Piggyvest is a popular online platform that helps you save money and invest in various opportunities. One of the features of Piggyvest is Safelock, which allows you to lock away a certain amount of money for a fixed period of time and earn interest on it. Safelock is designed to help you avoid the temptation of spending your savings and achieve your financial goals.
Creating a Safelock plan on Piggyvest is easy and convenient. You can do it anytime and anywhere using your smartphone or computer. In this blog post, we will explain how to create a Safelock plan on Piggyvest, what are the benefits and requirements of Safelock, and what are the best practices to follow when using Safelock.
Table of Contents
- How to Create a Safelock plan on Piggyvest
- What are the Benefits and Requirements of Safelock?
- What are the Best Practices to Follow When Using Safelock?
How to Create a Safelock plan on Piggyvest
To create a Safelock plan on Piggyvest, you need to follow these steps:
1. Log in to your Piggyvest account and go to the Safelock section.
2. Click on the “Create New” button and enter the amount that you want to lock away, the duration that you want to lock it for, and the name of your Safelock plan. You can choose any duration from 10 days to 1000 days.
3. Choose the interest rate that you want to earn on your Safelock plan. You can choose from 6% to 15.5% per annum depending on the duration of your plan. The longer the duration, the higher the interest rate.
4. Choose the frequency that you want to receive your interest payments. You can choose from monthly, quarterly, bi-annually, or annually. You can also choose to receive your interest at maturity, which means that you will receive your principal and interest together at the end of your plan.
5. Review your Safelock plan details and confirm your request.
6. You will receive an email from Piggyvest with a link to fund your Safelock plan.
7. Click on the link and choose your preferred payment method. You can pay with your debit card, bank transfer, or USSD code.
8. You will receive a confirmation email from Piggyvest once your payment is successful and your Safelock plan is activated.
What are the Benefits and Requirements of Safelock?
Safelock has many benefits and advantages that make it a smart and effective way to save money and earn interest. Some of these benefits are:
– You can lock away any amount from N1000 to N10 million.
– You can earn up to 15.5% interest per annum on your Safelock plan, which is higher than most bank savings accounts or fixed deposits.
– You can choose any duration from 10 days to 1000 days for your Safelock plan, which gives you flexibility and control over your savings goals.
– You can choose the frequency that suits you best for receiving your interest payments, which helps you manage your cash flow and budget better.
– You can create multiple Safelock plans for different purposes and track them easily on your Piggyvest dashboard.
– You can enjoy peace of mind knowing that your money is safe and secure with Piggyvest, which is licensed by the Central Bank of Nigeria (CBN) and insured by NDIC.
However, Safelock also has some requirements and limitations that you need to be aware of before creating a Safelock plan. These are:
– You cannot withdraw or access your money before the due date of your Safelock plan. If you do so, you will incur some fees and penalties that will reduce the amount of money that you will receive.
– You cannot add more money to your existing Safelock plan after creating it. If you want to save more money, you need to create a new Safelock plan with a different amount and duration.
– You cannot cancel or terminate your Safelock plan after creating it. Once you confirm your request and fund your plan, it becomes binding and irrevocable.
What are the Best Practices to Follow When Using Safelock?
Safelock is a powerful tool that can help you save money and earn interest, but it also requires some planning and discipline to use it effectively. Here are some best practices that you should follow when using Safelock:
– Plan ahead and set realistic goals for your savings. Before creating a Safelock plan, you should have a clear idea of why you are saving, how much you need to save, and how long you need to save for. This will help you choose the right amount, duration, and interest rate for your Safelock plan.
– Budget wisely and live within your means. After creating a Safelock plan, you should adjust your spending habits accordingly and avoid unnecessary expenses that may affect your cash flow or savings goals. You should also have an emergency fund that you can access quickly and easily in case of unforeseen circumstances.
– Diversify your savings and investments. Safelock is a great way to save money and earn interest, but it is not the only way. You should also explore other options and opportunities that Piggyvest offers, such as Flex account, Flex dollar account, Investify, and Target savings. These can help you diversify your portfolio and maximize your returns.
Creating a Safelock plan on Piggyvest is a simple and convenient way to save money and earn interest. You can do it anytime and anywhere using your smartphone or computer. You can also enjoy many benefits and advantages that Safelock offers, such as high interest rates, flexible durations, and multiple interest payment options. However, you should also be aware of the requirements and limitations that Safelock entails, such as no withdrawals, no additions, and no cancellations. You should also follow some best practices that can help you use Safelock effectively, such as planning ahead, budgeting wisely, and diversifying your savings and investments.