Many young Nigerians use Piggyvest to save money for education, rent, marriage, or even their “Japa” plans. It’s easy to see why—Piggyvest is user-friendly, offers attractive interest rates, and allows you to save on your own terms.
However, getting started and selecting the right plan to help you reach your savings goals can be challenging.
In this guide, we will walk you through everything you need to know about saving money with Piggyvest, including the various plans, interest rates, fees, and recommend some alternative saving options. Let’s dive in!
What is PiggyVest?
PiggyVest is an automated savings and investment platform that helps you save and invest in naira and dollars. Think of it as a digital piggy bank designed to make saving easy and accessible.
With the fluctuations in the naira, rising costs of living and high inflation, more Nigerians are turning to platforms like PiggyVest to manage their finances.
According to PiggyVest’s 2024 report, most Nigerians use the platform to save money for emergencies, start or grow a business, or pursue personal goals.
Regardless of your reason for saving, PiggyVest’s flexibility and competitive interest rates make it a valuable tool for achieving your financial goals.
How to Start Saving Money with PiggyVest
Piggyvest offers different plans designed to help you reach your saving goals. Here is how to get started:
1. Create an account
Start by creating an account. Visit the PiggyVest website or download the app to get going.
2. Set up your withdrawal account
Enter your bank account details next. PiggyVest will send your savings directly to this account whenever you withdraw.
3. Add your debit card
Link your debit card to fund your PiggyVest account. Use any Verve, Mastercard, or Visa card from a Nigerian bank to activate your account.
Once your card is linked, you can start saving and make quick deposits directly from your card.
You can track all your transactions on your PiggyVest dashboard and receive email receipts from PiggyVest, along with notifications from your bank for each transaction.
4. Choose a Plan That Works for You
Piggyvest offers several plans to help you save money, depending on your specific needs. Let’s take a look at them.
Piggy Bank Wallet
The Piggy Bank Wallet allows you to save money automatically.
Each time money enters your account, PiggyVest deducts a specified amount from your bank account and transfers it to your Piggy Bank Wallet. This automated saving is ideal if you struggle with saving consistently.
You can withdraw only once a quarter and choose to autosave:
- N50 – N200,000 daily,
- N800 – N1,000,000 weekly,
- or N3,000 – N5,000,000 monthly.
You can also boost your savings anytime with the Quick Save option to reach your target faster.
Once autosave is set up, you won’t need to log in regularly. To turn off autosave, just go to your account settings under “Savings” and select “Turn off Autosave.”
Target Savings
This is a great option if you have a specific savings goal in mind.
With target savings, you can choose to save money individually or collaborate with others towards a group goal.
To start, click on “Savings” on your dashboard and select the “Target Savings” option. Enter the amount you want to save, and complete the required fields.
You can break your target savings at any time, and PiggyVest will send the funds to your Flex Wallet, where you can access them.
Safe Lock
With safe lock, you can save anything between 1,000 naira to 100 million naira and create multiple locks for different purposes, such as school fees, rent, or vacation.
You can lock funds from your Flex Naira Wallet or directly from your debit card for at least 10 days, and earn up to 17% interest rate.
The longer you lock your funds, the higher the interest you earn.
Unlike regular savings, you cannot access funds in Safe Lock until the maturity date. By locking funds away, you reduce the temptation to withdraw money set aside for important goals.
Investify
Investify connects you with vetted, low-risk investment opportunities. If you’re looking to diversify your investments, this option is worth considering.
Each investment opportunity has its own minimum amount and insurance coverage, and you fund your investments exclusively from your Flex Naira Wallet. When your investments mature, you can cash out and transfer funds to your Flex Naira Wallet.
Investify offers two main types of investments: fixed-income investments with stable returns and full equity investments, where returns depend on asset performance.
Interest payments vary based on the investment type, with some paid daily and others at the end of the period into your PiggyFlex Account. If you need to withdraw early, you can sell your assets to other users on the app.
5. Break Your Piggyvest Piggy Bank
When you reach your savings goal or need access to your funds, PiggyVest allows you to “break” your piggy bank and withdraw your money. Here’s how withdrawals work across different plans:
- Piggy Bank Wallet: You can withdraw once per quarter on designated “withdrawal days,” which occur every three months (March 31, June 30, September 30, and December 31). PiggyVest lets you set reminders for these days so you won’t forget.
