Piggyvest is emerging as one of the most popular savings and investment platforms in 2024. With the popularity of these types of apps and websites, many people have begun to ask just how beneficial the services of platforms like Piggyvest are.
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If you’ve never used the platform before, or you still have deeply assessed the full benefits of using this platform, read on to know at least 12 benefits of investing and saving with Piggyvest.
Piggyvest – What is it?
It is more than just a bank. It is more than just saving some money and getting returns. Piggyvest gives customers the ability and power to better manage and grow their investments.
Did you know? Piggyvest is the first savings and investment app created for the people of West Africa. It began operations in January 2016. At that time, it operated as a savings-only platform.
5 years on, the platform has empowered millions to save and invest billions of naira each month. There are more benefits to using the online investment platform.
Let’s examine 12 reasons why you should make use of Piggyvest and the benefits that can accrue.
1. Save for future purposes
You can save with the idea of achieving your dream in the future. The idea is that you should begin to save money for something you intend to do in the future. If you want to wed in the near future, you can begin to save money for it. If you want to buy a car in a few years’ time, you can begin to save for it now. As you are saving, Piggyvest will show you how progressive or regressive you are about attaining your goal.
2. Diverse investment options
There are different industries and sectors in which you can invest at Piggyvest. There are options for investing in agriculture or other industries. You can pick any of your choices as shown in your account.
3. Enter savings challenge
In this case, you embark on a challenge with friends to save a certain amount of money for a fixed period. It could be tagged “Target Savings” and it is very good for times when you’re trying to reach a certain goal. Doing that with friends is encouraging. Pulling funds together is also fun.
4. AutoSave
This in other words means automatic savings. First, you must stipulate to Piggyest how much money you want to put aside, and the timing will also be set. You may choose to save daily, weekly, or monthly. The choice is yours. The setting can be disabled if you really don’t want it.
5. Good interest rates
Although Piggybank saving attracts 8% interest rates, you can use the Safe Lock that enables you to put some money away untouchable for a certain period of time with 13% interest rates. In this case, you want more returns, the Safe Lock mode is ideal. The sweetest part of it is that when you use Safelock, you instantly get your interest ahead of time, immediately you pay the money into the Safe Lock.
6. You can be penalized for withdrawing funds prematurely
Once you withdraw money before the set date, Piggyvest will penalize you for doing so. It will charge you 2.5% of the amount you want to withdraw. With Piggyvest, there are strict rules for saving, so you need to be sure you can meet deadlines as not being able to do that will attract consequences. Hopefully, you will learn discipline.
7. Set withdrawal dates
There are two ways to do it. One is to set your individual withdrawal dates or let Piggyvest do that for you. The platform has four withdrawal dates on its calendar, and it sticks to those dates. The dates are the end of March, June, September, and December. Remember, you can also set your withdrawal dates if you want. Your dates can be different from those mentioned above.
8. Higher interest rates
The interest rates from Piggyvest are more than what commercial banks offer these days. You can get eight to 10% for PiggyFlex savings, and 13% interest rates for Safe Lock. The interest rates are the primary reason why many people join the online savings and investment platform.
9. Earn points for saving
It’s not just about saving at Piggyvest. You can also earn points for doing so. The points you earn may then be converted to cash and that can be kept for you in the Flex Naira account. You can withdraw the cash any time you wish.
10. Transparent Transactions
Every transaction record is made available and you can go through them every month. The breakdown shows you how the interest that you earned on your savings. In fact, you can get all the records of each transaction you make on the Piggyvest platform.
Piggyvest Banking11. Lower bank-to-bank transaction charges
This applies when you want to transfer money from your commercial bank to Piggyvest. From commercial bank to commercial bank is often more expensive. But with a commercial bank to Piggyvest, it’s cheaper. Once the money gets to your Quick Save, you will see how better it is when it comes to the costs of transacting.
12. Earn referral bonus
The platform enables the customer to earn a referral bonus when he or she invites his family members and friends to open an account. Each user is given a referral link that can be used to invite others. When you refer someone, both of you will earn a thousand naira. The money drops to your Safelock and then moves to your flex account in 10 days.
How to open a Piggyvest account now
The banking app is available for iPhone and Android. Download according. After you have downloaded the app, fill your data in, and remember that for this, BVN is crucial. Also, fund your flex account with at least 100 naira.
Become a valid user of Piggyvest
The following steps must be taken for you to become a valid user of Piggyvest.
- Link your BVN to your new Piggyvest account
- Fund your Flex Naira wallet with at least 100 naira via a bank account
- Fund any other two wallets with at least 1,000 naira each. These are Piggybank, safelock, or Target savings wallets. Fund any two of those
That’s all you need to do and become a valid user on the platform.
Conclusion
No doubt, you’ve seen the many benefits of using Piggyvest. If you’ve seriously been considering how to get involved in future financial planning, this is where to begin. With constant use, the platform can be used to enrich yourself and your referrals.
