Introduction to Best Saving Apps
Saving is a major way to build stable wealth and stay financially secure in the long run. Most people employ conventional saving methods like piggy banks, also known as kolo in the Nigerian vocabulary. This is to be able to tackle daily expenses in a country like Nigeria.
It is not advisable to save all your income using piggy banks, especially saving bulky amounts. We are humans, and you will be tempted to break your savings box one day or dip it into your savings in order to tackle daily expenses.
Not just that, saving money at home is unsafe, especially in a country like Nigeria with security issues.
However, with the advancement of technology, there are new and easy ways to save in a more secure manner.
Trustworthy saving apps with a good interface have been put in place to help people plan and save money in a very easy and accessible manner.
If you’re having trouble planning out your savings over time, you’ll need a money-saving app.
It is needed if you find it difficult to avoid dipping into your savings to cover daily expenses. It is needed if you are looking for better and more secure ways to keep your money for the future.
These saving apps are designed to keep your money safe from online hackers or scammers. Rest assured that your funds are safe and in good hands.
They are registered with the Central Bank of Nigeria and they are also accountable to them.
This means that they are trustworthy and safe to use. They also offer interest on funds saved with them, as well as financial strategies and tips on how to grow your income. In this article, you will discover the best money-saving apps with high-interest rates. Read on!
The 5 best saving apps in Nigeria
Piggyvest is a start-up saving app that was formerly known as Piggy Bank. Piggyvest is designed to lock up parts of your money for a set period of time. The app is available for download on IOS and Android and is completely free to use.
There are 4 withdrawal dates available for unlocked funds in the piggy vest. If a user decides to withdraw outside the stipulated withdrawal dates, it attracts a fee of 5% of the withdrawal amount.
This is the first-ever fully digital Nigerian bank and is a product of WEMA Bank Nigeria. Being fully digital means that you can perform all your transactions on your mobile devices in your own comfort.
It offers an interest rate of about 8.75% on the total amount saved per annum, which is three times the standard bank rate. The app is available for download on IOS and Android and is completely free to use. You can set your savings goals and also determine the amount you want to save and the time frame. You can also choose to automate your savings or save at your own pace.
Cowrywise was launched in 2017 and offers savings with interest rates at set periods of time. Cowrywise can be used to build your savings and investments and also manage your money.
The current interest rate is calculated by their interest calculator, which determines how much interest you get per time period. They have a stack of rigorous savings plans that help users build emergency funds for the future.
Another saving platform that offers the opportunity to save while earning interest on your saved funds is the KudaBank app. With the spend and save tool, you can effortlessly save large amounts of money while earning interest on them.
They have a savings plan that enables users to save on their own schedule. The KudaBank app is flexible as you can also lock up your funds in a fixed savings plan and make at least 25 transfers to other banks monthly.
Kolopay is another money-saving app that allows you to easily save money on a schedule. With the easy save and autosave tools, users can choose to save automatically on a set schedule. Kolo Pay has a withdrawal policy like other saving apps, and it also offers an interest rate of 10% on your savings.
With the availability of money-saving apps in Nigeria, saving has now become fun and easy.
The present situation in Nigeria is bad and the cost of living has been on the increase, which in turn makes saving money a hard venture for Nigerians.
I’m sure that with the help of these saving apps, one can easily create a good habit of saving for rainy days.