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Just Another Way To Save With A Piggybank



While growing up, I wished for a piggybank, despite having access to numerous saving boxes. Trust me, I always thought a piggy bank would be great and advanced than a square box! At least it wasn't our conventional DIY savings method. But then, what if my dream had come true, maybe not at the time I wanted it but sometime later?
I'd probably save and get to destroy my bank!

Piggybank is a generic English term used to denote the earliest means of storage of money, using a hollow ceramic statue of a pig.



Well, did you ever use a savings box and wished for a Piggy bank? It's probably time to stop being archaic and get digital because, there's a Piggy bank in town who's gone so digital.

About piggybank.ng
In a brief note, Piggybank.ng is a Nigerian Financial Technology (Fintech) startup which run a hassle free online savings scheme. Piggybank if granted access to a user's bank account will make periodic deductions for the purpose of saving towards a target. This innovative savings scheme is similar to Wema Bank's Alat.ng

Piggybank being innovative and accompanied by a catchy name, has successfully captured the hearts of many Nigerians and further deepened their trust by giving information on her affiliation with by UBA Nigeria Plc. They are supposedly attached to and monitored by the bank, so it's safe to say they have the approval of the Central Bank of Nigeria to operate as a financial institution. Although there are speculations that they are powered by a Microfinance bank, information given on their site's homepage clearly states otherwise.

You earn a percentage of interest for simply saving with piggybank.ng. To begin saving, all you have to do is go through their extremely easy registration process and link your debit card to their platform, then occasionally credit your account from your bank account. All these are done virtually online.

Features of Piggybank.ng
There features which set different innovations apart and unique and the following features of Piggybank.ng would definitely make you want to get their app!

• QuickSave
With The QuickSave Option, you credit your piggybank account at any time of the day. You can begin saving as low as N100 and there's no limit to how much time you can make a deposit in a day. 


• AutoSave

Autosave unlike QuickSave helps you schedule savings from your bank account to your piggybank account with your approval. Thus, apart from your ability to directly and quickly send funds to your Piggybank.ng account, you have access to setting up a savings goal and preferred savings frequency which you can schedule to run on daily, weekly or monthly basis, depending on what frequency you'd love your saving schedule to operate on. Scheduling savings to your profile grants piggybank access to automatically debit your bank account and credit your account gradually until you reach your savings goal.
With Autosave, you set a goal to reach a stipulated amount then watch as your account grow drastically. You need to have funds in your bank account for this feature to function properly.


• SafeLock

SafeLock is probably the best feature in piggybank. This feature caught my attention at first sight. 

SafeLock as you would suspect, locks parts of or all the savings in your Piggybank.ng account for a selected period. When your funds is safelocked, you'll be unable to withdraw them until the return time frame elapses. To encourage users to SafeLock their funds, piggybank offers instant upfront interest of up to 25%. This feature is simple, 100% safe and highly recommended to people who want to store up funds for a particular period (between 10 – 1000 days) without being tempted to touch them.

Safelock is very strict and before you jump in to begin using this feature, you need to understand its terms and conditions.
Once your fund is locked, you can't reverse nor unlock it until the selected date for its pay back is due. ie, if you decide to lock your funds until 4/7/2019, you won't be able to withdraw it until 4/7/2019! So while you lock your funds, do so with precautions.


• Withdrawal

Piggybank is meant to save for you which is why it's withdrawal process comes with conditions. Piggybank offers free quarterly withdrawal and withdrawing outside the free withdrawal days attracts a 5% penalty fee.
You can withdraw your money once it's up to N2000 excluding the 5% fee if you are to withdraw outside the 4 free withdrawal days.

So, If you are ready to Manage your spending habits, you can simply visit piggybank.ng
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