Piggyvest Safelock: How to Lock Money on Piggyvest

One of the features that helped me save more money on Piggyvest is the Piggyvest Safelock feature. This feature allows you to lock money in Piggyvest for a certain period of time. In this article, I will explain everything you need to know about the Piggyvest Safelock feature.

If you are new to Piggyvest, you can check out this article on how Piggyvest helped me save over 700,000 Naira in 2019 and 2020.

Table of Contents

What is Piggyvest Safelock?

The Piggyvest Safelock feature allows users to lock money on Piggyvest for a certain period of time set by you.

It is an extra layer of protection to prevent you from spending those monies that you have put aside to save. You can choose to lock any money on Piggyvest within a period of 10-1000 days.

Piggyvest also pays instant interest on the money you Safelock. Interest rates range from 15.5% to 42.5% per annum. You only get 42.5% if you are locking the money for exactly 1000 days.

Here is a quick example;

Let’s assume you want to lock 500,000 Naira on Piggyvest for 1000 days, Piggyvest will pay you 212,500 Naira immediately you lock the money. You can withdraw the interest immediately to your bank account or also lock it again and get another interest.

4 Reason Why Safelock is Awesome

1. It disciplines you

A lot of times, we buy unnecessary things because the cash is available. But when there’s fewer cash, we only spend money on essentials. If you don’t have the money, you will sort yourself out.

It also makes you better at saving as you begin to see saving as fun. With time, you sure will.

2. Huge interest.

The interest rate Piggyvest pays on Safelock is second to none. Commercial banks do not pay you that high on Fixed deposit accounts.

On an Average, you get from 7% to 12% per annum.

3. Helps you Save for a Good Cause.

Have you been trying to save money for a particular reason? Maybe to buy a car, to travel abroad but you have not been able to do that.

With the Piggyvest Safelock, you could lock up any amount of money until you have been able to save up to the amount you desire.

Here’s a video testimonial of a user who saved to buy a car for his wife;

4. Instant Interest Payout

When you Safelock money on Piggyvest, the interest is paid instantly as opposed to other platforms or banks where you have to wait for the maturity date before you can get your money and the interest paid together.

On Piggyvest you get your interest the same minute you lock your money. Then you get the initial money you locked on the date you fixed.

You are allowed to relock the interest to earn more or withdraw the interest to your bank account.

How to Lock Money with Piggyvest Safelock

First things first, you need to create a Piggyvest account. If you haven’t already done so, click this link. Click on create account and fill out your details. You can also check this article I have already written for a step-by-step guide on how to create a Piggyvest account.

Without further ado, let’s get straight to the main point.

Step 1: Login to your Piggyvest account.

Step 2: Once you are logged in, click on total savings.

Step 3: Click on Safelock from the group of options.

Step 4: Click on Create a Safelock. If you are using a mobile phone to do this, click the pencil icon.

Step 5: Select the duration of time you want to lock your money.

Piggyvest Safelock duration

Step 6: Enter the amount you want to Safelock, Title of Safelock (Business Capital), the exact date you want your money to be unlocked and a funding source.

Piggyvest Safelock information

The funding source could be from a debit card you have added (ATM card), your Piggybank or  flex account. Any source you select most have the exact amount you want to Safelock.

Once you have selected your funding source, click on submit.

Step 7: Preview and confirm the details of your Safelock.

Step 8: Click on the Two boxes to authorize and acknowledge the terms and conditions involved.

Piggyvest Safelock confirmation

Step 9: Click on Create Safelock to finish the process.

Congratulations, your first Piggyvest Safelock has been created.

Now go to your Flex account to see your interest paid in full.

How to Topup a Safelock

When you have created a Safelock for a certain purpose, you can top it up (add money to it) if the money is for the same cause.

Here’s an Example;

Let’s assume you created a Safelock with 200,000. And your intention is to buy a car of 2 million Naira to start an Uber business.

If after some months you get another 200,000 for the Uber business, you can top-up the previous safelock since it’s for the same purpose.

When you top-up, you still get your interest paid instantly. 

Follow this steps to top up a Safelock;

Step 1: Login to your Piggyvest account.

Step 2: Click on Total Savings.

Step 3: Click on Safelock.

Step 4: Select the Safelock you want to Top-up and click on top-up.

Step 5: Enter the amount you want to add and click Add to Safelock.

Your interest will be paid to your Flex account instantly.

Best practices

Always consider your other expenses before locking your money. I got all pumped up last year and locked almost everything I had, I couldn’t pay my rent. My landlord nearly threw me out of the house.

Don’t do this.

Safelock the amount that won’t affect your most basic amenities.

Also, do not put all your money in Piggyvest. Have some money in your bank account for the necessary things that keep your life going.

Piggyvest is not a bank. The platform was designed to help you save money. It was not designed like a bank where you can put in money and withdraw consistently without charges.

Only put in money that you want to save. You get?

You can Safelock at least 10% of your monthly income. If your monthly salary is 50,000 Naira, you can Safelock 5,000 Naira monthly immediately the salary enters your bank account.


The Piggybank Safelock feature is a powerful tool that can improve your finances. I and many other Nigerians have used it and it has worked for us.

Like I said earlier, it is not wise to spend all your income. When your salary comes in, parts of the money go to your landlord, network service provider, food vendors, transport workers, fashion store owners (boutique) and maybe the Federal government.

At the end, no money is left for you. Build your saving today 🙂

I leave you with a video testimonial of other Nigerians who have used the Piggyvest Safelock feature.


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  1. Is it true that I can’t top up my Safelock when it’s less than 30 days left? Because that’s what mine is telling me 💁‍♂️

  2. Hello good morning, pls I created my safelock yesterday and I locked 100,000 but I didn’t get any interest apparently I disabled my interest setting unknowingly. Those it mean for the 2years I locked it I won’t get any interest at all?

    1. Yes. You won’t get the interest since the interest settings were disabled before you locked the money.