I’m sure you already understand what piggyvest is all about but here let’s quickly explore what the safelock feature entails. Piggyvest Safelock is a feature which is offered by Piggyvest, a very popular financial technology (fintech) platform based in Nigeria. As you already know, Piggyvest provides various financial services, including savings, investments, and loans, to individuals. Now, Safelock is a savings feature within the Piggyvest platform that allows you to lock away your funds for a specified period. It is primarily designed to encourage disciplined saving and discourage impulsive withdrawals. When you activate Safelock, you agree not to withdraw the funds until the specified lock-in period elapses. However, if you have decided to break the safelock and withdraw your funds, here is a step-by-step guide on how to withdraw money from piggyvest safelock before the due date easily.
Piggyvest Safelock Features
Lock-in Period: Depending on what you prefer, with the piggyvest safelock feature, you can choose a lock-in period for your funds, which can range from 10 to 1000 days.
During this period, you cannot access the funds, and they are kept securely in your Piggyvest account.
Interest Earnings: During the period your funds are locked in Safelock, they earn an interest rate, which is usually higher than the regular savings account rate.
The interest is calculated daily and paid to you at the end of the lock-in period.
Auto-Renewal: By default, Safelock is set to auto-renew, which means that at the end of the lock-in period, the funds and accumulated interest will be reinvested in a new Safelock plan, unless you choose to withdraw them.
No Penalty for Early Termination: Unlike traditional fixed deposit accounts, Piggyvest Safelock does not penalize you for terminating the lock-in period before the agreed-upon time.
However, you should note that you will not earn any interest if you terminate early.
Now let’s explore how to withdraw money from piggyvest safelock before due date.
How to Withdraw Money from Piggyvest Safelock before Due Date
From the features mentioned above, if you read it carefully, you should understand that you can definitely withdraw money from piggyvest safelock before the due date.
But how can you withdraw your money from piggyvest safelock before the due date?
It’s certain you definitely don’t know if not you wouldn’t be here.
However, the step-by-step guide on how to withdraw money from piggyvest safelock before the due date can be found below:
Log into your Piggyvest account: The first step on “how to withdraw money from piggyvest safelock before due date” is to login directly on your app or through the piggyvest online portal.
Once you open the app or portal, provide your registered phone number and password then click login.
Navigate to Safelock: Next step on how to withdraw money from piggyvest safelock before due date is to “Navigate to Safelock”.
Once you are logged in, kindly locate and click on the Safelock section within your Piggyvest account. This section usuay displays all the Safelock plans you have activated.
Choose the Safelock plan: From the list of Safelock plans, select the one from which you want to make an early withdrawal. Click on the plan to proceed.
Early Termination: Within the selected Safelock plan, you should find an option to “Terminate”.” Click on that option to carry out the early withdrawal process.
Confirmation and Penalty: Piggyvest will surely provide you with information regarding any penalty or loss of interest associated with early termination.
Review the details and confirm your decision to proceed with the withdrawal.
Complete the Withdrawal: Once you have agreed on breaking your piggyvest safelock, follow prompts given to complete the withdrawal process.
You may need to enter additional details or confirm your transaction through a verification process.
Wait for Processing: After carrying out the withdrawal, Piggyvest will process your request.
To get the money in your piggyvest account takes less than 48 hours, once it’s been withdrawn to your piggyvest account, you can get it cashed out any time or moment.
You may also use the withdrawn funds to invest on piggyvest depending on your choice.
That’s all on how to withdraw money from piggyvest safelock before due date in 2023.
FAQs| Frequently Asked Questions On How to Withdraw Money from Piggyvest Safelock before Due Date
Here are some helpful frequently asked questions on “How to Withdraw Money from Piggyvest Safelock before Due Date”:
What is the minimum and maximum lock-in period for Piggyvest Safelock?
The minimum lock-in period for Piggyvest Safelock is 10 days, while the maximum lock-in period is 1000 days (approximately 2.7 years).
Can I access my funds before the lock in period expires?
No, you cannot access your funds before the lock-in period expires. However, Piggyvest does allow early termination, but you will definitely lose any accrued interest.
Is there a penalty for early termination of Piggyvest Safelock?
Piggyvest does not impose a penalty for early termination of Safelock.
However, you will not earn any interest on the locked funds if you choose to terminate early.
How is the interest rate determined for Piggyvest Safelock?
The interest rate for Safelock is determined by Piggyvest based on prevailing market conditions and may vary over time.
The interest is usually higher than what is offered for regular savings accounts.
When is the interest paid for Piggyvest Safelock?
The interest earned on your Safelock funds is paid out at the end of the lock-in period along with the principal amount.
It is not paid out on a periodic basis during the lock-in period.
Can I set up multiple Safelock plans with different lock-in periods?
Yes, you can set up multiple Safelock plans with different lock-in periods.
This allows you to manage your savings based on various goals.
Can I auto-renew my Safelock plan at the end of the lock-in period?
Yes, Piggyvest Safelock is set to auto-renew by default. At the end of the lock-in period, the funds and accumulated interest are reinvested in a new Safelock plan, unless you choose to withdraw them.
Are my funds in Piggyvest Safelock insured?
Piggyvest Safelock is not insured by the Nigerian Deposit Insurance Corporation (NDIC) or any other deposit insurance scheme. However, Piggyvest takes measures to ensure the security and integrity of the platform.