PiggyVest vs Cowrywise: Which Savings App Is Best for Nigerians in 2025?

Over the past decade, Nigeria has witnessed a significant shift in how individuals manage their finances, particularly with the rise of digital savings platforms. This transformation has been fueled by increasing smartphone penetration, better internet connectivity, and a growing population of tech-savvy youths seeking smarter ways to save and invest.

Traditional banking methods—often characterized by long queues, limited transparency, and relatively low interest rates—no longer appeal to a generation that prioritizes convenience, speed, and financial growth.

As a result, several fintech companies have stepped in to bridge this gap, offering mobile-based savings and investment solutions tailored to the Nigerian market.

Digital savings platforms such as PiggyVest, Cowrywise, and others have revolutionized how people approach financial planning. These apps offer automated savings features, flexible investment options, and personalized financial tools designed to help users build wealth steadily.

With just a few taps on a smartphone, users can lock away funds, invest in mutual funds or dollar assets, and set financial goals with ease. This innovation has not only improved financial inclusion but also empowered more Nigerians—especially the unbanked and underbanked—to take control of their financial future.

However, with the growing number of savings and investment apps now available, the importance of choosing the right platform cannot be overstated. Not all digital platforms offer the same level of security, transparency, or returns.

Some focus heavily on saving features, while others provide diverse investment opportunities. As such, it is crucial for individuals to thoroughly evaluate each app based on key factors like regulatory compliance, ease of use, interest rates, customer support, and overall user experience.

Making an informed choice can make the difference between growing your money safely and exposing it to unnecessary risk. In today’s digital economy, selecting the right savings or investment app is no longer just a convenience—it’s a strategic financial decision that can shape one’s long-term financial well-being.

Company Overview

 Features Comparison

When comparing PiggyVest and Cowrywise, it’s essential to understand how each platform performs across various key features, including savings plans, investment choices, interest rates, and user experience. Here’s a detailed breakdown of how they differ and what they each offer.

1. Saving Plans
Both platforms provide flexible and structured saving plans, but with slightly different approaches.

• PiggyVest offers a wide range of savings options. These include:

  • AutoSave – automated daily, weekly, or monthly savings.

  • SafeLock – funds are locked for a fixed duration and cannot be accessed until maturity, similar to a fixed deposit.

  • Target Savings – for saving towards specific goals like rent or school fees.

  • Flex Naira/Flex Dollar – savings wallets that allow for flexible deposits and withdrawals in both local and foreign currency.

• Cowrywise also provides:

  • Periodic Savings Plans – automated daily, weekly, or monthly savings.

  • Life Goals – long-term savings for personal milestones.

  • Emergency Plans – quick-access funds for urgent needs.

  • Halal Savings Plans – interest-free savings compliant with Islamic finance principles.

2. Investment Options

• PiggyVest focuses more on pre-vetted investment opportunities under its Investify feature, where users can invest in assets like agriculture, real estate, or fixed-income instruments.

• Cowrywise, on the other hand, is structured more as a digital wealth management tool. It gives users access to a wide selection of mutual funds managed by SEC-licensed fund managers, offering diverse options for both short and long-term investing.

3. Withdrawal Terms and Penalties

• PiggyVest is more restrictive with withdrawal. For example, funds in SafeLock can’t be accessed until the end of the lock period. Withdrawals from core savings accounts are allowed only on set withdrawal days (typically the last day of the month), unless users pay a penalty.

• Cowrywise allows users to withdraw after their set maturity date or goal completion. Early withdrawals may lead to forfeiting interest earned, but users have slightly more flexibility compared to PiggyVest.

4. Interest Rates and Earnings Potential

• PiggyVest offers savings interest rates ranging from 8% to 13% per annum, and investment returns can go as high as 25–35%, depending on the asset.

• Cowrywise offers interest through mutual fund returns, which vary depending on the market. Typical annual returns range from 6% to 15%, depending on the fund type and performance.

5. Customer Support and Response Time

• PiggyVest has a responsive in-app chat, email support, and is active on social media. Most user complaints are addressed within 24–48 hours.

• Cowrywise also provides strong customer service via email, social platforms, and its website. It tends to respond quickly, often within 24 hours, and has a reputation for being helpful and transparent.

6. Mobile App Interface and Ease of Use

• PiggyVest has a visually appealing, intuitive interface that is easy to navigate even for first-time users. Features are well-organized, and the app runs smoothly across devices.

• Cowrywise also shines in this area. Its app is minimalistic, clean, and user-friendly. Users can easily track their savings progress and manage investments without confusion.

Conclusion: While both platforms offer strong digital savings and investment solutions, PiggyVest leans more toward structured saving and high-yield investment plans, whereas Cowrywise prioritizes long-term wealth growth through mutual fund investing and goal-based saving. The better option ultimately depends on your financial goals—whether you want aggressive returns with fixed plans or gradual, diversified investment growth.

Security and Regulation

When dealing with digital savings and investment platforms, security is a top concern for users, especially in a market like Nigeria where online fraud is prevalent. Both PiggyVest and Cowrywise understand this concern and have invested heavily in securing their platforms and ensuring regulatory compliance to build user trust. Here’s how each one protects its users and adheres to financial regulations.

1. How Funds Are Protected
Both platforms operate with a high level of financial responsibility, ensuring that users’ funds are managed through licensed financial partners.

• PiggyVest safeguards customer funds through partnerships with regulated financial institutions. It operates using a microfinance banking license it acquired through Gold Microfinance Bank, meaning all funds are held and managed by a licensed financial body. Additionally, PiggyVest collaborates with other reputable investment partners to manage its Investify products, ensuring that user investments are secure and well-vetted.

• Cowrywise takes a different but equally secure route. It doesn’t directly hold users’ money; instead, all savings and investment funds are managed by licensed fund managers. Cowrywise itself is registered with the Securities and Exchange Commission (SEC) as a Fund/Portfolio Manager, which means it complies with strict financial oversight rules to ensure transparency and user protection.

2. Regulatory Compliance

• PiggyVest operates under the umbrella of a licensed microfinance bank and works with SEC-regulated investment partners. This indirect regulatory framework offers solid protection for users’ deposits and investments.

• Cowrywise has obtained direct regulatory approval from the SEC, making it one of the first fintech companies in Nigeria to be licensed as a fund manager. This gives users confidence that their funds are being handled in accordance with Nigeria’s financial laws.

3. Data Security Features
Both platforms employ robust cybersecurity measures to prevent data breaches and unauthorized access.

• Two-Factor Authentication (2FA): Users on both platforms can activate 2FA, which requires a second verification step during login or withdrawals, making it harder for unauthorized persons to access accounts.

• Bank-Grade Encryption: All user data, including personal details and financial transactions, are encrypted using bank-level SSL (Secure Socket Layer) encryption. This ensures that sensitive information is protected while in transit and at rest.

• Secure Infrastructure: Both companies operate on secure cloud-based infrastructures with strong firewalls, regular system audits, and compliance checks to minimize risks.

Both PiggyVest and Cowrywise prioritize user safety by adhering to regulatory standards, using secure banking partners, and implementing strong data protection protocols.

Cowrywise’s direct SEC registration gives it a regulatory edge, while PiggyVest ensures security through its licensed banking partner. For users, this means both platforms are trustworthy, with dependable systems in place to protect funds and personal information.

User Experience

Understanding user experience is essential when choosing between digital savings platforms like PiggyVest and Cowrywise. Beyond their features and security, how users interact with the apps, how responsive they find the support, and how easily they can meet their financial goals all shape public perception.

