Piggybank is a bank system and they help you save your money. There are procedures for saving money in the platform and that is what this article will tell you.

Piggy bank let’s you save small quantities of money and this can be in a periodic manner (monthly, weekly or daily). You can keep funds for a particular time and not spend them inadequately.

How Do You Begin Saving On Piggybank?

 

  • Open an account which is free and this can be done using your phone number, e-mail and name.
  • You will get a message in your e-mail and this message automatically shows your password.
  • Make a saving of N100 and you can use Visa or MasterCard to do this from any Nigerian bank
  • Create the amount for your desired withdrawal.
  • Create a saving plan that is convenient ( that is Auto-save).

This platform automatically utilizes card transactions ( debit) and this is for money transfer.

Are Charges Involved In Account Deduction?

No charges are involved since this is a free platform. No bank charges is involved in money transfer.

 

What Is The Starting Amount For Saving?

-Saving is between N50 and N2,500 on a Daily basis.

-Saving is between N1,000 and N10,000 on a Weekly basis.

-Saving is between N3,000 and N50,000 on a Monthly basis.

You can add some extra funds and this can be to your savings at any point in time.

What Is Flex Account In Piggy bank?

This account is the sub-account and this is where the interests in the Piggy bank system are being paid.  Withdrawals are also done here and this can be done anytime and also without any charges.

How Can You Do Withdrawals In This Flex Account?

Of course you can do this by applying for withdrawals on the platform and it is a free.

Can You Do Your Transfers Using Some Core Savings?

Of course you can do this and then you click ‘Use Funds’ and choose the transfer.

Initiate your transfer and this should be back to the savings (core).

Savings Challenge In Piggybank

That is your savings (target) and you confirm group or personnel Savings Challenge. There is transfer of funds and there is automatic transfer to your account and access can happen freely.

Creating And Activating Savings Challenge

You can login to the dashboard and then click  towards the (+) sign.Click on the ‘dashboard’ option and then you will see the ‘Savings Challenge’. You now click create and then start.

Are You Able To Leave The Challenge?

Yes and this is when you go to ‘General Activities’ and then go to ‘Settings’. Proceed further and then you can get funds back to the ‘Core Savings’.

When Can You Make Withdrawals?

There are dates for you to withdraw freely and there are also fixed dates for withdrawals. The funds move back to the Flex Account after the requests and then make withdrawals at the bank account. Setting your date of withdrawal is obtainable and this date is precisely 3 months after.

What Dates Are Free For Withdrawing Savings?

You can choose this from your dashboard or you can utilize free dates below:

 

  • 31st of December
  • 30th of September
  • 30th of the month of June
  • 31st of the month of March

 

Can You Withdraw Savings Apart From The Dates?

Withdrawing outside free days results in a fee of 5%.

Can You Choose The Amount At Withdrawal Time?

Yes move to the withdrawal page and enter the withdrawal amount and you can put in banking details.

What Maximum And Minimum Amount Can You Withdraw?

The smallest amount that you can withdraw with N3,000 and there is no maximum amount. Note that withdrawals can happen once in 24 hours.

Conclusion

Piggy bank is a saving platform that helps you save your finances and cut down irrelevant spending. This article tells you how you can save on Piggy bank in Nigeria. Don’t forget to ask your questions.

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