How To Use PiggyVest Interest Rate Calculator

Don’t get confused! Here is a comprehensive guide on how to use the Piggyvest interest rate calculator.

PiggyVest interest rate calculator helps in calculating the interest rates of any amount of money they want to borrow.

Just like other loan calculators, it gives an estimate of how much the interest rate may be, with an accurate or nearly accurate result.

In this article, we will discuss more on the PiggyVest interest rate calculator.

How to use it and the benefit of using it.

But firstly, let’s discuss Piggyvest

About PiggyVest

PiggyVest, which is formerly known as Piggybank.ng is a Nigerian fintech company that offers digital savings and investment services.

It was established in 2016 by three prominent Nigerians the name Somto Ifezue, Odunayo Eweniyi, and Joshua Chibueze.

It is a renowned savings and investment platform as well as a reliable solution, that provides users with an array of innovative tools to enhance their financial well-being.

Also, it allows users to save and invest money automatically and offers features such as fixed deposit investments, group savings, and personal loans.

PiggyVest is known as a financial management app that helps users save money by enabling them to set financial goals

Users can also save towards their goals automatically, and invest their funds in low-risk investment opportunities.

There are also daily, weekly, or monthly automated savings plans which can earn you interest on your savings.

This platform has been recognized as one of the leading fintech companies in the country, with over 3 million users and counting.

It has also received awards and recognition for its innovative services and contributions to the growth of the Nigerian fintech industry.

This is because, it has reshaped the way people approach their finances, by offering a seamless platform for saving, investing, and even earning interest on idle funds.

Its user-friendly interface and robust features have garnered a loyal user base over the years.

In addition, it is committed to transparency and financial literacy which has made it a go-to choice for individuals seeking a secure and rewarding avenue for managing their money.

Among many of what it has to offer is the PiggyVestInterest Rate Calculator.

What is the interest rate calculator? Read more about it below.

What Is PiggyVest Interest Rate Calculator?

PiggyVest Interest Rate Calculator is a tool designed to enable users to calculate the amount of interest they can earn on their savings or investments over a given period.

It is a valuable tool you can explore to forecast your potential returns.

The PiggyVest Interest Rate Calculator utilizes the principle of compound interest that fuels the growth of savings and investments over time.

With this, the interest earned is reinvested occasionally which results in a snowball effect that accelerates the growth of your savings.

However, to use the PiggyVest Interest Rate Calculator, you need to provide some information including the amount you want to save or invest

As well as the duration of the investment or savings period, and the interest rate.

Once you have supplied the required information the calculator will automatically calculate the interest that will accrue on the investment or savings plan over the specified period.

This will help you decide on your savings and investment options based on your financial goals and the returns on your investment.

Benefits of PiggyVest Interest Rate Calculator

Aside from the PiggyVest Interest Rate Calculator being helpful in determining the amount of money you can save or invest to reach your financial goals and earn a return on your investment.

It offers several other benefits to users who want to maximize their savings and earn more interest on their money.

Here are some of the benefits you get for using the PiggyVest Interest Rate Calculator:

• It saves time

With the immediate estimation of the return,  the interest rate calculator saves you time

As such, you don’t need to spend hours studying and calculating the returns on various savings and investing options.

• Helps you set realistic savings goals

The Piggyvest interest rate calculator provides you with a clear idea of what to expect or earn on their savings

Thereby helping you set realistic savings goals that are achievable.

• Ease of Use

The PiggyVest Interest Rate Calculator has a user-friendly interface and easy to use, which makes it accessible to everyone.

• Helps in Planning

The calculator helps users to plan their savings better by giving them a clear idea of how much they need to save each month to achieve their goals.

• You can Choose a Savings Plan

With this calculator, you can compare different savings plans and choose the one that best suits your needs and goals.

• Facilitates savings discipline

The piggyvest interest rate calculator encourages savings discipline as it offers a clear idea of the monthly savings required to achieve their goals.

How To Use PiggyVest Interest Rate Calculator

To calculate your Interest Rates with the PiggyVest Interest Rate Calculator,

• Visit the PiggyVest website or download the mobile app
• Log in to your account or sign up if you don’t have an account.
• Click on the “Interest Rate Calculator” tab on the dashboard.
• Enter the amount you wish to save or invest in the “Amount” field.
• Select the duration of the investment or savings plan in the “Duration” field. This could be daily, weekly, monthly, or yearly.
• Enter the expected interest rate for the savings or investment plan in the “Interest Rate” field.
• Click on the “Calculate” button.

The PiggyVest Interest Rate Calculator will display the expected interest that will accrue on your savings or investment over the selected duration.

However, you may not depend solely on this calculator as the estimated interest may change based on some factors.

