New Update (PART 1): Introducing PiggyFlex and Higher Interest Rates
Hey guys! It’s the weekend already! Can you believe it? We released a new update to our website on Monday, and we just wanted to explain the backstory. There’s always a backstory, lol.
We launched Piggy points in October 2017 to reward our users for saving consistently. It was exciting even though we hadn’t quite figured out the use case.
Fast forward to April 2018, we decided that the best use of Piggypoints needed to come from the users themselves.
We asked our users what they’d love to convert their points to, and 69% of them wanted cash (no-brainer). We had to look at the economics, considering that we already give some interest.
Well, Well, Well….
Introducing The PiggyFlex Account
PiggyFlex Account is a sub-account where all interests earned on Piggybank.ng will be paid, moving forward (including funds returned from SafeLock with a minimum maturity of 3 months). All funds in your Piggy Flex Account are yours and can be accessed anytime, at no charge.
- PiggyPoints can now be converted to cash in your Flex Account
- All interests earned on your Piggybank.ng will be paid into your Flex Account.
- Withdraw cash from your Flex Account anytime at no charge.
- You can also transfer from your Flex Account to another user’s Flex Account.
Flex Account is currently only enabled on the website for now, the app update will be released soon.
N/B: Every Point earned is worth N10. Earn PiggyPoints by saving frequently. The more you save, the more PiggyPoints you earn. To get 1 point, you need to Quicksave at least N2500 (That means to get 10 points, you need to Quicksave N25,000).
Piggybank savings is now 10% annually, while SafeLock is now over 12.4% annually.
N/B: Your interest is a bulk 2.5% on July 1st. After next month, interest on your normal savings will be paid monthly (1st of every month). I.e 0.8% monthly.
Please keep the feedback coming. We are definitely listening. More new and exciting features to be released in the next few weeks.