Below is a summary based on app store reviews, user feedback, and suitability for different audiences.

1. App Reviews on Play Store and App Store

• PiggyVest consistently receives high ratings across both Android and iOS platforms. On the Google Play Store, it holds a rating of around 4.4 out of 5 stars from hundreds of thousands of users. On the Apple App Store, it typically maintains a similar score, with many reviewers praising its clean interface, seamless savings automation, and helpful notifications. Commonly highlighted positives include ease of use, regular interest payouts, and timely customer service. However, a few users note that the monthly-only withdrawal system can be restrictive.

• Cowrywise also enjoys strong ratings, holding approximately 4.3 to 4.5 out of 5 stars on both platforms. Users appreciate its minimalist interface and well-structured investment options. The app is often commended for promoting financial literacy, thanks to its well-written in-app blog and user education tools. Some users have reported issues with syncing bank details or withdrawal delays, though such cases are rare and usually resolved quickly by customer service.

2. Real-Life User Testimonials and Comparisons

Across social media platforms like Twitter and Reddit, users often compare both apps based on personal goals. Many people use PiggyVest for aggressive saving strategies—like locking funds away for rent or long-term purchases—because of its SafeLock feature. Entrepreneurs and small business owners also find the Flex Dollar option useful for hedging against currency volatility.

On the other hand, users praise Cowrywise for helping them build consistent investing habits. Students and young professionals mention how the app made it easier to start investing with small amounts, thanks to its accessible mutual fund offerings. The app’s emphasis on long-term growth resonates well with users looking to diversify their savings.

3. Best Suited For…

• PiggyVest is ideal for:

  • Salary earners who want to automate savings and avoid impulsive spending.

  • Entrepreneurs looking to lock away capital or save in dollars.

  • Goal-oriented users saving for large expenses like weddings, rent, or travel.

• Cowrywise is best suited for:

  • Students or beginners who want to start investing with small, manageable amounts.

  • Young professionals aiming to grow their money through long-term, low-risk investments.

  • Anyone interested in wealth building through professionally managed mutual funds.

Conclusion: Both platforms deliver excellent user experiences, but each appeals to different types of users. PiggyVest is more savings-focused, making it perfect for disciplined budgeting and short-to-medium-term goals.

Cowrywise, with its strong investment tools and education-based approach, is better for users who want to grow their wealth gradually over time. Your financial habits, goals, and risk tolerance will ultimately determine which app suits you best.

Interest Rates & Returns

When it comes to choosing a digital savings or investment app, the returns on your money play a vital role. PiggyVest and Cowrywise both offer competitive interest rates, but they differ in how those returns are calculated, how often they’re compounded, and the level of flexibility users have in managing their funds. Below is a comparison of both platforms in terms of savings interest, investment earnings, compounding methods, and fund flexibility.

1. Savings and Investment Returns

• PiggyVest:

  • Savings plans on PiggyVest offer interest rates ranging from 8% to 13% per annum depending on the product.

    • AutoSave & Target Savings offer around 8% annually.

    • SafeLock can yield up to 13%, especially when funds are locked for longer periods.

  • For investments under Investify, returns can be significantly higher, ranging between 15% to 35%, depending on the asset type—such as agriculture, real estate, or fixed-income ventures. These investments, however, carry varying degrees of risk and durations.

• Cowrywise:

  • Cowrywise doesn’t offer a fixed interest rate for savings. Instead, savings are tied to money market and mutual funds, whose returns fluctuate.

  • Historical average returns fall between 6% and 15% annually, depending on the chosen fund. More aggressive funds offer higher returns but come with more market volatility.

  • Cowrywise users benefit from professional fund management, giving them access to diversified portfolios often reserved for high-net-worth individuals.

2. Compounding Frequency

• PiggyVest uses daily compounding for most of its savings plans. Interest accumulates daily but is typically reflected monthly or at maturity, depending on the plan.

• Cowrywise also compounds earnings daily, especially for users investing in money market funds. These daily returns are added to the principal and continue to grow over time, enhancing overall yields with consistency.

3. Flexibility in Moving Money

• PiggyVest offers flexibility within set structures:

  • Core savings can be withdrawn only on specific days (typically the last day of the month) unless you pay a penalty.

  • SafeLock funds cannot be withdrawn until maturity, which enforces financial discipline.

  • Flex Naira and Flex Dollar wallets allow instant access to funds, acting like digital wallets for quick liquidity.

• Cowrywise provides more flexibility for withdrawals, especially with short-term investment plans:

  • Users can set their maturity dates, and early withdrawal is allowed but may reduce or forfeit interest earned.

  • Investments in mutual funds are fairly liquid, but processing withdrawals might take 1–3 working days, depending on the fund type.

If you’re looking for fixed, predictable returns with clear structures and are okay with limited access to funds for better discipline, PiggyVest is the better choice. Its SafeLock feature is particularly attractive for users who want to earn higher returns while preventing impulsive withdrawals.

On the other hand, if you prefer market-driven growth and more flexible fund access, Cowrywise is ideal. It offers long-term value through professionally managed investment portfolios, suitable for users looking to build wealth steadily and with less rigidity.

Your choice should depend on whether you prioritize structure and high returns (PiggyVest) or investment flexibility and gradual wealth-building (Cowrywise).

Unique Selling Points

While both PiggyVest and Cowrywise serve similar goals—helping Nigerians save and invest more efficiently—each platform has developed its own identity and strengths that make it stand out. Their unique selling points lie in the way they approach user needs, manage funds, and offer personalized financial solutions.

PiggyVest – What Makes It Unique

1. SafeLock Feature (Digital Fixed Deposit Alternative):
   One of PiggyVest’s most defining features is SafeLock, which allows users to lock away funds for a fixed duration, earning higher interest in return. This tool enforces financial discipline by preventing early withdrawals, mimicking the structure of a traditional fixed deposit—but fully digital and more flexible.

2. High-Yield Investment Options:
   Through its Investify feature, PiggyVest gives users access to curated investment opportunities in sectors like agriculture, real estate, and fixed income. These investments often offer returns of up to 25–35%, giving users a chance to grow their money more aggressively than traditional bank options.

3. Flexible Dollar Savings:
   PiggyVest supports Flex Dollar, enabling users to save in US dollars and hedge against Naira depreciation. This is especially beneficial in Nigeria’s volatile economy, where saving in foreign currency can protect long-term wealth.

4. Withdrawal Restrictions That Encourage Discipline:
   PiggyVest enforces structured withdrawal dates (usually monthly), helping users build a habit of delayed gratification and stick to long-term financial goals. This is ideal for individuals prone to impulsive spending.

5. User-Centric Design and Gamification:
   The app combines ease of use with a visually engaging interface and goal-tracking features. It makes saving feel like a personal challenge, not a chore—keeping users motivated through badges, reminders, and progress updates.

Cowrywise – What Sets It Apart

1. Direct SEC Registration as a Fund Manager:
   Cowrywise stands out by being one of the first fintech platforms in Nigeria to be directly licensed by the Securities and Exchange Commission (SEC). This gives users confidence that their money is handled in line with Nigeria’s strict financial regulations and provides a higher level of transparency.

2. Wide Range of Mutual Fund Investments:
   Unlike most savings apps, Cowrywise offers access to a diverse list of mutual funds managed by licensed professionals. Users can choose from conservative funds to more aggressive ones, depending on their risk appetite, making it an ideal platform for long-term wealth building.

