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.
However, sometimes you may need to access your money before the due date for some urgent or unexpected reasons. For example, you may have a medical emergency, a car breakdown, or a family issue that requires immediate cash. In such cases, you may wonder if you can withdraw your money from Piggyvest Safelock before the due date and how to do it.
The answer is yes, you can withdraw your money from Piggyvest Safelock before the due date, but there are some conditions and consequences that you need to be aware of. In this blog post, we will explain how to withdraw money from Piggyvest Safelock before the due date, what are the fees and penalties involved, and what are the alternatives to consider.
Table of Contents
- How to Withdraw Money from Piggyvest Safelock before the Due Date
- What are the Fees and Penalties for Withdrawing Money from Piggyvest Safelock before the Due Date?
- What are the Alternatives to Withdrawing Money from Piggyvest Safelock before the Due Date?
How to Withdraw Money from Piggyvest Safelock before the Due Date
To withdraw money from Piggyvest Safelock before the due date, you need to follow these steps:
1. Log in to your Piggyvest account and go to the Safelock section.
2. Click on the Safelock plan that you want to withdraw from and select “Break”.
3. Enter the amount that you want to withdraw and confirm your request.
4. You will receive an email from Piggyvest with a link to complete your withdrawal process.
5. Click on the link and enter your bank details where you want to receive your money.
6. You will receive your money within 24 hours after completing the withdrawal process.
What are the Fees and Penalties for Withdrawing Money from Piggyvest Safelock before the Due Date?
When you withdraw money from Piggyvest Safelock before the due date, you will incur some fees and penalties that will reduce the amount of money that you will receive. These are:
– A 5% early withdrawal fee on the amount that you withdraw. This fee is charged by Piggyvest to cover the cost of breaking your contract and finding another investor to replace you.
– A loss of interest on the amount that you withdraw. You will forfeit all the interest that you would have earned on the amount that you withdraw if you had kept it in Safelock until the due date.
– A loss of Piggy points on the amount that you withdraw. You will lose all the Piggy points that you would have earned on the amount that you withdraw if you had kept it in Safelock until the due date. Piggy points are loyalty rewards that you can use to redeem cash prizes or airtime on Piggyvest.
For example, if you have locked away N100,000 for 12 months at 13% interest rate and you want to withdraw N50,000 after 6 months, this is what will happen:
– You will pay a 5% early withdrawal fee of N2,500 on N50,000.
– You will lose N3,250 in interest on N50,000 for 6 months.
– You will lose 250 Piggy points on N50,000 for 6 months.
– You will receive N44,250 in your bank account after deducting all the fees and penalties.
– You will still have N50,000 locked away in Safelock for another 6 months earning interest and Piggy points.
What are the Alternatives to Withdrawing Money from Piggyvest Safelock before the Due Date?
Before you decide to withdraw money from Piggyvest Safelock before the due date, you should consider some alternatives that may help you avoid or reduce the fees and penalties involved. These are:
– Borrow money from someone else. If you have a friend or a family member who can lend you some money for a short period of time without charging interest or asking for collateral, this may be a better option than breaking your Safelock plan. You can repay them when your Safelock plan matures or when you have another source of income.
– Use your Flex account or Flex dollar account. If you have some money in your Flex account or Flex dollar account on Piggyvest, you can use it to cover your urgent or unexpected expenses without affecting your Safelock plan. Flex account and Flex dollar account are flexible savings accounts that allow you to save and withdraw money anytime without any fees or penalties. You can also earn interest and Piggy points on your Flex account and Flex dollar account balances.
– Use your Investify account. If you have invested in some opportunities on Investify, which is Piggyvest’s investment platform, you can sell your investments and withdraw your money without any fees or penalties. However, this may depend on the availability of buyers and the market conditions at the time of selling. You can also reinvest your money in other opportunities on Investify when you have more funds available.
– Use your emergency fund. If you have an emergency fund that you have set aside for unforeseen circumstances, you can use it to cover your urgent or unexpected expenses without breaking your Safelock plan. An emergency fund is a separate savings account that you can access quickly and easily when you need it. You should aim to have at least 3 to 6 months of your living expenses in your emergency fund.
See also: PiggyVest Review: Features and How it Works
Conclusion
Withdrawing money from Piggyvest Safelock before the due date is possible, but it comes with some fees and penalties that will reduce the amount of money that you will receive. You should only do it if you have no other option and if you are willing to accept the consequences. Alternatively, you can consider some other ways to access money without affecting your Safelock plan, such as borrowing from someone else, using your Flex account or Flex dollar account, using your Investify account, or using your emergency fund. These may help you save money and achieve your financial goals faster.
