. Then Click on “Continue” and select your source of funds, preferred time to save and when you would like to start.
  7. Then click on “Complete.”

You can also manually fund your PiggyBank by following these steps:

  1. To save manually, click on “Quick Save.”
  2. Enter the amount and source of funds.
  3. Then click on “Quick Save.”

It’s that easy!

2. Safelock

PiggyVest’s Safelock is like a digital piggy bank that helps you save money and earn interest. The interest you earn can be up to 12.5% every year, and you get it right away when you save your money.

To earn interest, you need to keep your money locked up in Safelock for at least 10 days. The longer you keep your money locked, the more interest you can earn. You can even keep your money in Safelock for as long as you want.

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Let me know if you’d like to know how to use Safelock on PiggyVest.

  1. Log in to your PiggyVest app.
  2. Go to “Savings.”
  3. Click on ‘Safelock’ and select “Create a Safelock.”
  4. Choose how long you want to lock your funds.
  5. Enter the amount and title of the Safelock.
  6. Then choose a payback date and select the source of funds.
  7. Click on “Preview Safelock” and authorize the transaction.
  8. Click on “Create Safelock.”

3. Target Savings

PiggyVest’s Target Savings can help you save money for anything you want, by yourself or with friends! You can set a specific amount you want to save, and put money away regularly to reach that goal. The coolest part? You earn extra money (interest) at 9% every year on the amount you save!

This means you can save up for rent, a trip, a new phone, or even starting your own business. Plus, you make more money while you save!

Ready to get started? Here’s how to create a Target Savings plan on PiggyVest:

  1. Log in to your PiggyVest app.
  2. Go to “Savings.”
  3. Click on “Target Savings” and select the plus sign.
  4. Click on “Create a personal target.”
  5. Then give your target a name and select the category.
  6. Enter the amount you want to set a target for.
  7. Choose how often you want to save, the amount, day and preferred time.
  8. Click on “Continue” and enter start and end dates.
  9. Choose the source of funds.
  10. Confirm the target savings and click on “Create Target.”

Here’s how to create a Group Target plan on PiggyVest:

  1. Log in to your PiggyVest app.
  2. Go to “Savings.”
  3. Click on “Target Savings” and select the plus sign.
  4. Click on “Create a Public Group” or “Create a Private Group” — whichever you prefer.
  5. Give your target a name and select the category.
  6. Enter the group target amount.
  7. Choose how often to save, the amount, day and preferred time.
  8. Click on “Continue” and enter start and end dates.
  9. Choose the source of funds.
  10. Confirm the target savings and click on “Create Target.”

4. Flex Naira

PiggyVest has a savings option called Flex Naira. It’s like a digital piggy bank where you can keep your money and earn a little extra over time (like interest). It’s a great way to save up for unexpected events because you can easily take your money out whenever you need it with free withdrawals.

The cool thing about Flex Naira is that it also grows your money, but there’s a limit to how much it can grow each year (up to 8%). Here’s the catch: to get this bonus, you can only take your money out a maximum of four times each month. If you take it out more than that in a month, you won’t get any bonus for that month.

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We’ll get to the steps on how to use it next!

  1. Log in to your PiggyVest app.
  2. Go to “Savings”
  3. Click on “Flex Naira” and select “Add Money” (ensure you have linked your BVN).
  4. Make a transfer to your Flex Account Number from your bank app.

Your funds will reflect shortly in your Flex Naira Wallet.

Here’s how to create a label on PiggyVest:

  1. Click on “Try Labels” and select “New Labels.”
  2. Name your label and enter the amount to allocate.
  3. Then create on “Create Label.”

5. Flex Dollar

Imagine Flex Dollars as a special PiggyVest account that lets you save your money in US dollars. This way, you can avoid losing value due to exchange rates, which can happen when you exchange your local currency for another.

Think of it like this: if you save money in US dollars, it tends to hold its value better than some other currencies. So, it’s like a safe place to keep your money growing.

Setting up a Flex Dollar account is easy, and you can even earn interest on your savings, which can be up to 7% every year! That’s like a bonus for saving your money!

  1. Login to your Piggyvest app.
  2. Click on “Savings.”
  3. Scroll down to Flex Dollar.
  4. Click on “Buy Dollar.”
  5. Enter how much dollars you want to purchase.
  6. Select your source of funds and authorize the transaction.
  7. Click on “Credit Flex Dollar.”

Here’s how you can convert your Dollar funds to Naira:

  1. Click on “Convert To Naira.”
  2. Enter the amount and authorize the transaction.
  3. Click on “Convert to Naira.”

Your funds will be credited to your Flex Naira wallet instantly!

Here are the steps to withdraw from your Flex Dollar to your domiciliary or foreign account:

  1. Select the “pay to bank” option
  2. Fill in the required information
  3. Then select “Send request bank transfer”.

And that’s it! Your funds will be credited to your bank account

6. Investify

PiggyVest has a feature called Investify that can help your savings grow faster. Instead of just keeping your money in your PiggyVest account, Investify lets you invest it in things that are considered safe and have a good chance of making a return. These investments are picked by PiggyVest themselves to minimize risk. The minimum amount you can invest depends on what you choose to invest in.

With Investify, you could potentially earn up to 35% interest on your money every year, which is much more than you would get by just keeping it in your savings account. Ready to get started? Here’s how…

  1. Log in to your PiggyVest app.
  2. Go to “Invest” and choose an investment opportunity.
  3. Click on “Invest Now.”
  4. Type in the number of units you want to buy and click on “Next Step.”
  5. Confirm your Investment.
  6. Click on “Invest Now.”
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Now sit back while your money does the work.

How to create a PiggyVest account

Here’s how to create a PiggyVest account:

  1. Head over to the PiggyVest website or download the official app. The free app is available on the App Store and Google Play Store.
  2. Click on the “Create free account” button. You may see this button as “Register” if you use the app.
  3. Provide the required details and click “Create Account.” Ensure you double-check your details before submitting to avoid issues with your free PiggyVest account.
  4. Set up your withdrawal bank. This account must be your own and is where PiggyVest sends your money anytime you choose to withdraw.
  5. Verify your details and activate your PiggyVest account. This process shouldn’t take more than a few seconds.
  6. Pick your preferred savings and investment option. You can check out the previous section of this article to learn more about the plans available on PiggyVest.

It’s that easy!

How to contact PiggyVest customer care

Here are PiggyVest customer care details:

Frequently Asked Questions:

  • Is PiggyVest safe for my savings?

Yes, PiggyVest is a secure platform regulated by the Securities and Exchange Commission (SEC) of Nigeria. They employ robust security measures to protect user data and funds.

  • What are the interest rates offered on PiggyVest?

Interest rates vary depending on the chosen savings plan and prevailing market conditions. You can find the current rates displayed on the PiggyVest website and app.

  • What are the withdrawal fees associated with PiggyVest?

Free withdrawals are available up to a specific limit per month. However, exceeding the limit may incur minimal withdrawal fees.

Conclusion:

PiggyVest provides a valuable platform for individuals in Nigeria to save and invest effectively. By employing the strategies outlined above, you can maximize your savings potential, achieve your financial goals, and build a secure future.

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