3. Educational Focus and Financial Literacy Tools:
   Cowrywise integrates in-app education, blog articles, and financial tips that help users better understand investing, budgeting, and wealth management. This makes it especially suitable for beginners who want to learn while they grow their savings.

4. Customizable Saving Goals with Maturity Control:
   Users have the ability to set their own savings goals and define when they want to access their funds. This level of control balances discipline with flexibility and supports users in planning for future expenses like tuition, travel, or emergencies.

5. Islamic Finance (Halal Savings Plan):
   Cowrywise offers a Halal savings option that complies with Islamic finance principles—free from interest or riba. This inclusion makes the platform accessible to a broader, faith-conscious audience seeking Sharia-compliant financial tools.

PiggyVest is best known for its structured saving tools, high-yield investment opportunities, and features that encourage disciplined financial habits. It’s ideal for users who want strong control over their savings and are focused on achieving short-to-medium-term financial goals.

Cowrywise, on the other hand, distinguishes itself through regulated investment offerings, financial education, and customizable plans. It caters more to users who want to build long-term wealth, understand their investment options, and grow steadily through diversified portfolios.

Choosing between them depends on whether you prefer strict savings control and high returns (PiggyVest) or investment education and flexible wealth-building (Cowrywise)

Pros and Cons Table

Here’s a clear side-by-side comparison of PiggyVest and Cowrywise, highlighting their strengths and limitations to help you choose the platform that best suits your financial needs:

| 👎 Cons | | |
| Fixed withdrawal structure | ⚠️ Withdrawals are restricted to specific days or attract penalties | ✅ More flexible withdrawals |
| No direct investment management | ⚠️ Relies on third-party partners for investment vetting | ✅ In-house investment structure through mutual funds |
| No in-app financial education | ❌ Minimal educational resources | ✅ Strong focus on financial literacy and user learning |
| No Halal saving option | ❌ Not suitable for users seeking Islamic finance alternatives | ✅ Offers faith-based savings plans |
| Market-based investment risks | ✅ Offers high-yield options but with varying levels of risk | ✅ Subject to market fluctuations, especially with mutual funds |

Summary:

• Choose PiggyVest if you’re focused on saving with discipline, want high fixed returns, and are comfortable with occasional withdrawal restrictions.

• Choose Cowrywise if you prefer flexibility, educational support, and professionally managed investment options that grow over time.

Final Verdict

Choosing between PiggyVest and Cowrywise ultimately depends on your financial goals, saving style, and level of investment experience. Both platforms are highly reputable and secure, but they are built to serve different user needs. Here’s a breakdown to help you decide and make the most of whichever platform you choose.

Recommended Based on User Needs

• Choose PiggyVest if you:

  • Need discipline in saving and want to lock money away without temptation.

  • Prefer structured plans like SafeLock and monthly withdrawal restrictions.

  • Are aiming for short- to medium-term goals, such as paying rent, school fees, or planning a wedding.

  • Want high-yield investment opportunities in areas like agriculture and real estate.

  • Are a salary earner, entrepreneur, or freelancer needing strict financial control and optional dollar savings to hedge against currency depreciation.

• Choose Cowrywise if you:

  • Are interested in long-term investing through diversified, professionally managed mutual funds.

  • Prefer more flexibility in withdrawals and goal customization.

  • Value financial education and want to learn while building wealth.

  • Are a student, young professional, or first-time investor who needs low-entry, guided investment options.

  • Want options aligned with personal beliefs, such as Sharia-compliant (Halal) savings plans.

Tips for Using Either Platform Effectively

1. Set Clear Financial Goals:
   Whether you’re saving for a trip, emergency fund, or future investment, define your target, amount, and timeline. Use the “Goal” features in both apps to stay focused.

2. Use Automation:
   Set up automatic deposits (daily, weekly, or monthly). This builds consistency and removes the pressure of manual saving.

3. Diversify Your Approach:
   Use both platforms if needed—PiggyVest for disciplined saving and fixed investments, Cowrywise for long-term wealth building through mutual funds.

4. Leverage Interest-Boosting Features:
   On PiggyVest, use SafeLock to earn more on funds you won’t need soon. On Cowrywise, explore high-performing funds based on your risk appetite.

5. Stay Informed:
   Read blog content and financial tips provided within the Cowrywise app. Follow updates from both platforms on social media to stay ahead of new features and promos.

6. Track Your Progress:
   Regularly monitor your savings and investment performance. Both apps offer dashboards to help you visualize how close you are to reaching your goals.

If you need a hands-off, disciplined saving system with high fixed returns, PiggyVest is the better choice. If you’re seeking investment knowledge, flexible planning, and gradual wealth building, Cowrywise is ideal. In some cases, combining both could offer the best of both worlds—structured savings and strategic investments tailored to your financial future.

Conclusion

In 2025, as more Nigerians turn to digital tools to manage their finances, both PiggyVest and Cowrywise stand out as reliable and innovative platforms for saving and investing. However, the choice between them depends largely on your financial goals, saving habits, and investment preferences.

PiggyVest is ideal for individuals looking for strict saving discipline, fixed interest rates, and access to high-yield investment opportunities. It suits salary earners, entrepreneurs, and anyone who prefers a structured financial approach with features like SafeLock and dollar savings.

On the other hand, Cowrywise shines for users who value long-term investment growth, flexible withdrawal options, and access to diversified mutual funds. It’s especially great for students, young professionals, and first-time investors who want to learn while building wealth gradually.

Both platforms offer strong security, solid returns, and user-friendly apps tailored for Nigerians. Therefore, the “best” app ultimately comes down to what you need most—whether it’s disciplined savings and high returns (PiggyVest), or flexible investments with professional guidance (Cowrywise).

In some cases, using both platforms together can give you the best of both worlds—PiggyVest for short-term financial goals and Cowrywise for long-term investment growth. Whichever you choose, the key is to stay consistent, informed, and intentional about your financial future.

FAQs

Which is better, PiggyVest or Cowrywise in Nigeria?

When comparing PiggyVest and Cowrywise, both platforms serve the same primary purpose—helping Nigerians save and invest money digitally. However, determining which is “better” depends on what you’re looking for in a financial tool. Each app offers unique features tailored to different user preferences.

PiggyVest is arguably more popular and has a broader user base. It offers flexible savings plans like “Piggybank,” “Safelock,” and “Target Savings.” One of its most popular features is “Safelock,” which allows users to lock away funds for a specific time without access—much like a fixed deposit.

PiggyVest also allows users to invest in pre-vetted low-risk opportunities through its “Investify” feature. These opportunities include agriculture, real estate, and other businesses.

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Cowrywise, on the other hand, is known for its structured savings and investment options, especially for those interested in mutual funds. It offers professional investment plans managed by licensed fund managers, giving it a more formal investment structure than PiggyVest. Cowrywise is also more appealing to users looking for long-term wealth growth rather than just disciplined saving.

Another key difference is the user experience. PiggyVest tends to be more user-friendly and gamified, making it easier for beginners to understand and use. Cowrywise leans more toward users with a long-term investment mindset and a preference for financial education.

In terms of safety, both platforms are secure. They are registered with the Corporate Affairs Commission (CAC) and use bank-level security. PiggyVest also partners with licensed financial institutions to hold funds, and Cowrywise is registered with the Security and Exchange Commission (SEC) for its investment services.

So, if you are looking for ease of use, flexible savings, and short-term plans, PiggyVest might be better for you. But if you are more investment-focused and want to grow your wealth over time through mutual funds, Cowrywise could be a better choice.

