Piggy Bank

PiggyBank helps you save, which is very important for a freelancer. You never want to go below a minimum balance so you never go totally broke. A savings and investment app like PiggyBank is essential for every freelancer.

Piggybank is a savings platform which is only available online. Piggybank is every freelancer’s way out of excessive spending. It allows you to save and invest money you would normally spend on the not so important things. They can save as little as $1 a day and then set a specific set date for the withdrawal of their savings. While regular bank offer you access to your savings at any time, Piggybank helps its users remain disciplined keeping their savings out of reach while building their savings culture.  Users can earn on average 6% per annum on automated savings or 10.95% per annum on the fixed deposit. Piggy bank is both for adults and kids, however, to be eligible, you must have any bank account.

I’m a freelance worker, how can PiggyBank help me?

Freelance work is great and rewarding, but it also comes with the highs and lows. A number one thing is that stresses freelancers out is managing cash flow. Cash flow is extremely important to freelancers, and since you can’t always depend on getting paid timely, more often than not, you could find yourself in trouble with no cash in your account to sustain you through the lean periods. Here are some tips to help you stay afloat during the periods where cash is scarce.

It is important to have a backup fund available which you can rely on when payments are late coming in, and you have a ton of bills to pay. Piggybank provides an avenue to save a certain amount of your income towards a rainy day. You only need to work out how much you want deducted from your income and at what interval (daily, weekly or monthly).

Also, while there is no law against using your regular bank account to save your funds, however having easy access to your funds defeats the attempt to save in the first instant. Piggy bank prevents you from having access to your funds till a specific date (picked by you).

Pros

  • Very easy to use with a simple platform
  • Piggybank is not a regular bank. Yes, Piggybank is not an infrastructure where money is kept and you can walk in at any time to do some transaction.  This limits an individual’s access to their savings
  • Piggybank has no access to your savings. Although you save your money with Piggybank, the operators do not have access to any money you save. This means your funds are safe.

Cons

  • Piggybank does not assume any liability on your savings. The money you save with Piggybank is held in UBA.  Piggybank is an extension of a savings account with UBA. So if something goes wrong or your funds disappear, you can’t hold Piggybank responsible.
  • Piggybank Is Not Regulated By CBN: This issue of regulation cannot be over-flogged because when people save money in a platform, their greatest concern is identifying who to hold accountable if anything goes wrong.
  • Since Piggybank does not have a banking licence (because it is not a bank), the CBN cannot regulate it. The closest CBN has come to regulating it is imposing a savings limit of 200,000 naira per month to forestall money laundering activities.  
About the author
Week of Saturdays
Week of Saturdays answers questions and disseminates new ways of working as technology overtakes culture and 9-5 jobs become a trend of the past. We advocate for flexible working schedules, freelancing, remote working and bold transitions between careers.

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