How To Use The PiggyVest Interest Rate Calculator
PiggyVest has become one of the most popular ways for people across Nigeria to save and invest their money. With attractive interest rates and a user-friendly platform, it’s no wonder PiggyVest appeals to so many savers looking to put their money to work.
One of the standout features PiggyVest offers is an interest rate calculator to help users understand how much they stand to earn on their investments.
In this blog post, we’ll take an in-depth look at how the PiggyVest interest rate calculator works and how to use it to maximize your returns.
Overview of PiggyVest Interest Rates
Unlike a traditional bank savings account which typically pays little to no interest, PiggyVest offers a variety of savings options that allow your money to grow much faster. Interest rates currently range from 10% to 15% depending on which type of PiggyVest product you use.
For example, their Safelock product pays 10% interest that accrues daily while their Flex Naira product offers 15% that accrues monthly. This is far higher than what you’d earn parking your money in a typical bank account.
The interest rate calculator allows you to input different investment amounts, lock periods, and expected rate of returns to understand exactly how your money can grow on the PiggyVest platform.
How the Interest Rate Calculator Works
Getting started with the PiggyVest calculator is simple. All you need to do is enter a few key details which we’ll cover step-by-step:
1. Investment amount – This is how much money you plan on adding to your PiggyVest account, whether N10,000 or N1 million.
2. Interest rate – You can find the current rates for each product on the PiggyVest website and app. Usually 10% for Safelock or 15% for Flex Naira.
3. Investment duration – This allows you to select a lock period between 1-12 months, depending on which product you choose. Longer durations yield better returns.
4. Interest compounding – For the Safelock product, interest is compounded daily. For Flex Naira, it is compounded monthly.
Once you input this information, the calculator does the hard work crunching the numbers. It will display exactly how much interest you stand to earn based on the inputs provided. The longer the duration and the higher the investment amount, the greater your interest payout.
Features and Use Cases
One of the best things about the PiggyVest calculator is its simplicity and versatility. With just a few inputs, it can provide analysis for a variety of potential investment scenarios. Here are some of the most useful features and examples:
Safelock vs Flex Naira Comparison – By toggling different interest rates and durations, you can see a detailed breakdown of how much interest each product would generate on your investment. This allows you to determine which option wins out.
Goal Target Analysis – If you input a specific savings goal amount, the calculator will estimate how much you need to invest on a monthly basis to reach your target within a designated timeframe.
Laddering – An effective technique utilized by savvy investors is known as laddering, which involves dividing an investment across several lock durations to maximize compound interest. The calculator lets you quickly model out various laddering strategies.
One-time investment returns – For those looking to make a single deposit rather than regular monthly savings, the calculator will estimate your lump sum payout upon maturity based on the lock duration.
Recurring monthly savings – For regular savers, input your monthly savings amount to understand how consistent deposits allow your money to grow with compound interest over time.
The possibilities are truly endless with the different scenarios and strategies you can model with this tool. Whether a first-time PiggyVest user or an experienced investor, the interest calculator provides key data to make informed decisions.
Tips for Maximizing Your Returns
Now that you understand how to leverage the PiggyVest interest calculator, let’s cover some quick tips to help ramp up your potential returns:
Take advantage of promos – PiggyVest runs periodic promotions that offer bonus interest payouts on top of standard rates which is essentially free money.
Reinvest – Consider reinvesting your earned interest rather than withdrawals to benefit from exponential compound growth.
Up your contributions – Increase monthly savings even in small increments for significant long term gains.
Lock longer durations – The longer your funds are locked up, the more interest they accrue.
Refer friends – Referring new PiggyVest users earns you extra interest for every person who signs up and invests through your link.
By applying strategies like laddering, reinvesting interest earnings, and participating in promotions, the standard 10-15% interest rates offered can reach even higher levels. Your money works smarter and faster with PiggyVest compared to letting it sit idle.
Frequently Asked Questions
Is my money safe on PiggyVest?
Yes, PiggyVest uses secure banking partners like Providus Bank, Access Bank, and United Bank for Africa (UBA) to store funds safely and ensure adequate deposit protection for users.
How do I deposit money into PiggyVest?
You can fund your PiggyVest wallet using bank transfer, card payments or USSD options right from the mobile app or website dashboard. Deposits reflect instantly.
When can I withdraw my money from PiggyVest?
You can withdraw available unlocked funds instantly. Any amount locked in a fixed period investment can only be withdrawn after maturity without penalties.
Does PiggyVest charge any fees?
PiggyVest doesn’t charge any subscription, maintenance or withdrawal fees. You only pay a flat 1% fee when funding via card. Bank transfers and USSD are completely free.
How do I earn interest on PiggyVest?
Once you invest your deposited funds into any of the available PiggyVest savings options (Safelock, Target and Flex Naira), you immediately begin to earn interest rates ranging from 10-15% yearly.
Can I lose money on PiggyVest?
PiggyVest uses secure regulated financial institutions to custody funds eliminating risk of losses. As long as you withdraw to your personal bank account, your money cannot disappear.
Is PiggyVest regulated for safety?
Yes, PiggyVest is registered under SEC regulations as a nominee investment manager to provide adequate oversight and standards for users.
Ready to Get Started
After walking through the inner workings of the valuable PiggyVest interest calculator, you hopefully feel equipped to leverage this tool to chart the optimal path to achieving your financial goals. Whether beefing up an emergency fund, planning for a home down payment, or boosting your retirement nest egg, PiggyVest offers an easy pathway to earn up to 15% annually on your spare cash.
The simple yet powerful interest calculator demystifies the process of strategic saving and investing to build real wealth over time properly. Harnessing the power of compounding interest accelerates your money growth faster than you imagine. Plus PiggyVest makes the entire process seamless, secure and convenient right from your mobile phone without paperwork or bank visits.
No more excuses go open your PiggyVest account today! With the interest rate calculator as your trusty financial sidekick, get ready to watch your balances bloom. Consistent saving and wise investing pays off big time thanks to PiggyVest.
