Over the past year, Piggybank.ng has committed itself to helping Nigerian millenials save. And we pride ourselves on innovating and evolving to meet your savings needs.
Introducing SafeLock. SafeLock is the new Piggybank feature that allows you put an amount of money aside for a fixed period — without having any access to it till that time is up. think of it like your own customized fixed deposit account.
The SafeLock is feature is one step further in curbing the temptation to touch money that you have put aside as your savings.
How Does SafeLock Work?
We’ll explain how the SafeLock feature works by answering a few questions.
How do I open a SafeLock plan?
Just login to your Piggybank dashboard. The SafeLock feature is right under the “My Savings” feature.
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 have more than one SafeLock Plan?
Yes, you can have more than one SafeLock plan; and you can give them different names (purposes) too.
E.g. You can have a SafeLock for your Fees, another for Your Boyfriend’s Birthday and another for say…a Paris Vacation etc.
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 remitted into your Piggybank savings wallet.
How much interest do I get on my SafeLock savings?
The interest* on your SafeLock depends on the period of time you’re locking your savings for.
Currently, the minimum SafeLock is N1000 for ten days and that attracts an interest of 0.25%.
And the maximum SafeLock is N3 Million for 1000 days and that attracts a 25% interest.
In summary:
*Interest rates are subject to change based on market fluctuation.
How do I get my SafeLock paid back when time is up?
The money you SafeLocked is automatically paid back into your Piggybank savings wallet on the date you set as pay back day.
If you have any other questions, call 0809 371 9000 or email: contact@piggybank.ng.
We’ve got you!
Co-founder, Piggybank.ng
