Everything You Need To Know About PiggyVest Interest Rate Calculator
Are you looking for an easy way to calculate your earnings on a PiggyVest savings account? With the PiggyVest Interest Rate Calculator, you can quickly and easily calculate the amount of interest you’ll earn from your savings. Let’s dive in.
What Is PiggyVest?
PiggyVest is an innovative online savings and investment platform that helps people manage their finances and reach their financial goals.
It was founded in 2016 and has quickly gained popularity due to its easy-to-use features and very appealing interest rates to many Nigerians.
PiggyVest offers different financial services, such as savings plans, investment opportunities, and even loans.
Moving forward, this platform is also backed by some well-known financial institutions, such as UBA and Fidelity Bank. Read also: How to Effectively Use the Renmoney Loan Calculator
For added peace of mind for its customers. Piggybest now comes integrated and regulated by the Central Bank of Nigeria, ensuring that users’ money is safe and secure.
How Does PiggyVest Work?
What resounded in my mind is how this platform works. How does piggyvest really work?
Simple, it works by allowing users to save money automatically and invest in various investment opportunities to earn higher returns.
To start saving and earning from such an investment, kindly follow these steps.
1. Create an account
To use PiggyVest, you need to create an account by providing your personal details and setting up your account. You can do this by downloading the app or visiting their website.
2. Set your savings goal
Once your account is set up, you can set your savings goal. This could be for a vacation, buying a car or house, or for emergencies. You can set a daily, weekly, or monthly target to reach your savings goal.
3. Save money
After setting your savings goal, you can then start saving money on PiggyVest. There are different savings options available. They include AutoSave, QuickSave, and Target Savings. With AutoSave, you can set up a recurring savings plan that automatically debits your account. QuickSave allows you to save money manually, while Target Savings is designed to help you save towards a specific goal.
4. Invest your savings
PiggyVest offers various investment options such as Fixed Income Investments, PiggyBank Savings, SafeLock, and Investify. These investments offer higher interest rates than traditional savings accounts, and you can earn as much as 10-13.5% interest on your investments.
To understand better, let’s consider an example. If you set a savings goal of ₦500,000 and want to achieve it in six months, you can use the Target Savings option to save ₦2,778 daily. If you choose to invest in the PiggyBank Savings, which offers a 10% interest rate, you would earn ₦14,535 on your investment after six months.
What Are The Interest Rates?
PiggyVest offers competitive interest which varies depending on the investment option you’ve selected.
For instance, their SafeLock plan has an interest rate of up to 13% per annum, while their Flex plan has an interest rate of up to 10.5% per annum. on the other hand, their Investify plan provides a projected interest rate of up to 25% per annum, depending on the chosen investment portfolio.
How To Use The PiggyVest Interest Rate Calculator
Thanks for reading to this end. Now, let’s focus on how to use the Calculator. I will be teaching you a step-by-step method on how you can use the Piggyvest loan calculator.
Step 1: Log in to your PiggyVest account.
The first step in using the PiggyVest loan calculator is to log in to your PiggyVest account. If you don’t have an account, you may sign up for one on the PiggyVest internet site.
As soon as you have logged in, you will be directed to the dashboard, where you can get access to all the capabilities of the platform, including the interest rate calculator.
Step 2: Pick the funding choice.
The PiggyVest loan calculator can be used for diverse funding options on the platform, inclusive of constant-earning investments, shares, and mutual price ranges. To pick the funding choice, click on the “invest” tab on the dashboard and select the funding alternative that you need to calculate the hobby fee.
Step 3: Input the funding amount.
After deciding on the investment alternative, you’ll need to enter the amount. This is the amount of money that you need to invest in the selected option. The PiggyVest loan calculator will use this price to calculate your capability earnings.
Step 4: Choose the funding length
you’ll also need to pick the investment duration. That is the duration for which you want to keep the money.
Step five: click on “Calculate.”
After entering the funding amount and period, click on the “Calculate” button. The calculator will show the anticipated interest rate and the ROI.
Step 6: Examine the effects as soon as the PiggyVest loan calculator has supplied you with the interest rates.
Read Also: Top 7 Best Loan App without ATM Card in Nigeria
FAQs
How much is 5% interest on 100000?
If you invest 100,000 Naira with PiggyVest at a 5% interest rate, you will earn 5,000 Naira in one year. This is calculated by multiplying the initial investment amount by the interest rate: 100,000 x 0.05 = 5,000. So, after one year, you will have a total of 105,000 Naira in your PiggyVest account.
How much interest will I earn on 300 000?
If you invest 300,000 Naira in PiggyVest at an annual interest rate of 13%, you will earn 39,000 Naira in interest over one year. This means your total savings will amount to 339,000 Naira after 12 months. Of course, the actual amount of interest you earn may vary depending on the investment plan you choose and how long you leave your money invested. To get a more accurate estimate, you can use the PiggyVest Interest Rate Calculator, which takes into account the specific terms of each plan and the length of your investment period.
Conclusion
Once again, thanks for reading to the end of this article. I am assured that you can now apply for the loan on Piggyvest and also perform some functions in the Piggyvest Loan calculator. Kudos!
