Top 7 Savings Apps In Nigeria By Interest Rates In 2022
Top 7 Savings Apps In Nigeria By Interest Rates In 2022
Best Savings Apps In Nigeria By Interest Rates 2022
Regardless of the state of the economy, saving has always been a behavior that will endure. For everyone who desires a better tomorrow, saving may even be more crucial than feeding, according to some financial gurus. This explains why the saving culture endures despite the current economic climate, in which many Nigerians are barely surviving.
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Until now, commercial banks were the only means of saving and a departure from the traditional piggy bank or joint saving (Ajo), methods. Interestingly, technology has made savings easier and fun with the emergence of different apps offering varieties of saving plans and interests. Not only are the apps making savings convenient, but they are also offering better incentives (interests) than you can get from your normal savings account with a commercial bank.
Top 7 Savings Apps In Nigeria By Interest Rates In 2022
While some of these apps combine investment with savings, a look at the savings offerings of these apps shows that some are better than others in terms of interest promised to their customers. It must be noted, however, that these interests in savings are as promised by the respective apps.
Below Are The Top 7 Savings Apps Based On Promised Interest As of August 2022
- COWRYWISE
- ALAT by Wema
- KoloPay
- Piggyvest
- V Bank
- SumoTrust
- Kuda Bank
1. COWRYWISE
Cowrywise, which was introduced in 2017, offers savings with monthly, fixed, and one-time interest rates. You may create your investing and savings portfolios with this software, and you can manage your money safely. You can save either individually or collectively. Cowrywise’s user-friendly interface and “Savings Challenge,” which encourages you to follow strict savings plans that will help you accumulate emergency cash or a better stockpile of money at the end of the specified period, are prominent highlights.
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Interest rate: Based on its rate calculator that determines how much interest you get per time, the company promises up to 8.5% interest per annum.
CLICK HERE TO DOWNLOAD THE COWRYWISE APP
2. ALAT by Wema
The totally digital ALAT is the innovative creation of WEMA Bank Nigeria. This implies that you do not need to visit a physical branch; instead, you may conduct all of your transactions using your electronic devices from the convenience of your home.
ALAT enables you to select a savings goal, choose how much to save, and how long to save it for. You have the option of automating your savings or saving at your own speed. The Group Savings option also lets you decide whether to save by yourself or with others.
Interest rate: The platform promises an interest rate of up to 8.75% on savings.
3. KoloPay
KoloPay is a mobile application that greatly helps you save money more than you thought you could. With the EasySave and Autosave options, you can choose to automate your savings by schedule – daily, weekly, or monthly. Through these plans, the app helps you easily save little by little towards your goals. Yet to be made available on Apple store.
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You can also use the Koloshare feature to invite others to contribute to your saving goal. KoloPay allows you to have multiple saving goals at a time.
Top 7 Savings Apps In Nigeria By Interest Rates In 2022
Interest rate: Just like many of the other apps, KoloPay has a withdrawal date policy and offers an interest rate of up to 10%.
CLICK HERE TO DOWNLOAD THE KOLOPAY APP
4. Piggyvest
One of Nigeria’s biggest online savings and investment platforms is called PiggyVest. According to the business, it currently assists over 3 million consumers in reaching their financial objectives by making it simple for them to save and invest.
Launched in 2016, Piggyvest has continued to give exceptional service to its consumers, helping them manage their funds with ease and transparency. Piggyvest, an app with over a million downloads on the Google Play Store, offers a variety of savings plans that may be customized to match the needs of its users.
Interest rate: Piggyvest offers different rates based on its different savings plans. The company offers an 8% per annum interest rate on its Piggybank savings plan and 8% on its Target savings, while it promises up to 13% per annum on its Safelock plan.
CLICK HERE TO DOWNLOAD THE PIGGYVEST APP
5. V Bank
Another digital bank in Nigeria that allows customers to save and earn high interest on their money is V Bank, which is operated by VFD Microfinance Bank. With just your smartphone, you can open a V bank account in just two minutes. You can anticipate a streamlined digital and mobile banking experience with a V account, including simple account access, quick and secure transfers, withdrawals, and bill payments.
Top 7 Savings Apps In Nigeria By Interest Rates In 2022
You are in control of your finances. Everything happens on your phone and there are no complicated fees or paperwork. Users of the V app can keep track of their spending and income, create group budgets, and establish spending caps.
Interest rate: V Bank says its customers get up to 14% interest on savings with the bank.
CLICK HERE TO DOWNLOAD THE VBANK APP
6. SumoTrust
Nigerians’ subpar saving and investing habits are being changed by SumoTrust, an automated savings and investment platform. You may quickly and automatically set money aside with the help of the saving app, which also provides investment options.
The app gives its users the freedom to choose between three different saving options: Main Savings, which allows users to save on a daily, weekly, or even monthly basis; Fixed Savings, which locks away your savings for a year; and Mission Savings, which is designed for users with projects that must be finished by a certain deadline.
Top 7 Savings Apps In Nigeria By Interest Rates In August 2022
Interest rate: SumoTrust promises 10% interest on savings on ‘Main savings’ account and ‘Mission savings’ account and 15% on the ‘Fixed Deposit’ account per annum.
CLICK HERE TO DOWNLOAD THE SUMOTRUST APP
7. Kuda Bank
The Central Bank of Nigeria has granted Kuda, a free, exclusively digital bank, a license for microfinance banking. Kuda has tools for tracking your spending patterns, increasing your savings, and making wise financial decisions.
You can select whether you want to save daily, weekly, or monthly using the app. Your regular savings are guaranteed by the flexible savings plan. With more than 5 million downloads on the Google Play Store, Kuda is luring new users with its cost-free banking options.
Interest rate: Kuda offers different savings plans with different interest rates. While its flexible savings plan attracts 10% interest per annum, Kuday says its fixed savings yields up to 15% interest annually.
Note: The interests are as promised by the respective app platforms as of the time of filing this article. Interest rates are subject to change at any time based on market conditions.
CLICK HERE TO DOWNLOAD THE KUDA BANK APP
I Am a financial analyst, Entrepreneur, Blogger and Business model. With 15 years' Consultancy Experience.
