Piggyvest is an online platform for saving and investing money in Nigeria.
The platform started out in 2016 as a savings app called Piggybank.ng but as the company added investment features to its service, it rebranded as Piggyvest.
- 1 Is Piggyvest Legit?
- 2 Rating Piggyvest
- 3 How does Piggyvest work?
- 4 Features
- 5 Is Piggyvest a good option for Saving and Investing?
Is Piggyvest Legit?
Piggyvest is a safe and legit platform that is registered and licensed with the SEC, CBN and NDIC and has bank-level grade security.
KL Rating: ⭐️⭐️⭐️⭐️⭐
5.0 Koboline Rating
Piggyvest gets 5 stars out of 5 for overall performance. It is one of the best savings and investment platforms in Nigeria. You can make money through the platforms’ savings and investment plans and by referring your friends to the platform. Interest rates on Piggyvest are between 15 -25%. Depending on the plan you pick
Ratings at Koboline are determined by taking into account; pricing, user experience, ease of filing a claim, website transparency, and complaint data from social media.
How does Piggyvest work?
Anyone with a Piggyvest account can do two things; Save and invest.
You can ave daily, weekly or monthly, depending on individual preference.
You can also invest small amounts of guaranteed fixed-income opportunities as well as other investment options.
How Much Interest does Piggyvest Give?
Piggyvest users can earn between 10% to 15% interest per annum on its savings plans. While the interest on the platform’s investment plans can get as high as 25%.
Piggyvest has a range of features (wallets) that revolve around savings and investments. These wallets include:
- Piggybank Savings Wallet
- Flex Naira
- Flex Dollar
- Target Savings
Piggyvest Savings Wallet
This is the core Piggy vest savings feature where you choose a particular amount you want to save.
You can save money using the quick save option or the autosave option. With the autosave option, money is taken from your account without having to do it manually.
You also set how frequently money should be taken from your account. It can be daily, weekly or monthly.
The quick save option allows you to save any amount at any time of your choosing.
Piggy vest also offers 4 free withdrawal days in a year. You can choose your preferred withdrawal days or use the default withdrawal days.
Withdrawals outside your set withdrawal days will attract a 5% penalty fee.
SafeLock is a fixed savings option that allows you to put money aside for a set period.
Safelock also acts as a sub-account, so you can transfer funds both from your Piggyvest wallet and from your debit card.
Funds in Safelock as an interest rate of 15.5% per annum. Money in Safelock can last from 10 days to 1000 days.
A Flex Naira account is where the earned interests on all other Piggy vest accounts (wallet) are paid to.
The Flex Naira account is a flexible savings wallet in the sense that it can also earn interests of 10%.
However, you’re not allowed to withdraw more than 4 times from this account. So as not to lose all the accumulated interest for the month.
You can also fund all your other wallets from your Flex Naira account.
Flex Dollar is a wallet on Piggy vest where you can save, invest and transfer funds in Dollars.
Your Flex Dollar account can either be funded from your Flex Naira wallet or your bank card with as little as $1.
The interest rate on a Flex Dollar Account is 6% per annum.
Withdrawals from your Flex Dollar wallet can either be in Naira or in Dollars. Dollar funds withdrawal can be sent to a domiciliary bank account.
Target Savings enables you to save towards a particular goal.
You can save towards a personal target or even enter a group savings challenge with other Piggyvest users.
Some goals you can save towards include your rent, a vacation or even a household item.
You also earn interests of 10% per annum on Target Savings.
How does Investment on Piggyvest work? -Investify
Investify by Piggyvest allows a user to invest in low-medium risk investment opportunities that have been vetted.
Each investment opportunity on this platform has its own insurance coverage.
Ther interest rates on Investify can get up to 25%. Your interest accrued on Investify is paid into your PiggyFlex account daily, monthly, quarterly or at the end of your investment period.
Is Piggyvest a good option for Saving and Investing?
Piggyvest was the first digital savings app in Nigeria.
It has gone from strength to strength since then and is now offering various ways for people to save, invest and earn money without worrying about the safety of their money.
This savings and investment company offers some of the best interest rates you can find in the market and its feature that allows people to save, invest and earn interest in dollars makes it a great option.