Ultimately, both platforms are excellent, and the “better” one depends on your savings goals, financial discipline, and investment preferences.

What is the best app to save money in Nigeria?

The best app to save money in Nigeria depends on your specific needs, but among the most trusted and efficient options are PiggyVest, Cowrywise, and Risevest. However, if we’re talking about ease, reliability, and wide usage, PiggyVest often stands out as the top contender.

PiggyVest offers users a simple way to automate their savings while locking funds away from impulsive spending. You can set daily, weekly, or monthly savings targets, and it also includes features like Safelock (a fixed savings option), Target Savings (for specific goals), and Flex Naira (for quick access to saved money). It even includes investment options for users who want to grow their funds while they save.

Cowrywise is also an excellent platform that promotes structured savings and is ideal for long-term financial planning. It offers savings circles, where users can save in groups, and it also connects users to mutual fund investments. It’s especially suitable for users who prefer a more formal investment system.

Other notable mentions include Risevest and Chipper Cash, which also allow for saving in foreign currencies like the US dollar, making them appealing for Nigerians looking to hedge against inflation.

Ultimately, PiggyVest remains a strong favorite because of its user-friendly interface, consistent savings automation, and extra features that keep users engaged. For most users, especially beginners, it offers a perfect balance of simplicity, security, and flexibility in money management.

Which is the best platform to save money?

The best platform to save money depends on your savings goal—whether it’s short-term access, long-term security, or investment integration. In Nigeria, PiggyVest and Cowrywise are two of the leading platforms, with PiggyVest often leading for flexibility and Cowrywise for structured financial growth.

PiggyVest is best for users who want to save money regularly while still maintaining a level of control. Its auto-debit savings plans, Safelock feature, and quick withdrawal options make it highly practical for people who need motivation and structure to save.

Cowrywise, however, appeals to people who are also interested in combining savings with formal investments. It encourages financial discipline and helps users access verified mutual funds, making it ideal for long-term planners.

If you’re looking to hedge against inflation or save in foreign currency, Risevest or Chipper Cash may be more suitable, especially for USD-based savings.

So, the “best” platform is subjective. For everyday saving, PiggyVest is best. For investment-focused saving, Cowrywise wins. For foreign currency savings, go with Risevest.

What are the disadvantages of PiggyVest?

While PiggyVest is widely respected and used, it has some disadvantages that users should consider before relying on it completely for savings and investments.

First, limited investment options can be a concern for users who want a broad range of financial assets. Though PiggyVest has its “Investify” feature, it still lacks the depth and variety you’d find on platforms like Cowrywise, which connects you to verified mutual funds from top asset managers.

Second, withdrawal restrictions can frustrate users. PiggyVest encourages financial discipline by limiting access to funds except on free withdrawal days or through specific features like “Flex Naira.” While this helps curb impulsive spending, it may be inconvenient in emergency situations.

Third, PiggyVest does not provide direct interest from the Central Bank or bank-level insurance (NDIC), which some users consider a risk. However, PiggyVest mitigates this by partnering with licensed financial institutions and using bank-grade security.

Also, customer support delays are sometimes reported. Although most issues are eventually resolved, users have mentioned occasional delays in getting timely support, especially when transactions are delayed or fail.

Lastly, it lacks a physical presence. Unlike traditional banks, you cannot walk into a PiggyVest office. Everything is handled digitally, which may be a downside for people who prefer face-to-face interactions.

In summary, while PiggyVest is safe, convenient, and effective for savings, its disadvantages lie in its limited investment range, restricted access to funds, and lack of physical customer service touchpoints.

Is Cowrywise safe for savings?

Yes, Cowrywise is safe for savings. The platform employs top-tier security practices and regulatory compliance to protect users’ funds and personal information.

Cowrywise uses bank-grade encryption to secure all transactions and user data. It does not directly hold your money; instead, the funds are kept with trustees and fund managers registered with the Securities and Exchange Commission (SEC) in Nigeria. This makes it safer than platforms that aren’t regulated or affiliated with such bodies.

Additionally, Cowrywise partners with Meristem Trustees, a reputable company responsible for overseeing users’ funds. These trustees ensure that your money is not mismanaged or redirected.

Cowrywise also promotes savings through verified mutual fund investments, which are professionally managed and regulated. This adds an extra layer of credibility and financial safety.

In essence, if you’re looking to save money in a secure and structured way, Cowrywise is one of the safest options available in Nigeria.

Which is the safest bank in Nigeria for savings accounts?

Some of the safest banks in Nigeria for savings include Zenith Bank, Guaranty Trust Bank (GTBank), First Bank of Nigeria, and Access Bank. These banks are known for their stability, strong customer base, and adherence to regulatory standards set by the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC).

Among these, Zenith Bank often ranks high due to its strong financial performance and consistent regulatory compliance. Funds saved in these banks are also insured by the NDIC, which guarantees deposits up to a certain limit in the event of bank failure.

How reliable is Cowrywise in Nigeria?

Cowrywise is very reliable in Nigeria for both savings and investments. It is registered with the SEC, uses bank-grade security, and partners with licensed trustees and fund managers.

Its long-term performance and excellent user reviews further support its credibility. Many Nigerians use Cowrywise to save regularly and invest in mutual funds safely and conveniently.

What is the best platform to invest money in Nigeria?

One of the best platforms to invest money in Nigeria is Risevest. It allows users to invest in foreign assets such as U.S. stocks and real estate, helping them earn in dollars.

Other good platforms include Cowrywise for mutual funds, PiggyVest for low-risk agriculture and fixed-income investments, and Bamboo for U.S. stock investments. Your choice depends on your investment goals and risk appetite.

How safe is Cowrywise in Nigeria?

Cowrywise is very safe for users in Nigeria. It complies with regulatory standards by operating under the watch of the Securities and Exchange Commission (SEC). Funds are held by certified trustees, and transactions are secured with advanced encryption. This makes Cowrywise a trustworthy choice for both beginners and experienced savers.

Is PiggyVest a high yield savings account?

PiggyVest is not a traditional high-yield savings account, but it does offer better interest rates than most Nigerian commercial banks. Users can earn up to 8%–10% annually, depending on the savings plan. The “Safelock” and “Target Savings” options typically offer the highest returns. While it may not be the highest-yielding investment platform, it’s great for disciplined savings.

Is Cowrywise fake?

No, Cowrywise is not fake. It is a legally registered financial technology company in Nigeria, regulated by the SEC, and partnered with licensed trustees. It has been in operation since 2017 and has gained trust through transparency, good customer service, and consistent savings and investment returns.

Is my money safe with PiggyVest?

Yes, your money is generally safe with PiggyVest. The platform has taken multiple measures to ensure users’ funds are protected, even though it is not a traditional bank. PiggyVest uses industry-standard encryption and partners with well-established financial institutions to manage and store customer funds.

First, PiggyVest operates under a registered Nigerian company—PiggyTech Global Limited—and is compliant with the regulations of the Corporate Affairs Commission (CAC).

It also works with financial partners that are licensed and regulated by the Central Bank of Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation (NDIC). These partnerships add a layer of safety to the money you deposit.

PiggyVest also maintains a very secure digital infrastructure. It uses SSL encryption, two-factor authentication (2FA), and secure data storage to guard your personal and financial information. Funds in savings are stored in trust accounts managed by licensed custodians, which means even PiggyVest itself doesn’t have direct access to misuse your money.