Factors Affecting the PiggyVest Interest Rate

The PiggyVest interest is influenced by different factors on the returns on investment and savings.

Some of them are listed below: 

1. Duration of Investment

One of the things that influence your interest rate is the duration at which the funds you invested.

Longer-term investments tend to generate higher interest rates when compared to shorter-term investments. 

2. Compound interest 

This is a powerful determinant of your interest rate.

Because PiggyVest knows the probability of compound interest and uses it to maximize the interest of its users. 

3. Market Conditions

The economic conditions and interest rate in the market also affects the rates offered by PiggyVest. 

When the interest rates are high, this platform provides more competitive returns to its users and vice versa.

4. Risk Assessment

PiggyVest interest rate calculator also considers the risk associated with different investment options when determining interest rates. 

Higher-risk Investments profiles may offer potentially higher returns but may also have outstanding fluctuations. 

Also, lower risk Investment profiles may have more stable returns but lower interest rates. PiggyVest considers all the risk-reward trade-offs before appropriating interest rates based on the investment options available.

5. Investment Product

In addition, the investment product chosen by the investor also influences the interest rate. 

This is because they offer a range of investment products with their characteristics and associated interest rates. 

6. Market Demand and Supply:

Lastly, the demand and supply dynamics within the investment market can also determine the interest rates. 

f there is a high demand for a particular investment product, the platform may adjust interest rates accordingly to strike a balance between attracting investors and maintaining the sustainability of the investment pool.

Conclusion

PiggyVest Interest Rate Calculator is a tool designed to enable users to calculate the amount of interest they can earn on their savings or investments over a given period.

It is a customized and easy-to-use tool that estimates loan interest results based on the inputs you entered. 

This is done to help you make informed decisions on your savings and investment plans, allowing you to achieve your financial goals faster.

With this, you can determine the amount of money you need to save or invest to achieve your financial goals and the expected returns on your investment.

However, the answer provided by this piggyvest interest rate calculator may not be accurate. 

As the interest rate on the piggyvest savings and investments is determined by some factors as listed above. 

Frequently Asked Questions On PiggyVest Interest Rate Calculator

How much interest rate does PiggyVest pay per month?

The interest paid by PiggyVest per month varies depending on factors, such as the investment option, the interest rate associated with the investment option, and the amount invested. 

PiggyVest offers different investment interest rates ranging from as low as 3% to higher percentages, which depend on the market conditions and the specific investment option chosen.

What is 5% interest on 5000?

To calculate a 5% interest rate on 5000, you can use the formula: Interest = Principal x Interest Rate. 

For example 5000 x 0.05 = 250. 

Therefore, the interest on 3000 at a 5% interest rate would be 150.

Can I change the information after using the calculator?

Yes, you can change the information you input on the calculator after using it to see how they affect the expected interest.

What do I need to provide to use PiggyVest Interest Rate Calculator?

You need to enter the amount you want to save or invest, the duration of the investment or savings period, and the interest rate in your calculator. 

Is the PiggyVest Interest Rate Calculator user-friendly?

Yes, PiggyVest Interest Rate Calculator is user-friendly and easy to use. It requires minimal input, and the results are presented in a clear and concise format.

Can I use PiggyVest Interest Rate Calculator on a mobile device?

Yes, you can use the PiggyVest Interest Rate Calculator on a PiggyVest mobile device like a smartphone. 

Is the PiggyVest Interest Rate Calculator customizable?

Absolutely! The PiggyVest Interest Rate Calculator allows users to adjust the information they input such as the amount, duration, and interest rate to suit their financial goals and investment plans.

Does PiggyVest Interest Rate Calculator consider taxes and fees?

Not at all! PiggyVest Interest Rates Calculator only provides an estimate of the interest that will accrue on your savings or investment based on the inputs entered.

As such, it doesn’t consider taxes and fees. 

How is the PiggyVest interest rate calculated?

PiggyVest calculates interest using the compound interest concept. 

This means that the interest is earned but on the initial principal as well as on the accumulated interest from previous periods. 

How much interest rate does PiggyVest give per month?

You can receive up to 8% interest on funds in your flex account if you withdraw at least four times per month. 

However, you will forfeit all accrued interest for the month, If you withdraw from your Flex account more than four times a month.

How much is 1 piggyvest point?

One PiggyVest point is equal to N10.

Does CBN Recognise and license PiggyVest?

Yes! The Piggyvest is a microfinance bank registered and licensed by the CBN

It is also insured by the Nigeria Deposit Insurance Corporation (NDIC).

Is it safe to keep money in PiggyVest?

Your money and information are safe in Piggyvest as it uses the most strict Internet security measures. 

The  SSL security encryption helps to ensure that your information is entirely safe from fraud.

Their payment processors are PCI-DSS compliant, which ensures the security of your information.