Are you tired of waiting endlessly for your money to be released from Piggyvest Safelock? Do you need urgent access to your funds without any hassle? We’ve got amazing news for you
In this blog post, we’ll show you the little-known tricks that will allow you to withdraw money from Piggyvest Safelock before the due date. If you’re ready for this, then keep reading.
What is Piggyvest?
Piggyvest is a popular financial platform in Nigeria that offers a variety of savings and investment products.
One of its most popular features is Safelock, which allows users to set aside funds for a fixed period of time and earn interest on them. However, there may be situations where users need to access their Safelock funds before the maturity date.
What is PiggyVest Safelock?
PiggyVest Safelock is a fixed-term savings feature that allows you to lock away funds for a specified period.
This helps you avoid spending temptations and ensures that your savings are dedicated to a particular goal or milestone. During the lock-in period, you earn interest on your Safelock funds, further enhancing your savings efforts.
Purpose of PiggyVest Safelock
PiggyVest Safelock serves several important purposes;
Enhances Savings Discipline: By locking away funds for a fixed period, you eliminate the temptation to spend them impulsively.
Promotes Goal Achievement: Safelock helps you save consistently towards specific financial goals, such as a down payment for a house or a dream vacation.
Earns Attractive Interest: Safelock offers competitive interest rates, allowing your savings to grow steadily over time.
Before proceeding with an early withdrawal request, it is crucial to understand the terms and conditions associated with Safelock. These terms outline the circumstances under which early withdrawal is permitted, as well as the applicable penalties. Carefully review these terms to ensure you meet the eligibility requirements.
What are the Eligibility for Early Withdrawal
Early withdrawal from Safelock is generally permitted in limited situations. These include;
- Medical emergencies: If you face an unexpected medical expense, you may be eligible for early withdrawal to cover these costs.
- Educational expenses: If you need funds for educational purposes, such as tuition fees or accommodation, you may be able to withdraw them early.
- Business emergencies: If your business encounters an unexpected crisis, you may be able to access Safelock funds to address the situation.
It is important to note that these are just examples, and eligibility will be determined on a case-by-case basis. You will need to provide documentation to support your claim for early withdrawal.
Steps to Withdraw Money from PiggyVest Safelock Before Due Date
Step 1: Access Your PiggyVest Account
Log in to your PiggyVest account using your registered email address and password. Ensure you have a stable internet connection to proceed smoothly.
Step 2: Navigate to the Safelock Section
From the main dashboard, locate the “Safelock” section. This may be found under the “Savings” or “Goals” tab.
Step 3: Select the Safelock You Want to Withdraw From
Identify the specific Safelock from which you want to withdraw funds. Click on the Safelock to view its details.
Step 4: Initiate the Early Withdrawal Process
Look for an option labeled “Early Withdrawal” or “Withdraw Early.” Click on this option to begin the process.
Step 5: Review and Confirm the Withdrawal Request
Review the information carefully, including the early withdrawal fee, if applicable. Confirm the withdrawal request by clicking on the appropriate button.
Early Withdrawal Penalties
Early withdrawal from Safelock is subject to a penalty. The penalty amount is calculated based on the Safelock duration and the time remaining until the maturity date. The longer the Safelock duration and the shorter the remaining time, the higher the penalty.
For instance, if you have a 12-month Safelock with three months remaining until maturity, the penalty might be 5% of the withdrawal amount. This means that if you withdraw N100,000, you will receive N95,000 after deducting the penalty.
Conclusion
Withdrawing moment from Piggyvest Safe lock is safe and hassle free. Thanks for reading to this end, that’s all about how to withdraw your money from piggyvest safelock before the due date.
Thanks for reading.
Can I break my locked target on PiggyVest?
No, you cannot break a locked target on PiggyVest. Once you lock a target, the funds are inaccessible until the maturity date. This feature is designed to help you stick to your savings goals and avoid temptation to withdraw your funds early.
If you need access to your funds before the maturity date, you can unlock your target. However, you will forfeit any interest earned on the funds up to that point.
How do I access SafeLock on PiggyVest?
- Open the PiggyVest app on your mobile device or access the PiggyVest website.
- Sign in to your PiggyVest account using your registered email address and password.
- On the homepage, locate the “SafeLock” option. It might be directly displayed or accessible through a menu or drop-down list.
- Tap or click on “SafeLock” to enter the SafeLock section.
- Familiarize yourself with the SafeLock features and options, including interest rates, lock periods, and terms and conditions.
- To create a new SafeLock, click on the “Create SafeLock” button or a similar option.
- Enter the desired amount you want to lock, choose a lock period that suits your savings goals, and provide a title for your SafeLock.
- Select a funding source to transfer the funds from your PiggyVest wallet to the SafeLock.
- Review the details carefully, agree to the terms and conditions, and confirm the SafeLock creation.
Your SafeLock will be created, and the funds will be transferred from your wallet. You can monitor the progress and maturity date of your SafeLock within the SafeLock section.
Who is the owner of PiggyVest?
Odunayo Eweniyi is the Co-founder and Chief Operations Officer of PiggyVest. She is also the co-founder of Feminist Coalition, a non-profit organization that advocates for women’s rights in Nigeria.
Eweniyi is a graduate of Covenant University and the London School of Economics. She has been recognized as one of Forbes’ 30 Under 30 Africa and one of MIT Technology Review’s EmTech Innovators.
