So you have learned about Piggyvest, probably registered and would like to know how to withdraw money from Piggyvest. It is a straightforward process, but you have to understand the basics.
All the features in Piggyvest were designed for different purposes; so the way to withdraw money from each of them is quite different.
For example, the way you withdraw from your Piggybank core savings is different from how you can withdraw from your Safelock.
In this article, you will learn how to withdraw money from the various Piggyvest features.
How to Withdraw money from Piggybank (Core Savings)
The Piggybank feature in Piggyvest works like your traditional piggybank (what we call kolo in Nigeria); You can put money into it but it’s not too easy to get money out of it. See the image below.
Piggyvest allows you to withdraw money from your Piggybank but they put some limitations so that you do not withdraw from it all the time; just like the traditional kolo we all know.
You are allowed to withdraw from your Piggybank account without any extra charges only four times in a year, these four times are called withdrawal-free days.
You are also allowed to withdraw outside the withdrawal-free days but you will be charged 5% of the total money you want to withdraw.
The default withdrawal-free days are March 31st, June 30th, September 30th and December 31st.
When you withdraw from your Piggybank account on any of the days mentioned above, you will not be charged any extra money. But if you withdraw on any other day, you will be charged 5% of how much you want to withdraw.
How to Withdraw from the Piggybank Feature;
Step 1: Open the Piggyvest app or log in to the website and click on Piggybank. If you are using a mobile phone, click on My Savings > Piggybank.
Step 2: Scroll down and click on Withdraw from Piggybank.
Step 3: Scroll down to where you see the withdrawal form, fill in the amount you want to withdraw, select where you want Piggyvest to charge the 5% withdrawal fee, fill in the other options and click make withdrawal.
If you are withdrawing on a withdrawal-free day, you will not see any option asking where you want the 5% withdrawal will be deducted from.
Please note that the minimum amount you can withdraw is 3,000 Naira.
Step 4: A notification will come up asking you to confirm if you really want to withdraw the money. Click on confirm to process the withdrawal.
The money will be sent to the bank account in your Piggybank settings.
How to Withdraw Money from Piggyvest Safelock
The Safelock feature was designed for you to lock money until the day you set for withdrawal. This feature is best if you do not trust your spending habit.
Once you lock money in the Piggyvest Safelock feature, you cannot withdraw from it until the day you set for withdrawal. When the withdrawal day is due, the money will be sent to your Piggyflex account where you can withdraw from for free.
Here’s how to withdraw money from Piggyvest Safelock;
Step 1: Wait for the day you set for withdrawal. You can see the date by logging into the Piggyvest website or app, click on Safelock, view Safelock. At the bottom of the money you locked, you will see the date the money will be due for withdrawal.
Step 2: When the money is due, it will be sent to your Piggyflex account.
Step 3: Open the PiggyFlex feature to withdraw your money.
Keep reading to learn how to withdraw from Piggyflex.
How to Withdraw from Piggyvest Target
The target feature was designed to help you save for a cause with a group of people or individually. Once you have reached the target, the money is automatically sent to your Piggyflex account.
If you break the target before the stipulated date, you will lose all the interest earned from the target and you will bear the 1% payment gateway charge.
Piggyvest uses Paystack as a payment gateway to deduct money from your account. Paystack charges Piggyvest for every deposit you make from your bank or debit card to Piggyvest. If you break your target savings before the stipulated time, you will pay for the transaction charges.
To withdraw from your flex, there are two options, it is either you wait for the due date for the money to be sent to your Piggyvest Flex account or you break the target before the due date.
How to Withdraw from PiggyFlex
This is where all your interests, bonuses matured Safelocks and investments are paid into.
Withdrawing money from Piggyflex is entirely free.
Follow the steps below to withdraw from Piggyflex;
Step 1: Open the Piggyvest app or log in to the website.
Step 2: On the app, click on savings > Flex Naira. If you are using the web version, click on Piggyflex from the dashboard. See the image below.
Step 3: Click on Withdraw.
Step 4: Enter the amount you want to withdraw and fill the other necessary details.
Step 5: Click on Make Withdrawal button.
The funds will be sent to your bank account as soon as possible.
Please note that you can only withdraw once every 10 hours and the minimum amount you can withdraw is 2,000 Naira.
Piggyvest is a great app for saving money. If you have used the app for a while, you will notice how easy it is to deposit money into your Piggyvest account and some limitations when you want to withdraw money from Piggyvest.
The whole idea is to help you save money, hence the limitations.
You could use the money you saved on Piggyvest to pay your dues and flex, starting up a business and investing should also be part of your list of things to do with money.