Moreover, PiggyVest has been operating since 2016 and has built a strong reputation in the Nigerian fintech ecosystem. It boasts millions of users and many positive testimonials from people who have saved or invested with them successfully.

However, like with any digital platform, users are advised to maintain personal security, such as not sharing their login details and enabling all security features offered by the app.

In conclusion, PiggyVest is one of the safest savings and micro-investment apps in Nigeria. While it doesn’t offer deposit insurance on its own, its partnerships with NDIC-insured financial institutions, regulatory compliance, and strong security protocols make it a secure option for storing and growing your money digitally.

Is it safe to invest in PiggyVest in Nigeria?

Yes, it is safe to invest in PiggyVest as long as you understand the type of investments you’re engaging with. PiggyVest offers a feature called “Investify,” which allows users to invest in pre-vetted, low-to-medium risk opportunities such as agriculture, real estate, and fixed-income projects.

PiggyVest does not directly manage these investments. Instead, it collaborates with reputable investment partners and licensed fund managers who handle the operations.

These partners are registered with appropriate regulatory bodies like the Securities and Exchange Commission (SEC) and CBN, depending on the investment category.

PiggyVest ensures that all investment opportunities listed on its platform go through a thorough vetting process before being made available to users. Additionally, users are given clear details about the duration, expected return rate, and risk level of each investment. This transparency helps users make informed decisions.

However, like all investments, there is some risk involved. Agricultural ventures, for instance, may face risks related to weather or logistics. While PiggyVest does try to reduce these risks by partnering with credible firms, users are advised to invest only what they can afford to leave for the duration of the investment.

In terms of digital safety, PiggyVest secures its platform using strong encryption and security protocols. So both your money and your information are protected.

In summary, PiggyVest is safe for investing in Nigeria, especially for beginners and users looking for low-risk options. Just ensure you read the terms and assess each opportunity before committing your funds.

Is PiggyVest approved by CBN?

PiggyVest itself is not directly licensed by the Central Bank of Nigeria (CBN) as a bank or a financial institution. However, this does not make it unsafe or illegal. Instead, PiggyVest operates through strategic partnerships with CBN-licensed entities and financial institutions.

The company is registered under PiggyTech Global Limited with the Corporate Affairs Commission (CAC), making it a legally recognized business in Nigeria. Additionally, the funds users deposit are held in trust with partner institutions that are regulated by the CBN and insured by the Nigeria Deposit Insurance Corporation (NDIC).

For investment-related services, PiggyVest works with fund managers and firms that are registered with the Securities and Exchange Commission (SEC), adding further credibility to its operations.

So, while PiggyVest is not directly regulated by the CBN, it operates legally and securely within Nigeria’s financial ecosystem through its licensed partners.

How many percent does PiggyVest give on savings?

PiggyVest offers up to 8% interest per annum on its main savings plan (Piggybank). For its Safelock feature, which is similar to a fixed deposit, users can earn up to 13% annually, depending on the duration and terms.

The interest is calculated daily and paid monthly, which encourages consistent saving. PiggyVest’s rates are significantly better than what most traditional Nigerian banks offer on standard savings accounts, making it a more rewarding option for disciplined savers.

What is the new name for PiggyVest?

PiggyVest has not changed its name. It started as Piggybank.ng when it launched in 2016, but rebranded to PiggyVest in 2019 to reflect its expanded services, including both savings and investment options. Since then, it has continued to operate under the name PiggyVest and remains one of Nigeria’s top fintech apps.

What is the best bank in Nigeria for savings accounts?

Some of the best banks in Nigeria for savings accounts include:

• Zenith Bank – Known for financial stability, excellent customer service, and strong digital banking platforms.

• GTBank – Offers competitive interest rates, easy mobile banking, and a wide network of ATMs.

• First Bank of Nigeria – Offers a range of savings products and is one of the oldest and most trusted banks.

• Access Bank – Known for modern banking solutions and robust customer support.

These banks are all regulated by the CBN and insured by the NDIC, making them safe and reliable for savings.

Is PiggyVest good for saving money?

Yes, PiggyVest is excellent for saving money, especially for individuals who struggle with financial discipline. Its automated saving plans, customizable targets, and high-interest rates make it ideal for both short-term and long-term savings. Features like Safelock help users resist the temptation to withdraw funds prematurely. It’s a perfect tool for Nigerians who want to build consistent savings habits.

What are the disadvantages of Cowrywise?

Cowrywise is a powerful savings and investment tool, but it has a few disadvantages:

1. Limited flexibility – Unlike PiggyVest, Cowrywise requires a more structured savings schedule. This might be restrictive for users who prefer on-the-go savings or flexible withdrawals.

2. No quick withdrawals – Cowrywise doesn’t allow spontaneous withdrawals unless it’s a planned maturity date. This could be inconvenient during emergencies.

3. More focused on long-term savings – The app is designed with investment-minded users in mind, which might not be ideal for someone who simply wants to build a small emergency fund.

4. Requires financial literacy – To fully benefit from the mutual fund investments on Cowrywise, users need to have at least a basic understanding of how investment products work.

Despite these disadvantages, Cowrywise remains a secure and useful app for serious savers and investors.

What are people saying about Cowrywise?

User feedback on Cowrywise is generally positive. Many appreciate the platform’s:

• Structured savings plans

• Access to verified mutual fund investments

• Clean and professional interface

• Commitment to financial education

However, some users express dissatisfaction with:

• The inability to access funds easily

• Longer processing times for certain transactions

• Limited variety in savings goals compared to apps like PiggyVest

Overall, Cowrywise enjoys a strong reputation in Nigeria’s fintech space for its integrity, reliability, and long-term wealth-building approach.

What is the interest rate for Cowrywise and PiggyVest?

• PiggyVest: Offers up to 8% per annum for savings and up to 13% for fixed savings (Safelock).

• Cowrywise: Does not have a fixed interest rate for savings. Instead, users earn returns based on the performance of their selected mutual funds, which can range between 8% to 15% or more annually depending on market conditions.

Is it safe to save money on Cowrywise?

Yes, Cowrywise is very safe for saving money. It is registered with the Securities and Exchange Commission (SEC) and uses secure trustees to hold your funds.

The app also employs high-level encryption and secure banking APIs to protect user data and transactions. It is widely trusted and has a solid reputation in Nigeria’s fintech ecosystem.

Which app is better to send money to Nigeria?

If you’re abroad and want to send money to Nigeria, some of the best apps include:

• Wise (formerly TransferWise) – Known for low fees and real exchange rates.

• Sendwave – Quick, no-fee transfers from countries like the U.S., UK, and Canada.

• Chipper Cash – Offers free transfers across African countries and from the diaspora.

• Remitly – Fast and secure with multiple delivery options like bank deposit and cash pickup.

Among them, Wise and Sendwave are highly rated for their speed, transparency, and ease of use.

Is PiggyVest interest daily?

Yes, PiggyVest calculates interest daily, but it is paid monthly into your account. The daily interest is based on your balance and the savings plan you use. For example:

• Piggybank (main savings wallet) earns up to 8% per annum, calculated daily and credited monthly.

• Safelock, which locks funds for a fixed period, offers up to 13% per annum, paid upfront depending on the duration.

• Flex Naira, a more flexible wallet, earns around 8% annually as well, though this may vary slightly.

The daily calculation method encourages consistent savings. The more money you keep in your wallet and the longer it stays, the more interest you accumulate. For users with auto-save enabled, this creates a passive earning model over time.

While you won’t see interest drop daily into your account, you can be sure that it’s growing behind the scenes—credited once per month. This system helps users plan better and track their earnings in an organized way.

