Making withdrawals from your Piggyvest account is easy, regardless of whether you have reached your savings goal or you simply need quick cash. For withdrawals, you must have a valid bank account. Also, you must have the phone number linked to your Piggyvest account. In this article, we’ll be giving you the information on how to withdraw from PiggyVest.
How to Withdraw from PiggyVest
You can withdraw any time on PiggyVest from your Flex wallet to your bank account or your pocket free of charge. Withdrawals typically take a few hours to a few business days to process, depending on the bank and the specific PiggyVest plan.
To withdraw funds from your PiggyVest account, here are the steps to follow:
- Launch the PiggyVest app or visit the Piggyvest website and log in to your account.
- Look for the “Withdraw” option from your Flex wallet. This is typically found in the menu or dashboard.
- Generate a 2FA OTP and an OTP will be sent to your phone number linked to your PiggyVest account.
- Now, enter the amount of money you want to withdraw. Ensure that you meet any minimum withdrawal criteria and that the withdrawal does not exceed your available balance.
- Enter the withdrawal details, including the bank account you want the funds transferred.
- Look out for any withdrawal fees or penalties, especially if you are withdrawing from a plan with a lock-in period, like Safelock.
- Once everything looks good, just click on “Withdraw Now” to submit your withdrawal request.
Before submitting, please review all the details to ensure they are correct. Keep in mind that the specific process may vary slightly based on updates to the platform or specific features you are using.
PiggyVest Withdrawal Windows and Charges
PiggyVest typically allows users to withdraw for free on specific dates predetermined by the platform. These are known as the free withdrawal dates. Withdrawals on any other date might incur a penalty, except for withdrawals from the Flex account, which usually can be done at any time without penalties.
Always confirm the withdrawal amount and ensure it complies with minimum or maximum withdrawal limits. Also, review any potential charges that might apply to your withdrawal, especially if you’re withdrawing outside the designated free periods.
Note that certain savings options may have specific withdrawal windows or days when you can withdraw without incurring a charge. Withdrawals outside these periods might attract fees.
Charges for Withdrawals Outside Free Windows
Flex Account Withdrawals: Usually free, withdrawals from the Flex account are possible whenever you choose. More flexible access to money is possible with the Flex account because it doesn’t have withdrawal fees like other savings plans do.
Safelock, Target Savings, and Piggybank: Withdrawals made outside of the specified free withdrawal periods may be subject to fees for other products such as Safelock, Target Savings, and Piggybank. Specifically, safelock is intended for fixed savings; withdrawals before the maturity date may be prohibited or subject to heavy fines.
Penalties: PiggyVest may impose a penalty if you make a withdrawal outside of the free withdrawal periods. Usually, this fine is expressed as a percentage of the money you are withdrawing. By discouraging withdrawals before scheduled times, the goal is to strengthen the saving habit.
PiggyVest Customer Care Support
If you encounter any issues or have questions about your withdrawal, contact PiggyVest’s customer support for assistance. For specific questions about withdrawal windows, charges, or any issues with your account, reaching out to PiggyVest’s customer support is advisable. They can provide the most accurate and up-to-date information.
How do I get OTP for Piggyvest withdrawal?
To complete your withdrawals, and set up your security question on PiggyVest, you will have to input OTPs. An OTP will be sent to your specified phone number linked to your PiggyVest instead of just email addresses as we used to.
FAQs
Are withdrawals free?
Yeah. The withdrawal of funds from your Flex Naira account won’t incur any fees. But be aware that if you withdraw more than four times in a month, you will lose all of your accrued interest.
How much can I withdraw?
You can withdraw as much as you want with your Flex Naira account as you like. But N2,000 is the minimal withdrawal amount.
Is PiggyVest withdrawal instant?
Absolutely! You have the option to choose one of the quarterly fixed free withdrawal dates provided by PiggyVest OR to create your free withdrawal dates. You can transfer to your bank, Pocket, or Flex Naira accounts.
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