Did you know you can save as a group with your friends or family on PiggyVest? With the Target Savings group feature, you can save for anything together, from vacations to rent, and like every other PiggyVest feature, you earn interest on your savings. There’s also a leaderboard to encourage accountability and healthy competition.
What is Target Savings?
With Target Savings, you are able to save consistently towards a particular financial goal. You can create a personal target or a Group savings challenge with multiple users.
How do I activate/create a Target Savings?
- Open your PiggyVest app, login to your dashboard and click on the ‘Savings’ icon on the bottom pane.
- Click on the ‘Targets’ option and then ‘Create a Target’.
- Select the Private or Public Group option, fill in the other required fields and save the Target to activate it.
- Invite as many people as you’d like to save with you, and you’re ready to go!
Can I break my Target Savings at anytime?
Yes, you can. Simply log into your dashboard and select the ‘Target Savings’ option on your dashboard. Click on ‘Ongoing Targets’ and then select the target you would like to end and select ‘Break’.
Funds will then be sent to your Flex wallet, and you will be able to access these funds.
However, if you break these funds before the maturity date, you will lose your accrued interest and also be charged a 1% processing fee. If you do not achieve the target amount by the maturity date, you will only lose your accrued interest.
P.S: You cannot break a locked target. Funds can only be accessed at the maturity date. In cases where you may want to close your account completely, you’ll have to wait until your target matures.