Online savings platform, PiggyBank, has released a set of new updates to its system to make it better for users. These include a new Piggy Flex Account, new interest rates, and conversion of Piggypoints to cash.
First of all, we'd like to say THANK YOU to you all. Your feedback and suggestions made this update come to pass. We've always prided ourselves on being a customer-centric company and we are happy that we were able to improve on a product that also means a lot to you!
— PiggyVest (@PiggyBankNG) June 26, 2018
The Nigerian FinTech startup which recently raised N397m ($1.1m) seed funding, added a new Piggy Flex Account Feature for its users. Piggy Flex Account is a sub-account (not your normal savings account) where all the interests you earn on the PiggyBank platform will be paid, as well as funds from your SafeLock (only if it was safe-locked for a minimum of 3 months).
The Piggy Flex account is available by default to all its users. It can be accessed anytime with no charge and can be transferred from one user’s flex account to another user’s flex account (Piggylink 2.0).
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Your Piggy Flex Account is a sub-account where all interests earned on https://t.co/gQbh7PF0L4 will be paid, including funds returned from your SafeLock(On maturity). All funds in your Piggy Flex Account can be accessed anytime, at no charge.
— PiggyVest (@PiggyBankNG) June 26, 2018
SafeLock is a PiggyBank feature that allows you to keep an amount of money aside for a fixed period without any access to it until after a certain period of time. Typical to a normal fixed account except that you can customize the modalities for the account. With PiggyBank Flex, once your SafeLock savings matures, the money is transferred into that account instead of your normal savings account.
Every PiggyPoint earned is worth N10 and you earn PiggyPoints by saving frequently. SO basically, the more you save, the more PiggyPoints you earn.
To get 1 point, you need to save N2,500 using the quicksave option.
i.e if quicksave N25, 000, you get 10 points!— PiggyVest (@PiggyBankNG) June 26, 2018
Apart from the Piggy Flex Account, PiggyBank now allows users to convert their PiggyPoints to cash and paid into their flex accounts which can be accessed without any charge. Piggypoints are points earned by users when they save or refer other users and now these can be converted to cash at the rate of 1 Piggypoint = N10.
We have increased our interest rates! Normal Piggybank savings is now 10% annually while SafeLock is now over 12.4% annually.
Your interest for this quarter is a bulk 2.5% on July 1st, but after next month interest on your normal savings will be paid monthly (1st of every month)— PiggyVest (@PiggyBankNG) June 26, 2018
The startup also now offers new increased interest rates to users, with normal PiggyBank savings now 10% interest annually while SafeLock is now over 12.4% interest annually. Customers interest for this quarter (April-June) would be paid at once –2.5% by July 1st. After which, normal savings interests would be remitted monthly on the 1st of every month.
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The Piggy Flex account feature is currently only available on the website but would be released on the app with an update soon. PiggyBank also promises exciting new features for users in the coming weeks.
About PiggyBank.ng
Launched in 2016, PiggyBank.ng is a FinTech startup founded by three young entrepreneurs with an ambitious goal of improving the savings culture and finance management amongst Nigerians with a combination of cash discipline and flexibility. It does this by providing a digital wallet for each user.
Users can load up their wallets with funds from their banks. PiggyBank then secures the funds and holds them until users desire to make a withdrawal. The FinTech startup gives users access to their funds once, every four months but users can set a custom date for their withdrawal.
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