If you are asking How to withdraw money from the PiggyVest safelock before the due date then you are on the right page. This is one of the frequently asked question about PiggyVest. It is important to note that most of the savings and investment options on PiggyVest are long-term and may have restrictions on withdrawing money before a certain date.
What is safelock and how does it works?
Piggyvest Safelock is a feature in PiggyVest that permits you to set some funds aside for a designated period of time and restrict you from having access to the funds until maturity. You can receive interest on these funds up to 15.5% annually while they remain locked, paid upfront, and divided over the time period. You can choose 10 days as the minimum and 1000 days as the maximum.
For the time you specify, SafeLock interest is compounded and paid.
PiggyVest Interest Rate
- 10-30 days, the interest is calculated at 6% per annum and prorated for the duration you set.
- 31-60 days, the interest is calculated at 7% per annum and distributed accordingly
- 61-90 days, the interest is calculated at 9% per annum and distributed accordingly
- 91 days- 2 years, the interest is calculated at 10% per annum and divided accordingly.
- 2 years and above, the interest is calculated at 12.5% per annum and distributed accordingly.
|Duration||Interest (per annum)|
|2 years and above||12.5%|
NOTE: The minimum amount that may be kept in SafeLock is N1000.
PiggyVest withdrawal-free days
Users are permitted to withdraw their money for free four times a year to enforce strict savings. These days are known as “withdrawal-free days.” If you want to withdraw on any other day aside from these withdrawal-free days, 2.5% of the total amount you wish to withdraw will be charged from your account or from the money to be withdrawn.
These are the PiggyVest withdrawal-free days;
- March 31
- June 30
- September 30
- December 31
You have the option of using the quarterly fixed free withdrawal dates provided by PiggyVest or setting your own free withdrawal dates.
NOTE: If you decide to set your own convenient free withdrawal date, the next available free date will be exactly 3 months from your last free withdrawal day.
After the request for withdrawal has been made, funds will be sent to your bank account and can also be sent to your Flex wallet instantly, and you can then withdraw to your set bank account anytime.
How to withdraw my money from PiggyVest
PiggyVest safe lock withdrawal
NOTE: YOU CANNOT ACCESS OR WITHDRAW YOUR MONEY FROM SAFELOCK UNTIL THE MATURITY DATE YOU SET.
If you desire to withdraw money from your regular savings account on PiggyVest, here is how to go about it:
- First, log in to your PiggyVest app.
- On your PiggyVest dashboard, click on the “Safelock” button.
- Then tap “Withdraw.”
- Fill in your bank details in the withdrawal settings, and enter the amount you want to withdraw.
- Click on the “withdraw” button, and your funds will be transferred to your set bank account within the stipulated time (not more than 3 working hours).
Having learned the above facts from this post, it is usually advised to hold off on withdrawals until the maturity date. Piggyvest will charge 2.5% of the total amount of the money you are withdrawing if you force the withdrawal.
FAQs about How to withdraw money from PiggyVest safelock before due date
Where is the interest on my SafeLock paid?
All interest accumulated when your money is locked is credited to your Flex account. You can transfer your interest back to your PiggyBank wallet or Safelock to earn additional interest or withdraw it for free at any time from your Flex account.
Can I have more than one Safelock plan?
Yes, you can have more than one SafeLock plan.
Can I add more funds to an existing Safelock?
Yes, but just take note that no interest is added. To earn interest, you must start a new SafeLock.
After maturity, how do I get my money back?
Funds that have matured from SafeLock will return to your Flex wallet. This means you will have immediate access to your money upon maturity. After which you may decide whether to safelock your Flex again or withdraw funds to your bank account.
PiggyVest customer care WhatsApp number
Is PiggyVest approved by CBN?
Yes! They function as an MFB under CBN supervision, using NDIC-insured funds.
Is it possible to break PiggyVest safelock?
No, it is not possible to access or withdraw your money from safelock until maturity.