Which online banking is the best in Nigeria?

The best online banking platforms in Nigeria depend on what you need—convenience, speed, customer service, or features. However, the top-rated ones include:

• ALAT by Wema Bank – Nigeria’s first fully digital bank. Known for user-friendly savings tools, virtual cards, and instant account opening.

• Kuda Bank – A digital-only bank offering zero card maintenance fees, budgeting tools, and instant transfers.

• Vbank – Provides free transfers and competitive interest rates for savings. Good for businesses and individuals.

• Opay and PalmPay – Though fintech-based, they offer mobile wallet services that mimic digital banking and are licensed by CBN.

Among these, Kuda and ALAT often lead in performance, with millions of users praising their seamless interfaces, low fees, and mobile-first operations.

Is Cowrywise approved by CBN?

Cowrywise is not directly licensed by the Central Bank of Nigeria (CBN) as a bank or microfinance institution. However, it operates legally and securely within the Nigerian financial ecosystem through partnerships.

Cowrywise is registered with the Corporate Affairs Commission (CAC) and is regulated by the Securities and Exchange Commission (SEC) for its investment services. It uses licensed trustees to hold users’ funds and invests through registered fund managers.

So while it’s not CBN-regulated, Cowrywise is operating under the appropriate legal and financial frameworks to ensure safety and transparency.

Which country owns PiggyVest?

PiggyVest is a Nigerian-owned company. It was founded and operates entirely within Nigeria. The platform was launched in 2016 by a group of young Nigerian entrepreneurs under the company PiggyTech Global Limited.

The founding team includes Joshua Chibueze, Odunayo Eweniyi, Somto Ifezue, and others who created PiggyVest to help Nigerians save consistently using technology. It’s a homegrown success story that has transformed digital savings in the country.

Is Cowrywise NDIC insured?

No, Cowrywise is not insured by the Nigeria Deposit Insurance Corporation (NDIC). NDIC insurance typically covers traditional bank accounts and CBN-licensed financial institutions.

Cowrywise, however, does not operate as a bank. Instead, it functions as a savings and investment platform and partners with SEC-licensed fund managers and trustees to manage user funds. While not NDIC-insured, the structure Cowrywise uses is secure and regulated in its own right.

Is OPay approved by CBN?

Yes, OPay is approved by the Central Bank of Nigeria (CBN). It operates under a Mobile Money Operator (MMO) license, which allows it to offer financial services such as money transfers, bill payments, and savings.

OPay is regulated by both the CBN and insured by the NDIC to protect user funds. It is one of the leading fintech platforms in Nigeria, trusted by millions for its ease of use, cashback offers, and nationwide agent network.

Which is the largest MFB in Nigeria?

The largest microfinance bank (MFB) in Nigeria is generally recognized as LAPO Microfinance Bank.

LAPO (Lift Above Poverty Organization) has one of the widest branch networks in Nigeria and serves millions of customers, especially in rural and semi-urban areas. It provides loans, savings, and financial literacy programs, targeting low-income individuals and small businesses.

Other top MFBs include AB Microfinance Bank, BoI MFB, Accion MFB, and Addosser MFB, but LAPO stands out in terms of reach, capital, and client base.

Which is better, Cowrywise or PiggyVest?

Choosing between Cowrywise and PiggyVest depends on your financial goals, as both platforms serve different needs, even though they appear similar.

PiggyVest is better for:

• Flexible savings (daily, weekly, or monthly)

• Short-term goals

• Higher interest for fixed savings (up to 13%)

• Quick withdrawal access on set dates

• Simple investment options via Investify

Cowrywise is better for:

• Structured long-term savings

• Access to regulated mutual funds

• Professionally managed investment portfolios

• Financial education and planning tools

If you’re just starting out and want an easy way to build savings with some investment, PiggyVest is more beginner-friendly. But if you’re thinking long-term and want structured investments, Cowrywise is the stronger choice.

What are the top 5 microfinance banks?

The top 5 microfinance banks in Nigeria based on reach, customer trust, and service quality are:

1. LAPO Microfinance Bank – Known for empowering low-income earners and SMEs.

2. AB Microfinance Bank – Offers financial services tailored to micro and small businesses.

3. Accion Microfinance Bank – Strong on technology, financial inclusion, and small business support.

4. BoI Microfinance Bank – A subsidiary of the Bank of Industry focused on business loans and empowerment.

5. Addosser Microfinance Bank – Offers a wide range of personal and business loans with good customer service.

These MFBs are regulated by the CBN and support financial inclusion across Nigeria.

Who is the parent company of PiggyVest?

The parent company of PiggyVest is PiggyTech Global Limited. It was incorporated in Nigeria and is responsible for managing the PiggyVest brand and platform. The company was founded by a team of Nigerian tech entrepreneurs, and it is 100% locally owned and operated.

PiggyTech also previously created PushCV, a job-matching platform, showcasing the team’s broader interest in solving economic challenges through tech.

Is PalmPay approved by CBN?

Yes, PalmPay is approved by the Central Bank of Nigeria (CBN). It holds a Mobile Money Operator license, allowing it to offer financial services like transfers, bill payments, airtime recharge, and even savings.

PalmPay is also insured by NDIC, meaning your funds are protected. With millions of users and strategic partnerships with banks and merchants, it’s considered safe and reliable for daily transactions in Nigeria.

What are the disadvantages of PiggyVest?

While PiggyVest is widely used and respected, it does have a few disadvantages:

1. Limited investment diversification – Unlike Cowrywise, it doesn’t offer a variety of professional mutual funds.

2. Withdrawal restrictions – Withdrawals are allowed only on set dates or with penalties, which may not suit everyone.

3. No NDIC coverage directly – While it partners with insured institutions, PiggyVest itself is not NDIC-insured.

4. Customer support delays – Some users report slow responses during peak periods or transaction issues.

5. Lack of physical offices – Entirely digital, which may feel impersonal to some users.

Despite these, PiggyVest remains a powerful and secure savings tool for disciplined users.

Does CBN assure Nigerians that all their deposits are secured?

Yes, the Central Bank of Nigeria (CBN), through its regulatory framework and with the support of the Nigeria Deposit Insurance Corporation (NDIC), assures Nigerians that their deposits in licensed banks and financial institutions are secure.

The NDIC insures each depositor’s funds up to ₦500,000 for deposit money banks and ₦200,000 for microfinance banks. This means that if a licensed financial institution fails, depositors are guaranteed to recover up to these limits.

However, it’s important to note that this assurance only applies to CBN-licensed and NDIC-insured banks, not fintechs or digital platforms like PiggyVest or Cowrywise unless they partner with such institutions to store users’ funds.

So, as long as you’re banking or saving through CBN-regulated entities, your deposits are relatively secure under Nigerian law.

Which loan app is verified by CBN?

Several loan apps in Nigeria are verified by the Central Bank of Nigeria (CBN), meaning they operate under a Microfinance Bank or Finance Company license. Some CBN-approved loan apps include:

• Carbon (formerly Paylater) – Licensed as a finance company.

• FairMoney – Operates under FairMoney Microfinance Bank.

• Branch – Partners with CBN-licensed entities for disbursement.

• Renmoney – Licensed and regulated by the CBN.

• Palmcredit – Works with licensed financial partners.

These apps follow strict CBN guidelines on interest rates, data protection, and customer service. Always check the CBN’s official list or the app’s website for updated licensing status before borrowing.

How old is PiggyVest in Nigeria?

