- What is Piggybank.ng
- Flex Account
- Piggy Points
- Safety & Security
- My Savings
- Mobile App
- Referral Program (Stories)
- More Questions?
What is Piggybank.ng
What is Piggybank.ng?
Piggybank.ng is an online savings platform that helps you put away funds you don't want to touch easily. You can choose to save little amounts of money periodically (Daily, Weekly or Monthly) towards a specific savings target OR restrict withdrawals until a convenient date you set or piggybank's quarterly free withdrawal dates.
Piggybank.ng securely makes saving possible by combining simplicity, discipline, convenience and flexibility to make you grow your savings, manage your finances better and achieve financial freedom.
How do I start saving on Piggybank.ng?
To start saving on Piggybank.ng:
- Create a free account with your name, email address and phone number
- Your secure password is automatically sent to your email
- Save your first N100. (Use a MasterCard or Visa from any bank in Nigeria).
- Set your withdrawal account.
- Then set a convenient savings plan (AutoSave)
Are there Bank Charges when you deduct from my account?
No! it's completely FREE. There are no bank charges for transferring money to your Piggybank account.
How much can I Start with?
You can ONLY save between:
N50 - N25,000 daily,
N1000 - N100,000 weekly,
or N3,000 - N500,000 monthly on piggybank.ng
When using the Quicksave option which allows you add more funds to your savings at anytime, you can add up to N500,000 per time.
What is A Flex Account
A Flex Account is a sub-account where all interests earned on Piggybank are paid. You can withdraw from it at anytime, without any charges.
Additionally, on withdrawal days, you can withdraw to your Flex Account and spend from it freely.
Can I withdraw from my Flex Account?
Yes! you can! And it's absolutely FREE.
Can I transfer from my Flex Account to my Core Savings?
Yes, you can! Simply click on "Use Funds" and then select the option to transfer back to core savings.
What is a Piggy Point?
This is our own way of rewarding our users. The more you save, the more you earn.
How Do I Earn Piggy Points?
N2000 - N4999 = 1 point
N5000 - N9999 = 2 points
N10000 - N49999 = 10 points
N50000 - N99999 = 25 points
N100000 and above = 55 points
What can I use my Piggy Points for?
You can now convert your Piggy Points to cash in your Flex Account
1 Piggy Point = N10.
Safety & Security
How safe is Piggybank.ng?
All financial information is encrypted and stored to PCI DSS Level 1 compliant standards. PCI DSS Level 1 compliance is a set of rules stated by credit card companies and audited by an independent third party.
It is the highest possible rating one can get in the electronic payment processing industry. Additionally, all transmission to our banking partner and on our site is via an encrypted 256-bit HTTPS SSL connection.
Does Piggybank.ng have an Office?
Yes! We are located at No 16 Boyle Street, Onikan, Lagos Island, Lagos, Nigeria.
Contact Number: 08093719000
Are my Card details Safe?
Your security is our only priority. Your card details are extremely safe as they are never stored on piggybank.ng. We work with a PCIDSS-compliant payment processor, Paystack to handle your card details.
Are You Licensed by CBN?
Since we began operations in 2016, we have shared licenses with 2 Microfinance banks and just recently, we acquired a Microfinance bank (Gold Microfinance Bank LTD) and its license.
Do I have to login every time I want to save?
No, everything is done automatically except you want to use the QuickSave option. All transactions on your debit card will be visible in your dashboard.We will send an email receipt to you every single time you save with your debit card and your bank will also send you an alert. It's 100% secure.
What happens when I finally have money and I missed some days, weeks or months?
We WON'T automatically debit your account if you missed any day, week or month and we WON'T charge you either. The QuickSave option is always available for you to manually make up for any lost day, week or month.
Can I pause and continue saving anytime?
Yes, you can, it is up to you to pause or continue the automatic saving any time for free. Just log in and click on "Autosave" on your core savings then click on "Turn off Autosave".
Can I increase my savings at anytime?
Yes, you can increase the amount you're saving at anytime. Simply login and click 'modify AutoSave instruction', then edit the amount. You can also edit your frequency to either daily, weekly or monthly.
What if I don't have funds in my account or debit card?
Simple, we will not be able to debit you for that day, week or month. We will only be able to save for you when you have funds in your debit card. However, you have the option to use the "Quick save" option once you have loaded your account.
What is Quick save and how does it work?
This option basically enables you to add more funds to your savings. For example, if you set N1,000 daily and you miss a day or two, you can use the quick save option to deposit N2,000 or N3,000 at once. This is to ensure you meet up with your savings target.
You can add up to N500,000 at once with this option. However, you can add this multiple times in a single day. For instance, if you want to add N1,000,000, you need to add N500,000 twice.
What should I do with my Piggybank.ng savings?
A lot of our users are saving for emergencies, to plan a trip in a couple of months, or pay down debt. You can also move your savings to other and any bank accounts (for investments or retirement) as often as you wish.
When do I withdraw my Savings?
You can withdraw for FREE only on set Withdrawal dates. You can set your own FREE withdrawal day OR you can use Piggybank's 4 fixed FREE withdrawal dates every year.
