Piggyvest Review: Legit or Scam
About PiggyVest
Piggyvest is an online investment and savings platform that gives everybody the ability to manage and grow their finances. The PiggyVest website was first launched with the name PiggyBank as a mobile saving platform only for some years. Then, sometimes in April 2019, the website rebranded their services to PiggyVest, and since then, they have been offering both investment and savings opportunities to their numerous users.
Piggyvest also allows its users to earn money through the interest that are realized from their savings. According to the platform, piggyvest is currently handling more than 350,000 users who save and invest billions of naira every month, therefore, helping them to manage their finance in a very simple way.
Piggyvest Founders
The brains behind piggyvest are Odunayo Eweniyi, Joshua Chibueze and Somto Ifezue. These three persons have worked together for some years on different businesses before they decided to open up a savings and investment platform (known as piggybank) in 2016. And now, piggyvest has helped lots of Nigerians to conquer their savings issues.
Is PiggyVest Legit or Scam?
There is no doubt that many people have been a victim of most scam websites. As a result, everyone want to know if piggyvest is a safe platform before investing in their offerings. Also, it is not easy to conclude that a program is legit just because of what the program says about themselves as they would do anything possible to convince you. But, at least you can know if a website is safe by reading what people are saying about them on social media, online forums (nairaland, quora and other top review websites).
Piggyvest is Legit!
PiggyVest, unlike other investment sites, has a physical office with which you can make direct enquiries or physical contact.
How Does PiggyVest Works?
Piggyvest gives you the ability to save money in any way that you want. You can decide when to save and how much you want to save anytime. For instance, the platform allows you to save between N50 – N25,000 daily, N1,000 – N100,000 weekly, and N3,000 – N500,000 monthly. You can use the autosave 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 options which include core saving, save lock, and target savings depending on your need. All the savings options are discussed below.
Core Savings
Piggyvest core savings plan allows you to keep your savings for the number of days that you specify. All of your savings would remain on the core savings and you can withdraw it anytime if the number of days that you decide to save the money is over. This means that the full amount you save would not 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 would attract a 5% penalty. For instance, if you save N10000 and select that you want to keep the money for 40 days, you would not 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 would have to give away 5% of the money which is N500.
SafeLock
Safelock is another saving option that allows you to earn up to 15.5% interest per annum. It’s a fixed saving which is usually paid upfront. With piggyvest safe lock feature, you can transfer and lock funds from your debit card or piggyvest wallet for some days. You would not 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 a 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 gives you the option to have more than one safe lock in one account. You can decide to create as much as you would like it if it’s meant for different purposes. You can have a safe lock for your birthday, vacation, wedding, etc.
Target Savings
Target saving allows you to save towards your financial goal. With the piggyvest target savings, you can start up a personal target or a group savings challenge. You can save for weddings, house rent, vacation, etc. Also, you can save toward starting your own business with target savings. Unlike a safe lock, you can decide to withdraw the funds before the maturity date but you would lose your interest and 1% processing fee. You should know that you cannot break a locked target. You can only access locked funds at their maturity date. Also, you would be required 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?
The interest rate of PiggyVest depends on the type of saving option that 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 options. The core savings interest rate is accrued daily on your balance. They would pay out the interest monthly which would be made available on the 1st of each month.
SafeLock
The interest rate with safe lock is paid upfront into your piggyflex account. You can access it immediately for free anytime.
Target Savings
Target saving interest rate is accrued daily and is paid 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.
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 by 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 to is valid.
How to Withdraw Your Saving
To withdraw your savings, you should have filled 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 the “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 onset 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.
