Is Legit or Scam, Here’s How it Works – Piggyvest Review
Piggyvest is one of the saving and investment platforms that give you the ability to manage and grow your finance.
The platform allows you to control your money the way you like. The things you should know about the platform is explained in details in this Piggyvest review.
One of the good things about piggyvest is that you can make money while you save. There are times when we will need money to attend to something very urgent or perhaps need a large sum of money to do necessary things, that’s some of the reason we need to invest in some of the saving platforms like piggyvest.
The money you’ll be saving will be accumulating little by little. And when its time you need it, you can collect it anytime with the interest rate.
However, not all investment platforms are legit. As a result, we’ll be discussing piggyvest review in this article. That is to say, you’ll know if the platform is legit or scam, how it works and some other things about piggyvest.
Whatever it is you would like to know about the platform, this post has got you covered. It’s an honest piggyvest review, so all your questions about piggyvest are likely to be answered in this post.
Let’s get started.
Piggyvest is an online saving and investment platform that gives everyone the ability to manage and grow their finances. The website was first launched as PiggyBank in January 7th as a saving platform only for some years.
Then in April 2019, the website rebranded to PiggyVest, and since then, they have been offering both investment and saving opportunities to their users.
The platform also allows their users to earn money through interest from their savings.
According to the platform, piggyvest is currently handling about 350,000 users who save and invest billions of naira every month, helping them manage their finance in a very simple way.
The brains behind piggyvest are Odunayo Eweniyi, Somto Ifezue and Joshua Chibueze. The trio has worked together for some years on different businesses before they decided to create a saving and an investment platform (piggybank) in 2016.
And now, piggyvest has helped many people to conquer the problem of saving in Nigeria.
The Good Things about This Platform
In the past, some of us use the money saving box to keep our money. This box is where we save the little amount of money with us anytime. The money we save accumulates over time, and then turns to a good amount of money which can be used to do reasonable things.
PiggyVest is just like the money saving box we used in the past to save money online. And, one of the good things about this type of online saving platform is that it helps us stay disciplined. This is because most of us plan to save, but unfortunately, not everyone can let go of unnecessary things that requires money.
That’s the main reason saving platforms like piggyvest is the best to save money online. You can choose the amount you want to be saving everyday directly from your bank account using the auto save feature on your piggyvest account.
Also, unlike most of the commercial banks that gives you a very little or no amount of money from your savings due to their usual monthly charges, alert fee and card maintenance fee, piggyvest allows you to earn while you save through interest from your savings, piggyvest referral program and piggy points.
But, is piggyvest legit? Find out below.
Is PiggyVest Legit or Scam?
There are more of scam websites than legit platforms in Nigeria, and there is no doubt many people have been a victim of most scam websites. As a result, everyone would want to know if piggyvest is a safe platform.
Also, it’s not easy to conclude that a program is legit just because of what they say about themselves as they will do anything possible to convince you they are legit even though they are not.
But, at least you can know if a website is safe by reading what people are saying about them on social media, online forum (nairaland, quora and the likes) etc. However, you need to be careful doing so because they also pay for reviews.
To save you some minutes, I’ve made a research about them and I can assure you that piggyvest is safe. After all, piggyvest has been a saving platform for about 3 years without a negative review about them. At least, I haven’t heard that the platform refuses to pay its users since I joined.
Piggyvest is registered and they have their office located at Tesmot House, Off Ligali Ayorinde, Victoria Island, Lagos.
Any transaction you made on piggyvest website or its app is secure. So, you don’t need to worry about your card details and your money.
Now that it’s clear to you that piggyvest is legit and is worth saving your money using the platform, let’s discuss how it works.
How Does PiggyVest Works?
Piggyvest gives you the ability to save your money the way you like. You can decide when to save and how much you want to save anytime.
For instance, the platform allows you to save between N50 – N25000 daily, N1000 – N100000 weekly and N3000 – N500000 monthly. You can use the auto save feature to deduct the money from your bank account monthly. So, you won’t have to be saving it manually.
