How To Lock Money On Piggyvest [Safelock]

Lock Money On Piggyvest

Piggyvest is a Nigerian digital savings and investment platform that helps users save and invest money easily. One of the features of Piggyvest is the ability to lock money for some time via Safelock. This can be helpful for people who want to save for a specific goal, such as a down payment on a house or a new car.

In this guide, we will see how to lock money on the Piggyvest using the Piggyvest Safelock feature.

How Does The Piggyvest Safelock Feature

Piggyvest Safelock is essentially a fixed savings plan that helps you build your savings with some added perks:

Locking your funds: You choose an amount from 1000 naira to 100 million naira to lock away for a specific period (minimum 10 days, maximum 1000 days). This creates a sub-account within your Piggyvest wallet where the funds are temporarily inaccessible, encouraging you to stick to your savings goals.

Earning interest: Unlike regular Piggyvest savings, Safelock offers upfront interest on your locked amount, with rates ranging from 0.25% to 13% depending on the lock duration. This means you start earning interest immediately, making your savings grow faster.

Limited access: You can’t withdraw or transfer funds from your Safelock until the chosen return date. This helps you avoid the temptation of spending and stay on track with your goals.

Flexibility: You can create multiple Safelock plans with different names, amounts, and lock durations, allowing you to manage various savings goals simultaneously.

Transparency and control: You have complete control over your Safelock plans. You can view all details, including the locked amount, interest rate, and return date, within the Piggyvest app.

How to Fix Money On Piggyvest With Safelock

1. Fund your Flex Naira

The first step in locking your money with Piggyvest’s cash lock system is to fund your Flex Naira wallet with enough money to cover the funds to be locked. The Piggyvest Flex Naira is a flexible savings wallet that allows you to add or remove funds anytime you wish. Funds added to this wallet can then be used to fund other Piggyvest wallets, like Safelock or PiggyBank.

Here’s how to fund your Flex Naira wallet:

  • Tap “Savings” from the app’s bottom menu and select Flex Naira.
  • Tap “Claim Account Number” as seen in the screenshot below.

Fund Flex Naira wallet

  • Select the preferred bank you would like an account from.

  • Tap “Create Nuban”. (BVN must be linked).
  • A Flex Naira account details will be generated for you.
  • You can now transfer funds into this account from your other bank account.

2. Locking Money on Safelock

Now is the time to add funds to your Piggyvest Safelock, and here’s how:

1 Open the Safelock Page:

  • Log in to your Piggyvest app.
  • Go to the “Savings” section.
  • Click on “Safelock”.

Setting up Safelock

  • Tap on “Create a Safelock” or tap the plus (+) sign.
  • Select your lock duration from 10-30 days to above 2 years. Remember, the higher the duration, the higher the interest rate.

2. Enter Details:

  • Amount: Input the amount you want to lock away ( from #1000 to #100,000,000).
  • Title: Give your Safelock a descriptive name, like “Emergency Fund” or “Travel Savings.”
  • Return Day: Choose the date you want to access the funds again. You can lock for as little as 10 days or as long as 1000 days.
  • Funding Source: Now select the Flex Naira as the funding source and tap “Preview Safelock”

3. Confirm and Lock:

  • Review the details carefully.
  • Toggle on the two switch buttons if you agree to the terms and conditions.
  • Tap “Create Safelock” to complete the process.

READ: How To Lock Money On PalmPay [Easy-to-Follow Guide]

Piggyvest Safelock Interest Rate Calculation

Piggyvest Safelock offers tiered interest rates ranging from 0.25% to 13% per annum, depending on the lock duration. To calculate the interest earned, you’ll need to consider these factors:

1. Lock Duration:

  • If you lock your money for 10-30 days, you can get up to 6% interest per year.
  • For 31-60 days, it’s up to 7%.
  • If you lock it for 61-90 days, you could get up to 9%.
  • For 91-365 days, it’s up to 10%.
  • Over 1-2 years, it can be up to 12.5%.
  • If you lock it away for over 2 years, the interest can be up to 13%.

2. Proration:

  • If your lock duration doesn’t fit exactly into one of these categories, they calculate the interest based on the number of days within the category.

3. Calculation Steps:

To calculate the interest to be earned on Piggyvest’s Safelock;

  • First, figure out which category your lock duration falls into.
  • Then, convert the yearly interest rate to a daily rate by dividing it by 365.
  • Multiply the daily interest rate by the number of days you’re keeping your money locked.
  • Finally, multiply this result by the amount of money you locked away.

Let’s say you lock ₦20,000 for 45 days, falling into the 31-60 days category with a 7% per annum interest rate. Here’s how you would calculate the interest:

  1. Lock Duration Category:
    • Your lock duration falls into the 31-60 days category with a 7% per annum interest rate.
  2. Conversion to Daily Rate:
    • Convert the annual interest rate to a daily rate by dividing it by 365:
      • Daily interest rate = 7% / 365 ≈ 0.0192%
  3. Calculation Steps:
    • Multiply the daily interest rate by the number of days your funds are locked:
      • Daily interest earned = 0.0192% * 45 ≈ 0.864%
    • Multiply the result by the locked amount:
      • Interest earned = 0.864% * ₦20,000 ≈ ₦172.80

Therefore, in this example, your estimated earning is around ₦172.80 in interest on your locked ₦20,000 for 45 days.

How to Withdraw Money from Piggyvest Safelock Before Due Date

Unfortunately, withdrawing money from Piggyvest Safelock before the due date is not possible. The whole point of Safelock is to lock your funds away for a specific period to encourage savings discipline and resist temptation. Early withdrawals are not allowed and there is no built-in option for this within the app.

If you really really need the money, then you may have to reach out to the Piggyvest support team. In certain exceptional circumstances (e.g., medical emergency), Piggyvest might consider a partial early withdrawal, however, this is not a guarantee. If they do accept to let you withdraw your funds before expiration, you may likely lose all interest accrued and still pay a penalty fee for breaking agreements.


Piggyvest’s Safelock offers a rewarding way to build your savings with interest rates up to 13%. Whether you’re saving for a short-term goal or planning for the future, Safelock can help you reach your financial aspirations. With its easy-to-use app and transparent terms, Piggyvest makes saving your money a breeze.

So, why not give Safelock a try? Lock your money away, watch it grow with interest, and achieve your financial goals with confidence. Remember, the key to successful saving is discipline and commitment, and Piggyvest Safelock provides the perfect platform to help you succeed.

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