PiggyVest was launched in January 2016, which makes it over 8 years old as of 2025. It started as Piggybank.ng, a simple platform that allowed users to lock money away for a set period. By 2019, it rebranded to PiggyVest and expanded its services to include investment opportunities through its Investify feature.

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Over the years, PiggyVest has grown into one of Nigeria’s most trusted fintech platforms, with millions of users and a proven track record of safe digital savings and investment.

Which investment platform is the best in Nigeria?

The best investment platform in Nigeria depends on your goals—whether you’re looking for safe, long-term wealth growth or short-term profit. However, top contenders include:

• Cowrywise – Great for beginners, offering access to mutual funds managed by SEC-licensed professionals.

• Risevest – Ideal for investing in foreign stocks, real estate, and dollar-denominated assets.

• PiggyVest – Offers low-risk investment options via “Investify” for users seeking short-term returns.

• Bamboo and Trove – Allow Nigerians to buy U.S. and global stocks.

• Chaka – Regulated and supports cross-border investments.

For low risk and steady growth, Cowrywise and Risevest are excellent. If you’re interested in global markets, Bamboo and Trove are better options.

Is PiggyVest a high yield savings account?

PiggyVest is not technically a high-yield savings account like those in traditional banking systems, but it offers much better interest rates than most Nigerian banks.

• Piggybank savings: Up to 8% per annum

• Safelock savings: Up to 13% per annum

• Flex Naira wallet: Around 8% per annum

Compared to traditional savings accounts that offer 1.25% to 3% annually, PiggyVest’s returns are considerably higher. So, while it’s not a bank, it effectively functions as a high-yield savings tool for Nigerian users.

Is PiggyVest the best?

PiggyVest is one of the best, but whether it is “the best” depends on your financial goals.

If you’re looking for:

• Flexible savings plans

• Fixed-term savings with high returns

• Low-risk investment options

• A beginner-friendly interface

…then PiggyVest is a top choice. However, if your goal is long-term investments or diversified mutual fund portfolios, Cowrywise or Risevest might be more suitable.

So, yes—PiggyVest is among the best for savings and short-term investments, especially for Nigerians looking to cultivate discipline and financial habits.

How risky is PiggyVest?

PiggyVest is considered low-risk, but like all financial platforms, it’s not entirely risk-free.

Here’s why the risk is relatively low:

• It partners with CBN-licensed financial institutions and SEC-registered investment partners.

• Funds are stored in secure trustee accounts.

• It uses strong encryption and security features.

However:

• It is not directly insured by NDIC.

• Investments carry market risks, especially in agriculture and business sectors.

• Withdrawal limitations might be a challenge during emergencies.

So while it’s not risk-free, PiggyVest takes several steps to minimize risk and protect user funds.

Can you break PiggyVest savings?

Yes, but it depends on the type of savings plan you’re using.

1. Piggybank (automated savings) – You can withdraw funds, but only on your free withdrawal days (usually once per quarter). Early withdrawals attract a 2.5% penalty.

2. Safelock – This plan cannot be broken once the money is locked. It’s designed like a fixed deposit. You must wait until the maturity date.

3. Flex Naira – You can withdraw at any time without restrictions.

So while some savings are breakable, others are intentionally fixed to help you stay disciplined.

Who owns PiggyVest?

PiggyVest is owned by PiggyTech Global Limited, a Nigerian fintech company co-founded by:

• Odunayo Eweniyi (COO)

• Joshua Chibueze (CMO)

• Somto Ifezue (CEO)

These founders are young Nigerian entrepreneurs with a background in tech and finance. Together, they created PiggyVest to help Nigerians save and invest better using digital tools.

What is the best app to save money with interest in Nigeria?

Some of the best apps to save money with interest in Nigeria include:

• PiggyVest – Offers up to 13% annual interest depending on the savings plan.

• Cowrywise – Connects users to mutual funds with variable returns.

• Risevest – Ideal for saving in dollars and earning global returns.

• Kuda Bank – Offers up to 15% interest on specific savings goals.

• Opay – Allows users to save and earn interest through its SaveFlex and Target plans.

For most people, PiggyVest is the most versatile option, while Cowrywise is better for structured long-term savings.

Which savings account earns the most interest?

Among traditional banks, savings accounts typically offer 2% to 4% interest per year. However, fintech platforms offer higher returns:

• PiggyVest Safelock – Up to 13% annually

• Cowrywise mutual funds – 8% to 15% depending on the fund type

• Risevest dollar savings – 10%+ depending on the asset class

• Kuda Fixed Savings – Up to 15% per annum

So, Kuda Bank and PiggyVest Safelock are among the highest interest earners in the Nigerian market.

Which is the best platform to save money?

The best platform to save money in Nigeria depends on your needs. Here’s a quick breakdown:

• PiggyVest – Best for flexible and high-interest savings.

• Cowrywise – Ideal for structured, long-term savings with investment integration.

• Kuda Bank – A digital bank with impressive interest rates and zero-fee banking.

• Opay – Great for simple savings and daily spending.

• Risevest – Best if you want to save in dollars and hedge against inflation.

For most users, PiggyVest remains the best all-around option because of its automated savings plans, rewarding interest, and simple interface.

Which platform is best for saving money?

When it comes to choosing the best platform for saving money in Nigeria, several options offer competitive features, interest rates, and security. However, PiggyVest consistently stands out as the most reliable and user-friendly platform for digital savings.

PiggyVest is tailored to the Nigerian market and offers a variety of savings plans that cater to different financial goals. Users can automate their savings daily, weekly, or monthly using the “Piggybank” feature.

If you’re saving toward a particular goal, “Target Savings” lets you set a specific amount and deadline. Additionally, the “Safelock” feature allows you to fix your funds and earn up to 13% per annum, mimicking a fixed deposit.

One reason PiggyVest is highly preferred is its combination of flexibility and high returns. Most Nigerian commercial banks offer around 2%–4% on regular savings, but PiggyVest starts from 8% and goes higher depending on the saving method. The platform is also easy to use, offers visual progress tracking, and sends regular savings reminders to help you stay committed.

Another top contender is Cowrywise, which is ideal for individuals interested in long-term structured savings and mutual fund investments. It allows users to invest in professional, SEC-regulated portfolios with competitive returns and good diversification.

For those who want to save in dollars, Risevest is the best option. It allows you to save and invest in U.S.-based real estate, stock portfolios, and fixed income, protecting your funds from Naira devaluation.

Lastly, Kuda Bank offers interest rates of up to 15% on its “Fixed Savings” plan and provides the full digital banking experience with no maintenance fees.

In conclusion, if you’re looking for the best all-around savings platform in Nigeria in 2025, PiggyVest is the top choice. For investment-savvy users, Cowrywise is a strong alternative. For USD savings, Risevest is unbeatable. And for traditional banking experience with high interest, Kuda Bank fits the bill.

Which app is best for keeping money?

The best app for keeping money safely in Nigeria depends on your priorities—interest rates, accessibility, or investment options. However, Kuda Bank, PiggyVest, and Opay lead the pack when it comes to secure and smart money storage.

Kuda Bank is Nigeria’s leading digital bank, offering features that make it ideal for storing money. With Kuda, your funds are stored in a CBN-licensed microfinance bank, and the account is NDIC-insured, offering traditional banking safety with modern digital convenience.

Users enjoy zero maintenance fees, budgeting tools, and savings options that can earn up to 15% annually when using their “Fixed Savings” or “Spend + Save” features.

