Disadvantages of Piggyvest: Is It Still Legit in 2023?

Uncover the disadvantages of Piggyvest as well as its advantages and find out if it’s legit. Learn about this savings platform, including signing up, depositing, and withdrawing money.

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You’ll need to know the disadvantages of Piggyvest if you’ve made up your mind to save with them. The popularity of this savings platform has eclipsed traditional banks, and there’s a lot everyone wants to know.

The disadvantages of Piggyvest are its 2.5% withdrawal penalties, its inflexible withdrawal policies, and a dollar account that can’t receive dollar transfers. Its advantages, however, are its high-interest rates, transparency, automatic savings feature, and piggy points earning opportunity. Piggyvest is a legit platform, as it is licenced by the Securities and Exchange Commission of Nigeria.

The disadvantages of Piggyvest actually work to your benefit, and we’ll explain why. Regardless of what anyone says, Piggyvest is still a suitable savings platform for freelancers, POS users, cloth traders, and other Nigerians.

Is Piggyvest Stil Legit in 2023?

Yes, Piggyvest is still legit in 2023. This savings platform is licenced by the Securities and Exchange Commission of Nigeria, making it a legal entity. It’s also approved by the Central Bank of Nigeria and insured by the Nigeria Deposit Insurance Corporation (NDIC). 

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What Is Piggyvest All About?

Piggyvest is an online platform that helps people save and invest money with ease. It makes saving easy, as you can earn interest from saving daily, weekly, or monthly. Although this looks similar to what a bank can offer, Piggyvest combines it with simplicity, flexibility, and convenience.

One other unique feature that Piggyvest offers is discipline. Many people have started saving money in their banks but have been unable to stick to it for one reason or another.

Piggyvest only allows four withdrawal days in a year, and this means that you can only withdraw your cash for free four times. This means that people will have to learn how to leave their cash until those quarterly withdrawal periods arrive. Failure to do this means they’ll have to pay a penalty fee.

Advantages of Piggyvest

In this section of our Piggyvest review, we’ll be showing you what you stand to gain from using this platform.

Auto Save

Piggyvest has an automatic savings feature called AutoSave that makes it possible to automate your savings. So, you can use this feature to save a specific amount of money daily, weekly, or monthly.

High Interest

Saving with Piggyvest allows you to enjoy 8 to 10% interest, an amount that’s higher than what banks give you. This interest increases to 13% if you use the Safelock feature.

Transparent Transactions

All transactions that you make with your Piggyvest account are recorded, and you can access them at any time. These records also contain a breakdown of how your interest was calculated, so you know how to increase it.

You Earn 10 NGN for Every Piggy Point

When you save consistently with Piggyvest, you earn points. Each point you earn for saving money with this wallet is worth 10 NGN. Apart from consistent saving, you also earn points for depositing and withdrawing cash from your Piggyvest account.

This amount can be sent to your Flex Naira account, and you can use it at any time. If you accumulate enough points, you can convert them to naira and use them to purchase data or airtime.

Disadvantages of Piggyvest

If you’re going to be using this savings platform, it’ll be good to be aware of the areas where it falls short. Below are the disadvantages of Piggyvest.

Withdrawal Date Penalties

Piggyvest has a default withdrawal date for withdrawing money, and it’s four times a year. Of course, you can decide to set your own dates, and the platform will work with that instead. After which, the next withdrawal period from your custom withdrawal date will still be 3 months away.

However, if you decide to withdraw money from an account outside of the withdrawal date, you’ll suffer a small fee penalty. This penalty is to help you keep a strict savings habit.

Although this penalty is just 2.5% of the withdrawal amount, it might be a huge sum if you have a large balance. Your best option is to keep some emergency funds in your PiggyFlex wallet to avoid the withdrawal penalty.

Flex Dollar Doesn’t Receive Dollar Transfers

Although the flex dollar account allows you to save money in dollars, it doesn’t receive dollar transfers. This means that you can’t use this account like a regular dollar account; it’s just for saving dollars and nothing more. If you want to receive dollar transfers, you can try Chipper Cash.

Inflexible Withdrawal Policies

Piggyvest is big on saving culture, so they’re out to encourage their users to save more. Apart from the 2.5% penalty for withdrawing funds outside of a withdrawal date, this platform only allows one withdrawal in 24 hours. Of course, if you’re using the Flex Naira account, you’ll be able to withdraw once every 10 hours.

Piggyvest Interest Rate

This savings platform offers different interest rates for using its services. If you want to know where to earn more interest, you’ll find your answers below.

  • Piggybank: 10%
  • Safelock: 6 to 15.5%
  • Target: 9%
  • Flex Naira: 8%
  • Flex Dollar: 7%

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Piggyvest Savings Features

Piggyvest isn’t a simple savings platform, as it offers multiple features to encourage the savings culture among Nigerians. The savings feature on this platform include:

Piggybank Feature

This is a feature that allows for automated or manual savings on a daily, weekly, or monthly basis. With Piggybank, you can earn up to 10% interest every year. 

Flex Naira Feature

This is a flexible savings feature that allows users to save money for life’s emergencies. It offers free transfers and withdrawals, along with an 8% interest rate.