Piggyvest has 3 different types of savings. You can choose any of the option which include core saving, save lock and target savings depending on your need. All the saving options are discussed below.
Piggyvest core savings allows you to keep your savings for the number of days you want. All your savings will remain on core savings and you can withdraw it anytime if the number of days you decide to save the money is over.
This means that the full amount you save won’t be available for you to withdraw if the days you set to keep it is not yet complete. However, you can decide to withdraw the money before the days are over but it will attract 5% penalty.
For instance, if you save N10000 and select 40 days to keep the money, you won’t be able to withdraw the full amount until after 40 days. But, if you decide to withdraw the money before the days are over, you’ll have to give away 5% of the money which is N500.
Safelock is a saving option that allows you to earn up to 15.5% interest per annum. It’s a fixed saving which is usually paid up front. With piggyvest safelock feature, you can transfer and lock funds from you debit card or piggyvest wallet for some days (minimum of 10 days to 2 years and above).
You won’t have access to this fund until the desired time you set is over. For instance, if you transfer N15000 to piggyvest safe lock for 60days, you won’t have access to the money till the days are over.
This helps you stay disciplined as you will never be able to touch the money you’ve set aside for savings.
The minimum amount you can keep in safe lock is N1000. The interest depends on the number of days you choose. And, you will earn more interest with safe lock than other saving options.
Piggyvest allows you to have more than one safe lock. You can decide to create as much as you would like if it’s meant for different purposes. You can have a safe lock for your birthday, vacation, wedding etc.
Target saving allows you to save towards your financial goal. With piggyvest target savings, you can create a personal target or a group savings challenge. You can save for wedding, rent, vacation etc. Also, you can save toward starting your desired business with target savings.
Unlike safe lock, you can decide to withdraw fund before the maturity date but you will lose your interest and 1% processing fee.
You should know that you cannot break a locked target. You can only access locked funds at maturity date.
Also, you need to know that all funds must be sent to your PiggyFlex account before you can be able to withdraw it directly to your bank account.
What is Piggyvest Interest Rate?
Piggyvest interest rate depends on the type of saving option you choose. How they pay the interest with each saving options are discussed below.
Core Savings (piggybank)
This is the default saving option. All your savings will display here and you can withdraw or move funds to other saving option. Core savings interest rate is accrued daily on your balance. They will pay the interest monthly which will be available on the 1st of every month.
The interest rate with this safe lock is paid upfront into your piggyflex account. You can access it immediately for free anytime.
Target saving interest rate is accrued daily and is paid at the end of your target. Unlike core savings that pay interest monthly, target savings pay your interest at the end of your target.
Here’s how the interest works
- You earn 10% per annum on piggyvest and target savings.
- Safelock earns you up to 15.5% per annum
- With piggyflex, you earn 10% per annum and 7% on flex dollar.
- You earn up to 25% on investify.
That’s how the interest works. You can also be earning up to 25% on investify.
But, what is PiggyBank Investify?
Investify is one of the features available on piggyvest. With this feature, you can earn more money while you save with several investment opportunities which include pre-vetted, low-medium risk, primary and secondary investments.
Your investment are save with the platform. So, you don’t need to worry because each investment listing on piggyvest comes with its own protection. You can fund your investment using your debit card, flex and bank savings. And, the minimum amount you can invest depends on investment opportunities.
How Does PiggyVest Referral Program Works?
One of the ways you can be earning a good amount of money while you save on piggyvest is referring people to the platform. Once you’ve signed up and your account is valid, you can start referring people to piggyvest with your referral link.
Each person you refer earns you N1000 which they’ll pay into your safelock. The money will mature to your flex account after 10 days once the person you refer is valid.
What are Piggy Points?
piggyvest points feature is also one of the ways you can be earning more money. The platform set up the piggy point feature to reward its users for saving consistently. So, the more you save in your piggy bank wallet, the more you earn.
