Piggyvest SafeLock is one of the Piggyvest features that users find difficult to understand.
This post will make the SafeLock feature clearer, differentiate it from the “Target Saving” feature and show how money can be withdrawn from it at any time.
Let’s start by knowing what the SafeLock feature means
SafeLock is a feature on Piggyvest that you can use to lock away money that you don’t want to spend. This feature is at the core of Piggyvest existence, it’s why it’s called a saving app.
SafeLock feature helps if you find it difficult to stop spending unnecessarily; it helps put your spending urge in check.
Money can be kept in SafeLock in 2 ways: through depositing from your bank account and through referral bonus. The later is clear as you’ve chosen to keep some money there under SafeLock.
Let’s explain the other which comes through referral.
For example, if you’ve referred someone to Piggyvest your 1,000 naira referral bonus will be on SafeLock until the referred person completes his/her registration. You can’t withdraw the money until fully earned. After the referred person completes his/her registration your bonus will be moved to your “Flex Account” on the “Payback Date”.
How does Piggyvest SafeLock differ from Target Saving feature
Target Saving is a continuous saving process to reach a target amount where as is an instant saving with a release date set at the time. However, you can add more money to SafeLock at any time you want.
So, how do you go about withdrawing the money on Piggyvest SafeLock.
If you have some money kept in SafeLock and you would like to withdraw before the release date, you will have to do at the expense of losing %5 of the total money you’re withdrawing.
- Log in to the Piggyvest app.
- Click on the SafeLock button on your Piggyvest dashboard.
- Tap on “Withdraw”
Or, you can wait until the release date where you withdraw without any charge.
Have any questions? Please use the comment section.