How can I withdraw on Pettysave?
We have been getting some questions about withdrawing on Pettysave. Withdrawing your money is very simple and this post will explain exactly how to go about it.
You can withdraw your money on Pettysave by specifying the amount and your bank account. You will receive your funds in a short while.
Please note that you need to have filled your bank details in your payments settings before attempting to withdraw into your set bank account.
Now, withdrawing your money from Pettysave can be done from three different points:
- Savings plan
- Investment plan
- Wallet
For clarity, this is a post on withdrawing from, not funding your Pettysave account. Funding your Pettysave account involves putting money in by adding and managing your payment methods like debit card and BVN while withdrawing from it is about adding your bank details and transferring money from savings or investment plans into your wallet/bank account(s) and from your wallet into bank account(s). To learn about funding your Pettysave account, here is a guide on how to use your debit cards on pettysave.
Withdrawing from a savings plan
- Log in to your Pettysave account
- Click on ‘savings’ from the menu
- Select the savings plan you’d like to withdraw from
- Click on ‘withdraw’ and specify the amount you’d like to withdraw
- Select if you want to withdraw to your wallet or bank account. If you select ‘bank’, choose your preferred bank account from the ones you’ve added.
You will receive your funds in a short time.
Withdrawing from an investment plan
For investments, you can withdraw funds when the investment matures and funds are moved into your wallet.
To withdraw from your wallet to your bank account:
1. Log in to your Pettysave account
2. Click on ‘payments’ from the menu
3. Scroll down and click on ‘withdraw’
4. Specify the amount you’d like to withdraw
5. Choose your preferred bank account from the ones you’ve added
You will receive your funds in a short time.
Read: How to use the Pettysave wallet
Remember,
- The Pettysave dashboard shows your total net worth (savings balance + investments + wallet), your savings balance, your investment balance and your wallet balance. This was done to eliminate the confusion between total balance and funds that can actually be withdrawn. For example:
Oyin has a total of N550,000 in her Pettysave account. However, N300,000 is in investments, N150,000 is in Vault and N100,000 is in autosave. If she attempts to withdraw N200,000, she will be unable to do so because her investments haven’t matured and a vault can’t be withdrawn from till plan maturity. So, her total balance is N550,000 but her funds that can actually be withdrawn is N100,000.
With this, we have covered the three points of withdrawal on Pettysave and how to go about each one. Now remember, when withdrawing from your Pettysave, you may sometimes be unable to withdraw up to the amount in your total balance/net worth, because just like Oyin, your money is spread out across different plans.
Frequently Asked Questioned (FAQs)
Are there bank charges when deposits and withdrawals are made from my Pettysave account?
Pettysave is ABSOLUTELY FREE OF BANK CHARGES.
Can I withdraw my money anytime I like?
Yes you can but you cannot withdraw from any plan you locked until the set end date (customers lock their plan to help them to be financially disciplined). However a 5% deduction charge will be taken on withdrawals made outside the free withdrawal dates. For target save plans, when the set end date has been reached but you have not reached your goal, only your accrued interest will be deducted.
On Autosave — Yes, but a 5% charge is deductible on any withdrawals made outside the free withdrawal dates to encourage your savings habit. For locked autosave plans, you can withdraw when you reach the unlock date you set, but a 5% charge will still be deducted if it does not fall on the free withdrawal dates.
On Target save — Yes, but a 5% charge is also deductible on any withdrawals made outside the set end date(s) to encourage discipline. When the set end date has been reached but you have not reached your goal, your interest will be deducted only. For locked target save plans, you can’t withdraw till the set end date.
On Vault — No, you can only withdraw from a vault plan when you hit the set end date and the plan matures.
On Wallet — Yes, you can withdraw from wallet anytime you want at no charge.
On Investments — No, you can only withdraw funds when the investment matures and funds are moved into your wallet.
Also, you can only withdraw twice a day. If you have not linked your BVN to your Pettysave account, the maximum you can withdraw is ₦50,000 per day. But if you have linked your BVN, you can withdraw as much as you want from your Pettysave account but not more than twice a day.
When can I freely withdraw?
Free withdrawal dates are March 31st, June 30th, September 30th, December 31st for autosave plans. For target save, when you hit the target amount and the set end date, your funds will be moved to your Pettysave wallet where you will be able to withdraw for free. If you withdraw from target save before your end date, you will be charged a 5% penalty. If by your target save end date, you haven’t hit your target amount but wish to withdraw, you can do so. However, that means you will forfeit all interest accrued from the plan. For vault, you can withdraw for free when you hit the set end date. Funds in your vault cannot be withdrawn at all till the set end date. And for investments, you can withdraw funds for free when the investment matures and funds are moved into your wallet.
Note:
Some of the withdrawal limitations are there to ensure committed savings and effective investments of your funds. And on the bright side, the longer you keep funds saved on Pettysave, the higher the interest you will earn over time (your interest is calculated and prorated daily).
About Pettysave
Pettysave enables you to attain true financial freedom through savings and investments which can be scheduled conveniently. The app helps you to plan your finances, save towards life goals and invest in minimal risk investment options.
Get started on Pettysave and start earning interest on your savings and returns on your investments today!
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Oyin from Pettysave