You should know that you have to save at least N2000 at once in your piggy bank wallet directly from your debit card. You must do this before you can start earning points.
Here’s how the point works and how much a point is worth
- N2000 – N4999 = 1 point
- N5000 – N9999 = 2 points
- N10000 – N49999 = 10 points
- N50000 – N99999 = 25 points
- N100000 and above = 55 points
1 piggy point is worth N10. And, you can convert your point to cash in your flex account.
How to Register For a PiggyVest Saving Account
The registration process is easy. To register for piggyvest easily, follow the simple guide below.
Visit Piggyvest Registration page here.
Click on the icon at the top right corner and select “create a free account“. If you are using desktop, you can click on it directly (see below).
Then, fill in your correct detail which include your name, email, phone number, password and referral phone. Choose any of the “how did you here about us” option.
If you want me to refer you, Input 07033148624 as your referral phone to earn N1000 bonus and click on ” create account“.
After that, your dashboard will display. Then next thing you need to do is to Verify your email. You’ll see that below the “to do list” option on your dashboard. Your dashboard will look like the image below.
Then select “tell us about yourself” option. Here, you’ll have to Input your details.
Finally, you’ll have to deposit at least N1000 with your debit card to activate your account. You will see where to do that on your dashboard.
You can click on saving right from the dashboard to view all you’ve saved and your earnings. Your savings page will look like the image below.
Once you’re through with the steps above, they will activate your account. Now, you can arrange the settings of your account the way you would like it to be.
You can start saving daily, weekly or monthly. All your savings will be credited to your account. However, you can move it to other saving options.
You can also use the piggyvest app to create an account and start saving easily. You can Download the App on piggyvest website and install it on your smart phone. After that, select “create an account” button to open an account.
However, if you have an account already, just select the piggyvest login button and enter your account login detail to start using the app.
How to Withdraw Your Saving
To withdraw your savings, you should have fill in your bank details in the withdrawal settings on your piggyvest account. If you have not done so, you need to do it before you can make a withdrawal request.
Once you’ve set up your withdrawal settings, you can then click on “withdraw” option on your dashboard. After that, input the amount you would like to withdraw and they’ll credit the money into your bank account within 3 hours.
You can only withdraw without any extra charges on set withdrawal dates. You can set your own withdrawal date or make use of the piggyvest free withdrawal dates. However, your free withdrawal date can only be once in every 3 months.
Here are the questions most people ask about piggyvest and their answers below.
Is PiggyVest Legit? Is it Safe?
Yes, piggyvest is a safe and legit platform. Your money and card details are secure as all information is encrypted and stored to PCIDSS level 1 compliant standards.
What is AutoSave?
Autosave is an option that allows you to fund your piggyvest account automatically with your debit card. So, you won’t have to add funds to your account manually.
What is the minimum amount I can withdraw?
The minimum amount you can withdraw on piggyvest is N3000. You can withdraw all the funds in your account anytime. There’s no maximum limit, if it’s more than N3000, your withdrawal request will be processed within some hours.
What if I withdraw before the free withdrawal dates?
If you decide to withdraw before the withdrawal days, you will have to give a 5% penalty fee.
How can I fund my investment?
To fund your investment, you can use your debit card, flex and piggyvest savings. The minimum amounts you can invest vary by investment opportunities.
How is investment interest paid?
Piggyvest interest varies, as it depends on the opportunity you invest in. it’s possible they pay your interest is daily, monthly, quarterly or at the end of the investment period. they’ll pay your interest into your piggyFlex account.
Piggyvest is one of the best saving and investment platforms. It is safe and I can recommend it to everyone. If you want to start saving, then I can assure you that piggy vest is your best bet.
Piggybank handles your funds carefully and one of the good things about piggyvest is that you can be earning while you are saving.
Hope you found this piggyvest review helpful.
If you need to ask a question or contribute to this piggyvest review, you can make use of the comment box below.
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