After the request has been made, funds will be sent back to your Flex Account instantly and then you can withdraw to your set bank account anytime.
PS: If you decide to set your own convenient FREE withdrawal date, the next available FREE date will be exactly 3 months from the last time you withdrew.
What are Piggybank's free withdrawal dates?
You can choose your own FREE withdrawal dates on your dashboard.
OR You can use Piggybank's FREE withdrawal days which are:
Free Withdrawal DaysFree Dates1st Free Withdrawal Day31/03/20182nd Free Withdrawal Day30/06/20183rd Free Withdrawal Day30/09/20184th Free Withdrawal Day31/12/2018
What if I withdraw outside the free withdrawal dates?
Any day outside the Withdrawal days will attract a 5% penalty fee.
How do I withdraw my savings?
You need to have filled your bank details in your withdrawal settings then, click on the "withdraw" option on your dashboard, enter the amount you want to withdraw and your funds will be transferred to your set bank account within the stipulated time (not more than 3 working hours)
What is the Minimum/Maximum amount I can withdraw?
The minimum amount you can withdraw from your Piggybank account is N3000 and there is NO maximum. You can withdraw all of your funds whenever. However, fixed free withdrawal dates still apply.PS: You can ONLY withdraw once in 24hours.
Do I get Interests on my regular Savings apart from SafeLock?
Yes, Piggybank.ng pays you up to 10% interest annually (0.8% monthly)
We simply check your account on the 1st of every month and add an interest to your total savings. It's a way of encouraging you to keep saving.PLEASE NOTE THAT YOUR AUTOSAVE MUST BE ACTIVE TO RECEIVE INTERESTS.
What If I don't want Interest?
Valid. Simply visit 'account settings', scroll down and check the box that says 'Disable Interest...'
What is SafeLock?
This acts as your sub account which allows you transfer funds from your main Piggybank balance for a fixed period of time (you can choose between 10 and 1000 days) without having any access and then the funds are sent back to your main balance once it has reached the date you set for it to return.
Think of it like your own customized fixed deposit account. The SafeLock feature is one step further in curbing the temptation to touch money that you have put aside as your savings.
How much interest do I get on my SafeLock savings?
The interest you get on your SafeLock depends on the duration of SafeLock.
[10 days, 0.34% - 1000 days, 34%].
For ten days, any amount you SafeLock attracts an interest of 0.34% and for 1000 days, you get 36% interest. Annually, you get 12.4%. Interest is paid upfront to your Flex Account.
PS: the minimum amount you can SafeLock is N1000 and the minimum duration is 10 Days.
When do I get my SafeLock Savings interest?
You get your SafeLock interest immediately you initiate a SafeLock plan. The interest on your SafeLock is immediately added to your PiggyFlex account.
Can I have more than one SafeLock?
Yes, you can have more than one SafeLock; and you can give them different names (purposes) too.
E.g. You can have a SafeLock for your Fees, Wedding; Birthday; Vacation etc.
Is the SafeLock different from the normal savings plan?
Yes, your SafeLock is different from your normal savings plan. After initiating a SafeLock for a particular amount of money, your savings plan continues as normal.
It is completely under your control. You set the pace, duration and everything else concerning your SafeLock.
Can I add more funds to my SafeLock?
Yes, you can. Simply select the particular SafeLock you want to add, enter the amount you want to add and then click 'add funds'.
PS: You don't earn additional interest on funds added to an existing SafeLock.
How do I get my SafeLock paid back when time is up?
If you SafeLocked for more than 3 months, funds will automatically be sent to your PiggyFlex account on the exact date of maturity and will be available for withdrawal instantly for FREE.However, if the duration is less than 3 months, funds will be automatically paid back into your Piggybank account on the exact date of maturity which is bound by the quarterly withdrawal date (You can also set your own convenient date for withdrawal).
- Do you have a Mobile App?
Referral Program (Stories)
Do you have a Referral Program?
Yes! it's called Piggybank Stories. Once you login to your dashboard and you have at least N3,000 in your Piggybank main balance, you can add your own story of how Piggybank has/is helping you save.
Once your story is approved, you will receive your own unique link that you can share to your friends, family, colleagues or on social media.How you earn 3 times per user:
- First N20: Anytime someone creates a Piggybank.ng account with your link, you earn N20.
- Secondly N130: You automatically earn N130 once they save their first N100 Naira.
- Lastly N350: You earn N350 anytime they "quicksave" a minimum of N2,000 the first time.
Who is an active User?
An active user is one who has successfully added their debit card details and has saved something in at least 30 days. For more transparency, on your stories dashboard, you can also see a list of persons that have signed up using your link and their statuses (Active or not).
After we have paid, anything could happen and some persons could switch off their AutoSave. This affects your next active recruit. The system is structured this way is to discourage cheating. Hence, our advice - ensure you're bringing persons who really want to save.
For more information, please email [email protected]
What If I don't have funds in my main balance but in my SafeLock, will my link still work?
No! it won't. You need to add at least N3000 to your main balance using the quicksave option for your referral link to work.
- More Questions?