- Flex Naira: Funds in your Flex Naira Wallet are accessible anytime, making it ideal for savings you might need to access quickly.
- Target Savings: Withdrawals are allowed anytime, but breaking your target early sends your funds to the Flex Wallet instead of directly to your bank account.
- Safe Lock: Since Safe Lock is designed for long-term goals, you can only access funds after the locked period ends. You choose the lock duration when you create it, so pick a timeline that works for you.
PiggyVest Wallets: Flex Naira vs. Flex Dollar
PiggyVest offers two main wallet options to meet your saving needs: Flex Naira and Flex Dollar.
Flex Naira
The Flex Naira wallet provides flexibility with your savings. It’s where all interest you earn from other PiggyVest plans (Piggybank, Target, SafeLock, and Investify) is deposited. You can also use your Flex Naira wallet to fund these plans or transfer money to your Flex Dollar wallet.
Key features of the Flex Naira wallet:
- Earns 12% interest per year.
- Allows up to 4 withdrawals per month; withdrawing more than 4 times cancels out any interest earned for the month.
- Permits withdrawals once every 10 hours.
Flex Dollar
Flex Dollar allows you to save, invest, and send money in U.S. dollars, which is ideal for those who want to save in a more stable currency.
You can fund your Flex Dollar wallet by transferring money from your Flex Naira wallet using a Naira debit card or even a dollar card. PiggyVest automatically converts your funds at the applicable exchange rate when using a naira or dollar card.
Key features of the Flex Dollar wallet:
- It supports withdrawals to your Naira bank account or a domiciliary account in dollars.
- It cannot be funded with or receive funds from international accounts.
- International debit cards aren’t supported for deposits, so only Nigerian debit cards can be used for funding.
If you’re looking for more options to save and manage dollars, Mular might be a better alternative. With Mular you can receive funds internationally and save in naira, US dollars or even cryptocurrency.
Piggyvest Interest Rates
Piggyvest pays interest depending on the particular savings plan. Also, interest rates change according to market conditions.
However, these are the current interest rates for Piggyvest for each savings plan:
| Savings Plan | Interests |
| Piggy bank | 14% per annum |
| SafeLock | 20% per annum |
| Target Savings | 12% per annum |
| FlexNaira | 12% per annum |
| FlexDollar | 7% per annum |
| House Money | 14% per annum |
| Investify | 30% per annum |
The core savings plan (Piggybank) and flex naira interests are paid at the beginning of every month. In Safelock, interest is paid into your flex account, which you can immediately access. For target savings, interests are paid at the end of the target.
Piggyvest Fees
While PiggyVest offers a user-friendly platform for saving and investing, it’s important to be aware of certain fees that may apply under specific circumstances:
Breaking target savings before maturity
If you withdraw funds from your Target Savings before reaching the target amount or before the maturity date, PiggyVest imposes a 1% processing fee on the amount withdrawn. Additionally, you will forfeit any accrued interest on the savings.
Withdrawing from piggybank outside free withdrawal dates
PiggyVest allows free withdrawals from your Piggybank account only on specific dates, which occur quarterly (March 31st, June 30th, September 30th, and December 31st).
If you choose to withdraw outside these dates, a 3.5% breaking fee is charged on the amount withdrawn. This policy encourages disciplined saving habits.
Exceeding monthly withdrawal limits on flex naira account
The Flex Naira account offers flexibility with up to four free withdrawals per month. If you exceed this limit, you will lose all accrued interest for that month on your Flex savings. This measure is in place to promote consistent saving practices.
Early Withdrawal from SafeLock
The SafeLock feature is designed for locking funds away for a fixed period to earn higher interest rates. Once funds are locked, they cannot be accessed until the maturity date. Therefore, there are no fees associated with early withdrawal because early withdrawal is not permitted.
Wrapping Up
PiggyVest makes saving and investing easy, with separate accounts for naira and dollars to help you reach your financial goals. But remember that traditional currency isn’t your only option—many users are also investing in cryptocurrency to grow their finances. Mular is a flexible alternative for saving in naira, dollars and cryptocurrency.