How to Withdraw Money From Piggyvest Safelock Before Due Date

Have you ever found yourself in a financial bind, urgently needing money that you've saved up in your Piggyvest Safelock, but the due date seemed like an eternity away?

It's a frustrating situation, but one that many people have experienced. Unexpected expenses can pop up at any time, and emergencies can happen without warning. When that happens, it can be tempting to withdraw money from your Safelock plan, even if it means paying a penalty fee.

Piggyvest Safelock is a great savings feature that allows you to lock away your money for a fixed period of time, earning interest at a higher rate than you would on a regular savings account. However, it's important to understand that withdrawing money from your Safelock plan before the due date comes with a cost.

The penalty fee for withdrawing money from Piggyvest Safelock before the due date is equal to 25% of the interest that you have earned on your Safelock balance up to that point. This means that if you withdraw money early, you will lose a portion of the interest that you have earned.

In some cases, the penalty fee may be worth paying if you need the money urgently. However, it's important to weigh the pros and cons carefully before making a decision.

This blog post will delve into How to Withdraw Money From Piggyvest Safelock Before Due Date.

What Are the Benefits of PiggyVest’s SafeLock?

PiggyVest Safelock is a savings feature that allows you to lock away your money for a fixed period of time, earning interest at a higher rate than you would on a regular savings account. Here are some of the benefits of using PiggyVest Safelock:

• Earn higher interest: PiggyVest Safelock offers interest rates that are higher than what you would typically earn on a regular savings account. This means that you can grow your money faster with Safelock.
• Encourage savings: Safelock can help you to save more money by making it more difficult to access your savings. Once you have locked away your money, you cannot withdraw it until the maturity date. This can help you to avoid temptation and stay on track with your financial goals.
• Flexible terms: You can choose to lock away your money for a period of time that ranges from 10 days to 1000 days. This gives you the flexibility to choose the term that best suits your needs.
• Security: PiggyVest Safelock is a secure way to save your money. Your funds are insured by the Federal Deposit Insurance Corporation (FDIC).

Reasons Why Users Might Need to Make an Early Withdrawal

There are a number of reasons why users might need to make an early withdrawal from Piggyvest Safelock. Some of the most common reasons include:

• Unexpected expenses: Unexpected expenses, such as medical bills, car repairs, or feeding, can arise at any time. If you do not have an emergency fund in place, you may need to withdraw money from your Safelock account to cover the cost.
• Job loss: If you lose your job, you may need to withdraw money from your Safelock account to cover living expenses until you find a new job.
• Family emergency: If you have a family emergency, such as a sick or injured family member, you may need to withdraw money from your Safelock account to cover the cost of medical bills or travel expenses.
• Business opportunity: If you have a business opportunity that requires a significant investment, you may need to withdraw money from your Safelock account to fund the investment.

What is the difference between PiggyVest Safelock and Target Savings?

Piggyvest Safelock and Target Savings are two different savings features that offer different benefits. 

Safelock is a feature that allows you to lock away your money for a fixed period of time, earning interest at a higher rate than you would on a regular savings account. This is a good option for people who are saving for specific goals, such as a down payment on a house or a new car. 

Once you lock away your money in Safelock, you cannot withdraw it until the maturity date. This can help you to stay on track with your savings goals and avoid temptation.

Target Savings is a feature that allows you to save towards specific goals. You can set a target amount and a deadline, and Piggyvest will help you to track your progress. 

You can add money to your Target Savings account at any time, and you can withdraw the money at any time. However, the interest rate on Target Savings is lower than the interest rate on Safelock.

Steps on How to Withdraw Money From Piggyvest Safelock Before Due Date

To withdraw money from Piggyvest Safelock before the due date, follow these steps:

• Log in to your Piggyvest account.
• Go to the Safelock section.
• Choose the Safelock plan from which you want to make an early withdrawal.
• Click on the "Terminate" option.
• Review the information about the penalty and loss of interest associated with early termination.
• Confirm your decision to proceed with the withdrawal.
• Complete the withdrawal process by following the prompts given.
• Wait for Piggyvest to process your request.

The withdrawn funds will be credited to your Piggyvest Flex wallet within 48 hours. You can then withdraw the funds to your bank account or use them to invest on Piggyvest.

FAQS

Can I withdraw from piggy SafeLock?

Yes, you can withdraw from PiggyVest SafeLock. However, there is a penalty fee for withdrawing money before the due date. The fee is equal to 25% of the interest that you have earned on your Safelock balance up to that point.

How do I credit my SafeLock on PiggyVest?

To top up your PiggyVest Safelock:

• Select the Safelock plan that you want to top up.
• Click on the "Top up" button.
• Enter the amount that you want to top up.
• Confirm the top-up.

Your funds will be credited to your Safelock balance immediately.

How can I change my withdrawal date on PiggyVest?

You cannot change your withdrawal date on PiggyVest. Once you have set a withdrawal date, you cannot change it.

Conclusion

Withdrawing money from Piggyvest Safelock before the due date is possible, but there is a penalty fee associated with doing so. The fee is equal to 25% of the interest that you have earned on your Safelock balance up to that point.

Before you decide whether or not to withdraw money from Piggyvest Safelock before the due date, consider the amount of the penalty fee, your financial needs, and your financial goals. If you do decide to withdraw money early, be sure to follow the steps outlined above.