Piggy banks are designed primarily for personal use but there are some business use cases for them as well.
Piggy Banks and Money Pools are very similar. Both can be used to logically organise your savings in a way that makes sense to you. Both can be used in tandem with other features like nudges and time-lock.
The big difference between the two is that Piggy Banks make it harder for you to see your own savings. Why is this a good feature?
We all save and put aside money for many reasons. We might be saving for a new car, a house deposit, university fees....the list is endless. Or we might want to keep aside a sum of money to cover unexpected bills or emergencies. How, why and what we save is very personal to us.
In addition we may place greater or lower importance on some savings pools over others, and also have different emotional responses to how we feel about these pools of savings.
For this reason, as well as allowing our customers organise their savings, our money pools and piggy banks have other features that can be used, or not, which may be useful. For example, we might have an important spending goal we really want to hit but we also know that we can often be tempted to buy the latest thing (new equipment, client entertainment, etc). Well if you want you can add apply a time-lock to any money pool you like which will delay any withdrawals by 7 days just in case you decide you actually don't need it after all.
Piggy Banks go the extra mile and help hide your money from yourself. Any balances in piggy banks are not visible in our app unless you specifically choose to reveal the balances, and this takes 30 painful seconds which allows you just enough time to decide whether you really want to whats inside or not.....out of sight out of mind.
If the piggy bank becomes to annoying don't worry, you can easily convert one to a money pool any time.
We don't force users to create piggy banks or money pools nor use the extra features. Every one of us is different, and we're all human. If these features work for you then great, use them. If all you want to do is earn a better savings rate on the savings you have then that is just fine too!