Difference between Bank And Piggy Saving In Nigeria

Difference between Bank And Piggy Saving In Nigeria

Difference between Bank And Piggy Saving In Nigeria

Today article, we could learn from all spaces opened to us the Difference between Bank And Piggy Saving In Nigeria.

Bank was introduced to the world for the safety of currency of any kind, prevention of others valuable item’s as well from getting stollen.

Since the existence of bank from 2000 BC till date, the purpose was to help trader’s borrow and to also save money for safety guide.

In Nigeria we have two ways of saving money either from the world recognized way of money safety known as the “Bank” or the local way of it known in the country as piggy banking.

The piggy banking mostly in Nigeria, is a well built box with a little hole at the middle of the box where the money needed for saving can actually been penetrate through. Sometimes it has the real shape of a pig itself, showing the example and it value.

The piggy banking serves as the first type of banking before electronic banking was introduced, which went viral because of it better services compare to piggy bank.

But some Nigerian even with the civilization still prefer the uses of piggy bank and when u asked, they will say it have less stress compare to the electronic banking.

I understand not everyone is educated enough to use the electronic banking but to me, I see it as the saver way to store, keep or save money and someone valuables.

Nigerians have their ways of using this two banking, and we are about to go deep on it, the difference between Bank And Piggy Saving In Nigeria.

Bank And It Uses,

In bank, the way and means of funds transaction is made easy and faster, I could say it help in availability of funds within a second.

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Since it came into existence, it became the highest form of banking with trillions of users both Nigeria and outside Nigeria.

Below are the advantages attached to it that you need to know.

Advantages of banking:-

1. Saving Of Money And Valuable Items:-

Bank is one of the best grantee banking that allows you to save up to billions dollars including valuables items compare to piggy bank that allows only the saving of money.

Those valuables can be keep for year’s as long as you still have much years as signed with the bank.

There’s no way you can lose anything doing business with electronic bank in term of you saving money or valuables goods with them. Even if it does, bank will replace them with issues.

2. pay Interest:-

Bank when saving money with them, you get a monthly interest of what you have with them.
Depending how often you keep it with them and your partnership as well.

3. Grantee:-
Bank grantee you of everything you keep with them. No lost or damages could be done about to your values or money.

The grantee is very assure, because the you have fulfill what they need from you in other to partnership with them.

4. Secure Of Funds:-

This is one of the reasons bank was established, to secure and keep save the money of citizen. Even if your money get stolen, the government has taken the responsibility to replacement every money of citizen stolen from the bank.

In secure to this, that’s why every established bank has register and relationship with Centra Bank Of the country.

For example, most time’s that bank has been robbed in Nigeria, customers doesn’t lose their fund’s or money. Because the government will definitely restore it back in place.

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Now you see why saving your money, items or documents in the bank is very useful. It help in securing of your things, not that all pay interest to your money every month here in here as well.

It has some good advantages of cover customers and give them assurance of goods and money replacement compare to piggy bank that be carried around.

You have a grantee which put your mind at rest, one of the best assurance about your valuables. That’s why bank is most save and recommended for the for an individual to keep save Items and money.

Below here is the advantages and disadvantages of Piggy bank. The reasons why is has advantages and disadvantages compare to bank is because, piggy bank doesn’t have much uses in terms of bank, despite it been the first bank in the world.

The advantages and disadvantages of Piggy bank are:

1. Saving Of Money, Valuables Not Included:-

Piggy bank allows you to save only money, valuables items are not included. Most Nigerians loves it due to it ways of quick withdrawal, no service limit, no electrical fault.

2. No Interest:-

Exactly like what you save will be your gain at the end of the month or year. It’s does not pay any interest to your saving, but has no issues like the bank.

But bank does because most times your money are been used for businesses and development round the state z that’s why at the end the get paid for it.

3. Grantee:-

The only grantee piggy bank has is that, your money will be in same room what you or where you put it to be.

The grantee is limited compare to bank, if it get stolen away from you or the point in which you keep it, no one is coming to your rescue of replacing it bank.

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4. Funds Secure:-

The money you keep saving your piggy bank is not that secure. This have relative character with grantee.

If you fine out that some of is miss, you have no one to hold for that, because you are the banker, saver and the interest payer of yourself.

Although piggy bank in this civilized world is not advisable to anyone of the person again, but same time most people in Nigeria still prefer it because of it fast ways of service delivery.

It doesn’t not pay interest but help in faster ways and quick response to human services.

How’s does this work, when you need money, you quickly turn to your piggy bank to have it as you wish, but bank need a little procedure due to it security purpose before you can have it.


The two has it advantages and disadvantages, but depends how you make use of them. In civilization world today, the bank is most recommended due to it faster ways of funds transfer and services.

Piggy bank only save money, valuables goods and items doesn’t include. To show you that bank has been the llpreferable ways recommended in the new world.

Remember banking save both money and valuable Items, and bank pay interest not unlike piggy bank where you withdraw exactly what you save on it.

Now you see the difference between this two banks, all has it advantages and disadvantages.

What can you say about our article, please after reading, don’t forget to table down your review below, Thanks.

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