Safelock Feature

This allows Piggyvest users to lock up their funds for a specific period of time, like a fixed deposit account. During this period, they won’t have access to those funds, and they’ll be paid a higher interest rate upfront. With this feature, you can lock up your funds for up to 1,000 days or as little as 10 days.

The interest that you can get with Safelock is shown below:

Number of DaysInterest Per Annum
10 to 306%
31 to 607%
61 to 909%
91 to 36510%
Above 1 year to 2 years12.5%
Above 2 years13% to 15.5%

Target Feature

This is another feature that Piggyvest offers to help people reach their saving goals. The target feature allows users of this platform to join groups of individuals that are trying to reach similar saving goals. This goal could be a 500,000 NGN mark, a 1 million NGN mark, a 2.5 million NGN mark, etc.

Joining a savings group allows a user to enjoy 8% interest on their savings. The target feature also allows people to track their savings towards a particular goal, like funding a vacation, buying a car, etc.

Flex Dollar Feature

Piggyvest doesn’t only allow users to save their money in Naira. It also allows them to save it in dollars and other foreign currencies. The flex dollar feature offers easy withdrawals and a 7% interest rate per annum.

Using the flex dollar feature also allows users to preserve the value of their foreign currency in the face of price fluctuations.

Piggyvest Investment Feature

Most of the time investments have always been out of the reach of many Nigerians due to their high price tags. However, Piggyvest is making things easier by allowing people to invest with as little as 5000 NGN. With this, you can invest in the agricultural sector, the transportation sector, fixed-income instruments, etc.

These investments offer up to 25% returns and can last from 6 to 12 months. You don’t have to worry about the companies you’re investing in, as Piggyvest has done their research. Hence, they only work with licenced investment houses like Stanbic, ARM, and AIICO.

How Piggyvest Referral Works

Piggyvest referrals allow you to earn money by referring your friends to this savings platform. You refer your friends by sending them a referral link.

When they sign up on Piggyvest using that link, you’ll get 1000 NGN in your Safelock account. People who signed up with the link also get 1000 NGN after verifying their accounts.

How To Sign Up For Piggyvest

If the disadvantages of Piggyvest haven’t turned you away from this platform, then you should register with them. Signing up for Piggyvest is easy, and you can follow our guide to go about it.

  1. To sign up for a Piggyvest account, you can download their mobile app on your smartphone or visit their online platform at https://www.piggyvest.com/. Regardless of the method that you use, the sign-up method is roughly the same.
  2. Visit the Piggyvest platform or open the mobile app and click the “Create free account” button.
  1. Fill in the personal information required and provide a referral code (if you have any).
  1. This will create your Piggyvest account, and you can complete the setup by verifying your account. This can be done by verifying your email, adding a debit card to your account, etc.

Apart from the guide above, you can also follow this video to see how you can register on Piggyvest.

How To Deposit Money On Piggyvest

Now that you’ve opened an account on Piggyvest, this section of our Piggyvest review will show you how to deposit money into it.

  1. Log into your Piggyvest account and choose the account you want to deposit funds into and the amount you wish to deposit. This account can be your Piggybank, Flex Naira, Flex Dollar, Invest account, etc.
  2. Select the payment method you wish to use. You can choose your credit/debit card, your bank account, or the Piggyvest wallet.
  3. This will bring up the saved credit card, debit card, or bank information in your account. You can then provide the needed payment information and complete the transaction.

How To Withdraw Money On Piggyvest

You can withdraw money on Piggyvest using the simple guide below.

  1. Log into your Piggyvest account and click on the account from which you want to withdraw.
  2. Select the destination of your withdrawal, which can be your Pocket App account or your bank account.
  3. Provide your payment information and your password, and also enter the OTP that was sent to you. As soon as that is complete, your withdrawal will be handled.

Can Piggyvest Crash?

It’s unknown if Piggyvest can crash, as only time will tell. Even if it crashes, you’re safe, as Piggyvest operates as a Microfinance bank. So, your funds are insured by the Nigerian Deposit Insurance Commission.

Piggyvest Review – Final Thoughts 💭

Piggyvest is a savings platform that has brought the savings culture closer than ever to the average Nigerian. Despite the disadvantages of Piggyvest, its many advantages outweigh them. You can trust its services because it is a legitimate platform that has received approval from the CBN and the NDIC.

Piggyvest Review FAQs

Can You Make Money On Piggyvest?

Yes, you can make money on Piggyvest using its investment feature, its referral bonuses, and the interest on savings. You also earn piggy points for consistently using the platform.

How Much Can I Invest In Piggyvest?

The minimum that you can invest on this platform depends on the investment opportunity. Most investment opportunities have a minimum of 5000 NGN, while for some, it’s higher.

How Trustworthy Is Piggyvest?

Piggyvest is a very trustworthy platform that has received approval from the Securities and Exchange Commission of Nigeria. It is fully compliant with the Nigeria Data Protection Regulation as its online platform is protected by bank-grade security encryptions.

Is Piggyvest Approved By CBN?

Yes, Piggyvest has been approved by the Central Bank of Nigeria (CBN). So, it can operate legally in Nigeria.

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