How to break safelock on Piggyvest ( Ultimate guide)
Are you looking for How to break safelock on Piggyvest? Piggyvest is one of the money-saving platforms in Nigeria. There are awesome service has won the heart of many Nigerians. Yet that doesn’t mean people sometimes face issues with the platform.
Breaking safelock on Piggyvest is one of those issues people face. Many of the Piggyvest users don’t know how to break safelock on Piggyvest.
However, you don’t need to worry about that. We will get you covered in this post. But before then, let’s explain how Piggyvest safelock work.
How does Piggyvest safelock work
Just as the name sounds, piggyvest safelock is like a sub-account on your Piggyvest wallet where you can transfer and lock funds for a specific time. Not only that, but you will also earn interest on the funds for that particular period.
However, the money can only be withdrawn once the duration is reached. This is where how to break safelock on Piggyvest comes in. well, let’s move to the next paragraph.
How to break safelock on Piggyvest
Unfortunately, piggyvest safelock can only be broken once the funds mature. Meaning that you can’t access the fund until the specific saving duration is reached.
However, other features like target savings are recommended if you need the money before the time. Those types of savings can be broken and accessed at any time. Though, it may affect your interest.
Can I have more than one SafeLock?
Yes. piggyvest allows you to have more than one safelock. You can create as many safelock as you wish and give them your preferred name. If you want to save for birthday and school fees, you can create a safelock and name your birthday. Then create another one for school fees and name school fees or something else.
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How do I transfer money from SafeLock to PiggyVest?
To transfer from safelock to piggyvest is very easy; you need to follow the steps below;
- Login into your piggyvest account
- Navigate “safelock”
- Select the safelock you want to transfer from if you have more than one safelock
- Then click on the transfer button
- Insert the amount you wish to transfer
- Confirm the transfer
- Boom! You are done.
NOTE: Make sure your safelock has reached the duration, else it won’t work
Can I add more money to my Safelock on PiggyVest?
In answering this question of whether you can add more money to your safelock on Piggyvest, we researched and got exact information from the piggyvest community.
They clarified that adding more money to your safelock account is possible, but terms and conditions are attached. The led down condition is that the duration of your existing safelock must be above 90 days.
To add more funds to your safelock account, follow the steps below:
- 1. Click on the particular safelock account
- 2. Click on Top up
- 3. Then, enter the amount you want to add to it.
Does CBN approve Piggyvest?
If you ask if CBN approves Piggyvest, you are afraid of losing your funds. There is no cause to be scared because Piggyvest is a microfinance bank that the Central Bank of Nigeria regulates, and the NDIC ensures its funds.
For more clarification, if the terms “Microfinance Bank” and “NDIC” sound strange or confusing, I will explain them further, starting with Microfinance Bank.
By definition, Microfinance banks are institutions that provide financial services to low-income households and businesses. They offer a wide range of services, including savings, loans, and insurance.
Though Microfinance banks are an important part of the financial system in many developing countries, they are always regulated by a body. The body that regulates all banks in Nigeria is CBN, and Microfinance Bank is also included.
Coming to NDIC, the Nigeria Deposit Insurance Corporation is a federal government agency in Nigeria that provides deposit insurance to depositors in member banks. In other words, it is an insurance scheme that protects depositors of participating banks or Microfinance Bank (i.e. you as a depositor in Piggyvest) if the bank becomes insolvent or unable to meet its financial obligations.
In the case of Microfinance Banks like Piggyvest, NDIC provides deposit insurance coverage to depositors of such banks, ensuring that depositors’ funds are protected in the event of a bank failure. This helps to build confidence in the banking system and encourages more people to save and invest their money in the bank.
Conclusion on how to break safelock on piggyvest
Piggyvest safelock is a perfect way to cut a bad spending habit. Although, it may be disadvantageous sometime because you can’t access your fund even if you need it for urgent issues.
Finally, before saving on piggyvest safelock, you should be sure that you won’t need the money until the stipulated time.