PiggyVest is a leading savings and investment app in Nigeria that offers users the ability to accumulate funds not just in naira but also in US dollars.
Saving in dollars provides protection against naira devaluation and gives you a nest egg that holds its value. In this comprehensive guide, we provide actionable tips on how to start saving dollars in your PiggyVest account.
Dollar Savings in PiggyVest
The PiggyVest app introduces the concept of \”SafeLock\” which allows you to save and earn interest on funds in dollars. Your dollar savings are held securely in an FDIC-insured bank account in the USA.
Some key benefits of saving in dollars on PiggyVest include:
- Hedge against naira devaluation
- Accumulate foreign currency savings
- Withdrawable in dollar cash or to your domiciliary account
- Earn up to 10% interest on dollar funds
- Low minimum balance of $10 to start
So if you want your savings protected from naira volatility, PiggyVest provides an easy option to build your dollar nest egg over time.
How to Open a Dollar SafeLock Account on PiggyVest
Follow these simple steps to start saving in dollars on PiggyVest:
- Login to your PiggyVest account on the mobile app or website
- Click on the \”Savings\” tab located at the bottom
- Scroll down and select the \”Flex Dollar\” option
- Click on \”Create New SafeLock\” to open a dollar savings account
- Enter details like amount, duration, interest rate and start saving!
The process is quick and intuitive. You can set up recurring deposits in dollars from your bank using the AutoSave feature.
How to Fund Your Dollar SafeLock Account
There are two ways to credit dollars into your SafeLock savings account on PiggyVest:
1. Buy Dollars
- Login to PiggyVest and go to Flex Dollar as outlined above
- Click on \”Buy Dollars\” and you will see the exchange rate
- Use your naira balance or debit card to buy dollars
- Bought dollars will reflect in your SafeLock balance
2. Transfer External Dollars
- Go to Flex Dollar and click on \”Pay with Card\”
- Enter details of your foreign currency debit card
- Dollar amount will be transferred from your foreign bank to PiggyVest account
This allows you to accumulate dollars for saving by exchanging naira or transferring from your existing dollar balance.
How to Withdraw Dollars from PiggyVest
You can cash out your PiggyVest dollar savings in two ways:
In Dollar Cash
- Go to Flex Dollar and click on \”Pay to Bank\”
- Select \”Cash withdrawal\” option
- Submit dollar account details where amount needs to be disbursed
- You will receive dollar cash payout as requested
To Your Domiciliary Account
- From Flex Dollar, click on \”Pay to Bank\”
- Choose \”Domiciliary transfer\” option
- Enter your foreign currency bank account details
- Dollar balance will be transferred from PiggyVest to your domiciliary account
So PiggyVest enables you to withdraw dollars anytime either as physical cash or into your dollar bank account.
Tips for Maximizing Dollar Savings on PiggyVest
Follow these tips for growing your dollars efficiently on PiggyVest:
- Build your savings through small recurring deposits
- Set up AutoSave to automate dollar transfers into SafeLock
- Take advantage of periodic promos boosting interest rate
- Reinvest interest earnings to compound growth
- Maintain minimum required balance for highest interest
- Withdraw dollars only when necessary to avoid fees
- Don\’t withdraw before target date to maximize gains
Saving patiently and consistently is key to effectively growing dollars over time on PiggyVest.
Common Questions on Dollar Savings
Here are some common queries addressed about saving in dollars on PiggyVest:
Is my dollar balance protected in case of bank failure?
Yes, dollar deposits in PiggyVest are held with an FDIC-insured partner bank for safekeeping. Your funds are protected.
How frequently is dollar interest paid out?
You earn dollar interest monthly based on your SafeLock account balance and applicable interest rate.
What is the minimum duration for fixing a dollar SafeLock?
1 month. No maximum duration for your dollar stash.
Can I track the growth of my dollar savings?
Yes, the PiggyVest app provides detailed analytics on your SafeLock balance, interest earned, growth etc.
SafeLock Account Options
PiggyVest offers three types of SafeLock savings account options for your dollar funds:
Flex Dollar
- Start with as low as $10
- Withdraw funds anytime
- Interest paid monthly
- No lock-in or duration
Flex Dollar offers complete flexibility and liquidity for your dollar savings.
Target Savings
- Fixed savings target e.g. $1000
- Lock savings for set duration
- Withdraw only on maturity
- Get bonus interest rate
Target Savings allows you to earn higher interest by committing to a fixed goal.
Automatic Savings
- Set recurring dollar transfers
- Incremental savings into SafeLock
- Schedule daily, weekly or monthly deposits
- Seamless hands-free savings
Automate dollar savings into your SafeLock via periodic transfers.
So based on your liquidity needs, interest rate goals and hands-on involvement, you can pick the suitable SafeLock account for your dollar funds on PiggyVest.
Conclusion
PiggyVest offers a convenient way for Nigerians to accumulate and grow savings in dollars. By purchasing dollars or transferring external funds into your SafeLock, you can build a nest egg protected from naira volatility.
Withdraw dollars anytime as cash or into your domiciliary account. Consistently build your dollar savings through AutoSave and earn optimal interest by retaining funds.
Ready to start saving for the future and stabilizing your finances against currency fluctuations? Open your dedicated dollar SafeLock account on PiggyVest today.