The Piggybank concept is pretty straightforward and simple; just deposit as little as $1 a day in your online Piggybank.ng account, which you can not touch until an agreed withdrawal date, except perhaps for an emergency, albeit you are required to pay a 5% early withdrawal fee.
Whilst the accumulated savings are entitled to around 6% interest per annum, you can always set an agreed withdrawal date, unless perhaps you are okay with 5% early withdrawal charges.
Unlike conventional banking system, the platform restricts withdrawals until an agreed date or users can set to withdraw their savings on a quarterly basis.
The idea of a fee is actually to discourage unnecessary withdrawals, which in itself will defeat the real purpose of the platform - to help users save up some tangible amount of funds - instead of ending up using all income in servicing some unforeseen expenses.
Source: Questechie Blog