Saving money is hard and most times, we can’t help but dip into our savings. It then becomes an endless circle with you continually taking out of your savings till there’s nothing left. It doesn’t help that we have easy access to our savings, with all the banks eagerly issuing ATM cards for a “savings account”. It was easier when we were younger; we could give our moms to hold for us or we use a traditional savings box. But who’s to stop us now?
We launched Safelock in March 2017 and till date, this is one of the most used Piggyvest features. It’s been extremely effective for most of our users; helping them to curb the temptation to spend, while still being very easy to use.
How does SafeLock work?
Safelock allows you to set some funds aside for a set period of time and ensures that you have no access to these funds until maturity. While these funds are locked, you can earn interest of up to 15.5% per annum- paid upfront and prorated for the duration. The minimum duration you can select is 10 days and the maximum is 1000 days.
What is the interest rate?
What does this mean in simple terms?
- If you have N200,000 and you don’t want to have access to it for the next 3 months, when you open the SafeLock option on your app, you select “91 days — 2 years”. Next, you fill in the amount, title, payback date and a funding source. Your funding source here can be your Piggybank wallet, Debit card or Flex.
- If you just received your salary and you want to lock, say 50k till the third week of the month to avoid the temptation to spend it all at once, simply select the “10–30” days option. Next, fill in the amount, title, payback date and a funding source. Please note that your funding source for any duration less than 90 days can only be your Debit card or Flex.
- If you’re thinking long-term and you’re sure you won’t need a particular amount of money for the next 2 years, then feel free to select the “Over 2 years” option. With this option, you enjoy the benefit of compound interest. Your interest per annum becomes 15.5%. So effectively, you get paid 31% of whatever amount you lock upfront
Where is the interest for my SafeLock paid into?
All interests are paid to your Flex as soon as you lock funds. You can withdraw your interest from your Flex for free at any time or send back to your Piggybank wallet or Safelock to earn more interest.
Can I have more than one Safelock plan?
Yes, you can have more than one SafeLock plan. You can have different SafeLocks for Rent, Wedding, Fees, Dad’s Birthday, Child Dedication, etc.
Can I add more funds to an existing Safelock?
Yes, you can. However, please note that there is no interest on additions. We will recommend you create a new SafeLock so you can earn interest.
After maturity, how do I get my money back?
Please note that all funds that have matured from SafeLock will return to your Flex wallet. This means you have immediate access to your funds upon maturity, regardless of the duration you set. You may then choose to withdraw from your Flex to your bank account or SafeLock it again.
If you have any additional questions please reach out to us via email firstname.lastname@example.org or through our social media channels.