Piggy Bank Or Commercial bank

[Kvngsammy]

I saw this and just smiled. It's a good idea though but I don't think that savings that are meant to be invested or grown for wealth should be done through this format. You can save the money in the bank and invest in onwards or better still open investment accounts or ISAs that will allow your money work for you.

 

[Good-Person]

For me I will prefer commercial Bank irrespective of the charges and levy they impose, because it is secured especially with major and investment savings but you can't try that with piggy banks, where your house can easily be burgled

I think you can create a safe locker inside your house. There are many people who tend to create safe locker in their houses, even though this does not guarantee any safety of funds in the end.

 

[ganibade]

Piggy Bank Or Commercial bank. This is first time of hearing piggy bank,but I know commercial bank is business oriented bank that give loan to customers to boost their business.

 

[Ebro01]

Now I know that our so called commercial Banks are cheating on us. Like seriously I don't blame some of our people in the northern part of Nigeria which are majorly farmers, they have no time to go to the bank and they make huge sum almost every day . We that are courageous have been cheated with unnessary charges. In the advance nations I want to believe things are not done this way.

 

[Omotayo]

Lol. The piggy bank can only take you so far, what happens if your house gets burgled or something, that means you have lost all your money, I think it is better to find a bank that doesn't charge so much.

 

[saoussen57651]

I have seen this term Piggy Bank at safelists and admailers it is in another word the purchase balance in order to purchase advertisements called in other term the Piggy Bank.

 

[jay]

Piggy banks may not be the best option because it also risky. why not sign up for a virtual bank with very low fees

Seriously, I completely agree with you based on the risk that is involved in saving your money in a piggy bank because once there is a break into your home you will definitely lose all your money was the piggy bank is stolen.

 

[Alexandoy]

The risk in the piggy bank is not really a big concern but it is more for the interest (even if the bank interest is very minimal). We have lots of savings at home in the form of coins that I know it can exceed $1,000 in total. But for the memory of my wife, I would not have it changed to peso bills and just let the coins there for luck.

 

[Stnicholaz]

Considering the high rate of charges from commercial Banks this days in Nigeria, it has been giving customers sleepless night on how to save their money. Now I'm considering using piggy bank, a from of wood designed to house some paper currency and can be broken whenever the money Is needed. Is this idea good to save money or not

I can relate completely but piggy bank I never an options. Using commercial is still the best and safer way to save your money. The last time a check they are new banks that don't charge customers and many are switching to that banks.

 

[Heatman]

It's still safe for you to save in commercial bank rather than keeping it in piggy bank at your home cause if you are not disciplined then you can't keep one

Personally I would rather build a vault where I will be saving my money at home if I feel it is necessary for me to do that unlike using a piggy bank to save money it looks odd.

 

[Ghost1]

Piggy is good but risky. It might eventually have an expiring date. Lol

But if it eventually continues with there rate the. It's better

I don't trust this piggy vest. It's good for saving little money and money you intend to spend soon. For long term savings, I would chose commercial banks over piggy vest

 

[greenie]

Well, I would still advise you to use the commercial bank for obvious reasons. It is better for your money to be at a safe location while you at rest than to have money in piggy bank that could be easily stolen.

 

[Shigobad20201]

The ease of using a piggy bank is underrated.

But it's not suitable for large sums of money, and it's not safe too.

I only use piggy bank to save for short-term projects.

For small business owner , piggy bank is the best , at least it will safely secure your money without removing a penny , but bank charges nowadays are outrageous, they don't increase your saving , they normally deduct big part of your savings in the name of unnecessary.

 

[kayode10]

Both of them are very important. Commercial Bank is good for keeping a huge amount of money. Your money will be well secured when have them safe in the commercial Bank. Piggy bank is good for building the habit of saving culture when you put in money regularly.

 

[Swazykid4all]

Commercial banks have really gone bad over the years in Nigeria cause your money isn't even save anymore even in the bank. High rate of charges and other stuff have made many people loose faith I commercial Bank but piggy banks isn't also advisable.

 

[mayumi97]

I would still go for commercial banks when it comes to saving my money. In my country, the interest rates for savings deposits are quite negligible but it gives peace of mind that my funds are secure and insured automatically. We only need to maintain a certain amount in the bank and not fall below the maintaining balance every month to avoid being charged appropriate fees or penalties. There are accounts without maintaining balance but these are usually subject to annual renewal fees for around $7 and have minimal withdrawal fees. Most of these cash accounts do not earn interest.

 

[Nsisong]

Well it's a good idea tho but saving in a piggy bank you need to be disciplined.. what I mean is asides the risk of being exposes to danger of robbery you need to be disciplined not to use the money before time because as long as it is with you you will be tempted to break it to settle one thing or the other . But a piggy bank is a good idea but also bigger sum of money is best saved with a commercial Bank because it can be risky saving it home and the box might not contain large sum of money

 

[Kaffyfolla]

Piggybank.ng is a Nigerian Financial Technology (Fintech) startup and they run a simple online savings scheme where they make periodic deductions for customers to save towards targets.

Their clients also earn interest income on the savings made. All that is required is to link a debit card to their platform online only. I was at first intrigued by the name. It is catchy and straight to the point. It is a savings product and nothing more.

As a Financial Technology company, I wondered if they had approval from the Central Bank of Nigeria to use the term “bank.” I later found out that they had all bases covered and were powered by a Microfinance bank. “Piggy bank” itself is a generic English term used to denote the earliest means of storage of money, using a hollow ceramic statue of a pig

 

[Shigobad20201]

I know it might sound funny but i have decided to be using piggy bank as my means of saving because commercial banks have been extra charging me even without making any transaction.

 

[Grandeur]

Piggy bank is better than commercial banks because piggy bank does not deduct the unscrupulous charges commercial banks change is the name of sms and bank transactions charge.