What is the Pillow Savings Week challenge?
It is a savings challenge on the Pillow Fund app launched in light of the World Savings Week on October 31st. Through this week long challenge, we are trying to create an awareness on the importance of savings while also rewarding the users for every deposit made by them on Pillow. Prizes are assured for all participants and the chances of getting higher value prizes increases as you save more!
How can I participate in the Pillow Savings Week challenge?
Please follow the steps below:
- Download the Pillow Fund app from Appstore or Playstore (if you are new to Pillow Fund).
- Sign up or Sign in using your email address.
- On the Home page, please scroll down to see the card that says “Pillow Savings Week challenge” and click on this card.
- You will be redirected to the Pillow Savings Week challenge website. Now simply click on “Join the challenge” and enter the requisite details and click “Submit”
- Now go back to the Pillow app and make your deposit (minimum transaction worth N2500) which will be counted towards your savings for the challenge.
- The more you save, the higher your value of rewards will be!
- Check the leaderboard every 12 hours to see where you stand against the other participants.
How can I check my performance on the Pillow Savings Week challenge?
On the Home page, click on the card that says “Pillow Savings Week challenge”. You will be redirected to a website that has the leaderboard. Search for your name on the leaderboard to see where you stand against your friends. Please note that the leaderboard will be updated every 12 hours, so if you save today, please check the leaderboard 12 hours later.
What if I have already signed up & deposited on the Pillow app? How can I participate in the challenge?
You can still participate in the challenge. Just register for the challenge at <insert link>. Upon registering for the challenge, all your savings from the date of registration for the challenge till October 31, 2022 will be counted towards the challenge.
I am already participating in the Kagan Challenge, will I still be able to sign up for the Pillow Savings Week challenge?
Yes, all users can participate in the challenge.
If I am participating in both the challenge, for which challenge will my investment be counted towards.
Considering that you have signed up for both the challenges, all your investments on Pillow between 25th October to 31st October will be counted towards both the challenges.
How can I win the Pillow Savings Week challenge?
The user with the maximum savings on Pillow at the end of the week shall be considered the winner. The aim of the challenge is to create a savings program. You can look at your position in the leaderboard and can accordingly choose to invest more, if need be.
What are the prizes of the Pillow Savings Week challenge?
IPhone 11 for the user who finished 1st on the leaderboard at the end of the week, Jumia vouches for users who finished between 2nd to 5th in the Challenge Board, ‘Pillow Feathers’ worth N150 for every investment by user of N2500 or more during the Pillow Savings Week.
What is the timeline for challenge?
The challenge is active from 25th October 2022 to 31st October 2022. The savings made on Pillow during the same duration will be counted towards the score.
I deposited before signing up for the Savings Week challenge. Am I still eligible?
Yes, you are eligible. However, only the deposits you make on Pillow after signing up for the Pillow Savings Week shall be considered part of the Pillow Savings Week.
Will I get the interest on my savings or is the deposit counted only towards the lucky winner’s reward?
You continue to earn daily interest on savings as with your other deposits. By participating in the challenge, you also get a chance to win the rewards associated with the challenge.
How long do I need to save?
The Pillow Savings Week is active from October 25th to October 31st. The final leaderboard will be updated at the end of October 31st. The savings week aside, you keep earning up to 14% annual interest, paid out daily, on your savings for as long as you hold your savings on Pillow and we would therefore urge you to keep your money on Pillow for as long as possible.
What happens if I withdraw and deposit again?
Only your net savings (total deposits — total withdrawals) are counted towards your “Total savings”. For example, if you deposited $10 and withdrew $2 and then deposited $1 again, then your total savings will be $10 — $2 + $1 = $9.
I forgot to deposit more than once — am I still eligible to win?
Yes, everyone is eligible to win irrespective of the frequency with which you are saving. However, in order to build a saving habit and get better rewards, it is recommended that you save at least 3 times during the week.
I have already joined the challenge but the banner on the app says Join Challenge again. Do I have to register?
That’s alright. Once you have joined the challenge, you don’t need to register again. You can click the banner to view your position on the leaderboard. The leaderboard is updated once every 12 hours.
Can I move my existing deposit to the Savings Week challenge?
No, you cannot move your existing deposit for the Savings Challenge. Only deposits made on or after your sign-up to the challenge till October 31st shall be counted towards your total savings in the Pillow Savings Week Challenge.
I wrote $5 in the registration form and I deposit $1. Will it still count toward the challenge?
Yes, any deposits you make are counted towards the challenge.
What if my pillow email is different from my registered email for the challenge?
Only emails registered on Pillow will be eligible for the challenge. To get started, sign up on the Pillow app, register for the savings challenge using the same email and get started saving!
- The Pillow Savings Week is a limited 1 week challenge starting October 25, 2022 in light of the 88th World Savings Day.
- Each user willing to participate in the savings challenge must sign up for the challenge, the link for which has been provided on the homepage of the Pillow mobile application.
- A user is required to deposit a minimum of 2500 Naira in 1 transaction to be considered a participant in the challenge.
- Deposits less than 2500 Naira shall not qualify for a deposit for the purpose of the Pillow Savings Week challenge.
- The leaderboard for the challenge is updated every 12 hours and takes into account all your deposits of over 2500 Naira during the week less any withdrawals.
- The user with the highest savings at the end of the challenge will win an Iphone11 and the users who finish 2nd to 5th on the leaderboard at the end of the challenge will win Jumia vouchers.
- ‘Pillow feathers’ worth Naira 150 will be rewarded to all users who are participating in the Savings Week upon each deposit of 2500 Naira or more.
- All prizes shall be given to the winner within 2 weeks from the completion of the challenge.
- In case of any issue pertaining to the eligibility to participate in the challenge, the independent decision made by Pillow shall be final and binding.
- For any issue pertaining to receipt of ‘Pillow Feathers’, please write to firstname.lastname@example.org.
Pillow reserves the right to terminate the Pillow Savings Week challenge or modify these terms at any point in time, without notice to users.