PiggyBank App Download for Android & iPhone – Best Savings Plan with Highest Interest Rates in Nigeria – PiggyBank.ng is Better than Fixed Deposit Accounts.
I have heard so much about the new PiggyBank mobile savings application and how they just secured over a million US dollar seed funding to finance expansion and roll out new savings products. Initially, the model wasn’t interesting to me as I felt there was still no significant difference between my normal savings accounts interest and the one offered by PiggyBank; you go to the bank or send someone to pay a certain amount into your bank account compared to the fact that the process here is automated, you don’t necessarily need to visit the banking hall before your account is credited. My personal interest in any finance app isn’t about usage but extra features that will help users make more money, if it doesn’t reward me for usage, then I have no business with the app.
A lot of apps in Nigeria are only designed to encourage spendings and not to generate an additional stream of income. So, I was quick to classify PiggyBank as one those apps, at least, while you save with them, they use your money to make money.
Moving forward, a few weeks ago, I read about PiggyBank savings app on BusinessDay Newspaper but this time, the news talked about the developers increasing interest rates on some of the features to 10% – 12.4% p.a which I thought was better than the normal savings account interest, then I decided to give the app a try by going to the Google Play Store to download PiggyBank mobile app.
What I discovered about PiggyBank that would interest you:
PiggyBank app is not just an application, it’s a discipline that would help you save on your terms with attractive interest on your savings. The app works with PayStack to make automated debit easier; you don’t have to input your payment card everytime you want to save nor enter your bank account, after your first N100 savings, your CARD is directly tied to the app under a bank PCI security standard, so you don’t have fret about possible access to your debit or credit card details.
How the PiggyBank App Download works.
- You register for FREE on the app.
- Save your first N100 to test your app and connect it to a preferred debit card.
- Set your “Core Savings” up by choosing the “duration of your savings“, and “how much you want to save”.
- Anytime you have excess cash balance you might not need now, use the “Quick Save” feature to keep some cash.
- At the end of a year, you will earn 10% p.a on your interest, though it is small but better than the average return on the Nigerian stock market, almost close to the yield on FBN savings bond, and Treasury bills (2018 update)
Here the main catch on PiggyBank app download for Android & iPhones.
Instead of leaving your cash in a “Core Savings” account, you can move it to a better and higher interest rate product called “SafeLock“. SafeLock lets you lock part or all your money in “Core Savings” for a specified period within which you won’t have access to your money. The interest return on this account is paid upfront into a “Flex account” once your lock is successful. “PiggyFlex” account holds all your interests payment from both “Core Savings” and “SafeLock“. You can either opt for “Cash Withdrawal“, “re-invest into your Core Savings” and use “SafeLock“.
The strategy I use here is to save up to a reasonable amount, say above N100k, then transfer it to “PiggyBank Safe Lock for at least 6 months“, enjoy up to 6% upfront interest on my savings and re-invest the earnings. You will experience the power of compound interest earnings on this app which is what I love about PiggyBank mobile application for a higher interest savings plan.
The interest rates offered on your SafeLock depends on the tenor, the higher the maturity period, the higher your interest earnings. A better guide to understanding what you would earn on your savings is to use the current annual interest rate of 12.4% and prorate it to your selected tenor. Besides, you don’t have to stress yourself, at the point of migrating your cash from ‘Core Savings to SafeLock“, PiggyBank Flex will display different interest rates on various tenor.
Here is a snapshot of my savings on PiggyBank app so far, I saved N150,000 into the “Core Savings Account“, then move it to “SafeLock” for 30 days tenor and earned close to N4,000 interest. The second major savings was another N200,000 I added to the “Core Savings“, transferred to the “SafeLock” for 200 days, with an estimated N13,000 upfront interest. The N17k balance (which was transferred from PiggyFlex interest earnings account) is the addition of the initial interest of N4k and N13K. Tell me which bank will pay you close to N17,000 for leaving up to N350,000 in savings account for a year?
This is my unbias review of the PiggyBank mobile application. I don’t preach what I practise neither do I practise what I don’t preach, click here to read my PiggyBank story and how to get started for FREE.
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