PiggyVest, while not a traditional bank, is perfect for storing money with a purpose. It discourages impulsive spending by restricting access to your savings except on specific days or through penalties.

This means that money kept in PiggyVest is not just stored—it’s growing. With interest rates of 8%–13% and automated savings plans, PiggyVest is a smart app for money retention and growth.

Opay is another good option. As a CBN-approved fintech, Opay allows you to store funds, make transactions, and earn interest through their savings product “SaveFlex.” It is integrated into a mobile wallet with fast transactions and a large merchant network, making it practical for both savings and daily use.

If you’re keeping money in dollars, Risevest and Chipper Cash USD Wallet are better options. These allow you to store funds in foreign currency to protect your money from local inflation and currency devaluation.

So, for high-interest digital savings, Kuda is the best for those who want bank-level services. For savings with discipline and growth, PiggyVest is unmatched. And for daily use with flexible interest, Opay is reliable and widely accessible.

Where is the best place to put money to gain interest?

If your goal is to grow your money while keeping it safe, the best place to put your funds is in high-interest savings platforms, money market funds, and regulated digital banks. In Nigeria, the most effective platforms for gaining interest are PiggyVest, Cowrywise, Kuda Bank, and money market mutual funds managed by SEC-approved firms.

PiggyVest offers a wide range of savings plans that pay attractive interest rates. For instance, their “Piggybank” product pays up to 8% per annum, while the “Safelock” feature—similar to a fixed deposit—pays up to 13% annually, depending on the duration. Your funds are stored with a CBN-licensed partner, and the interest is paid monthly or upfront, making it a powerful way to grow money over time.

Cowrywise, on the other hand, specializes in mutual fund investments. Instead of offering fixed interest rates, it allows you to invest in SEC-regulated mutual funds such as money market funds, fixed income funds, and equity funds.

The return depends on the market but typically ranges between 8%–15% per annum. It’s perfect for those willing to take slightly more risk for potentially higher returns.

If you prefer a more traditional banking feel with digital convenience, Kuda Bank offers up to 15% annual interest when you lock your funds in their “Fixed Savings” feature. The platform is NDIC-insured and regulated by the CBN, giving your money a high level of protection alongside decent returns.

For those looking to protect their savings from Naira devaluation, dollar-based savings platforms like Risevest or Chipper Cash USD Wallet offer the best value. You can earn dollar-denominated interest on savings invested in U.S. real estate, global stocks, or fixed-income products—often between 6% and 10% annually—while also preserving your wealth in foreign currency.

Money market funds from platforms like ARM, Stanbic IBTC, or FBNQuest also deliver 7%–12% annual interest and are considered low-risk. These are ideal for individuals who want liquidity, moderate returns, and peace of mind.

In summary, the best places to gain interest on your savings in 2025 include PiggyVest for fixed returns, Cowrywise for mutual funds, Kuda Bank for insured banking returns, and money market funds for safety and flexibility. Choosing the right platform depends on your risk appetite, financial goals, and how long you’re willing to lock away your funds.

Which bank is giving 7% interest on savings accounts?

As of 2025, very few traditional Nigerian banks offer a flat 7% interest rate on standard savings accounts, mainly due to Central Bank of Nigeria (CBN) regulations and the conservative nature of banking operations.

However, some digital banks and fintech platforms affiliated with licensed microfinance institutions or banks are offering savings plans with interest rates that meet or exceed 7%—especially under specific conditions or savings features.

One of the most prominent examples is Kuda Bank, a licensed microfinance bank regulated by the CBN. While Kuda’s standard account does not pay 7% outright, their “Fixed Savings” and “Spend+Save” features allow users to earn up to 15% per annum.

To enjoy this rate, users must lock their funds for a set duration without making early withdrawals. The minimum duration and amount determine the exact interest rate, but even moderate savers can expect returns in the 7%–10% range.

Another platform that offers interest rates around or above 7% is PiggyVest, particularly with their Safelock feature. This product mimics a fixed deposit account and offers up to 13% per annum depending on how long you’re willing to lock in your money. While PiggyVest is not a traditional bank, it partners with CBN-licensed financial institutions to manage customer deposits.

For more conventional banks, GTBank, Zenith Bank, and UBA often offer special high-interest savings products for long-term or youth savings plans. However, these usually come with stricter terms and are not common for general savings accounts. Typically, the base interest rate in most commercial savings accounts remains between 1.25% and 4%.

Alternatively, users can explore money market mutual funds provided by banks such as:

• Stanbic IBTC Asset Management

• FBNQuest Asset Management

• ARM Investment Managers

These funds often yield returns between 7% and 12% per annum, depending on market conditions. Though they are technically not savings accounts, they serve a similar purpose for capital preservation and modest returns.

In conclusion, while traditional banks may not consistently offer 7% interest on basic savings accounts, Kuda Bank, PiggyVest Safelock, and money market mutual funds from financial institutions can help you achieve or surpass this target when used correctly.

Which bank pays the highest interest on a savings account?

In 2025, digital banks and microfinance institutions in Nigeria are offering the highest interest rates on savings accounts, significantly outperforming traditional commercial banks. Among these, Kuda Bank and VFD Microfinance Bank (VBank) are currently leading with the most attractive rates.

Kuda Bank offers up to 15% per annum through its “Fixed Savings” and “Spend+Save” features. The “Fixed Savings” option allows users to lock funds away for a chosen duration (up to 12 months), and in return, they earn higher interest.

The rate is tiered, meaning longer lock-in periods attract higher interest. The “Spend+Save” feature also earns interest, although at a slightly lower rate. This makes Kuda one of the best high-interest digital banks for both regular and fixed savings.

VFD Microfinance Bank, which operates the VBank app, also provides competitive interest rates—offering up to 14% per annum on specific fixed savings plans. VBank is NDIC-insured and licensed by the CBN, meaning your funds are protected while still earning high yields.

Traditional banks such as GTBank, UBA, Access Bank, and Zenith Bank typically offer much lower interest rates—usually between 1.25% to 4% per annum—on standard savings accounts.

These banks focus more on security and reliability than high-yield savings. While they may have special high-interest products like Target Savings or Fixed Deposit Accounts, those are usually time-bound and come with strict terms.

If you’re open to using fintech-backed investment platforms, PiggyVest provides interest of up to 13% per annum on its Safelock feature, while Cowrywise connects users with money market mutual funds that can yield 8%–15% per annum based on fund performance. These platforms aren’t banks but use licensed trustees and financial partners, offering bank-level safety with better returns.

So, if you’re strictly asking about banks, Kuda Bank currently pays the highest interest on savings accounts. For those open to non-traditional options, VBank, PiggyVest, and Cowrywise offer even more competitive rates, especially for fixed-term savings or investment-linked accounts.

Where to park cash in 2025?

In 2025, parking your cash wisely means placing it in an account or investment that is both secure and interest-generating. The goal is to ensure your money is safe while earning a reasonable return or remaining readily accessible for emergencies.

Depending on your financial goals—short-term liquidity or long-term safety—there are a few top places to park your cash in Nigeria and globally.

1. High-Yield Savings Platforms (e.g., PiggyVest & Kuda):
   Platforms like PiggyVest and Kuda Bank are ideal for parking cash securely while earning attractive interest. PiggyVest’s Flex Naira wallet pays up to 8% annually, and Safelock can go as high as 13%. Kuda offers up to 15% per annum on fixed savings. These options allow you to earn significantly more than traditional banks.

2. Money Market Mutual Funds (MMMF):
   These are low-risk funds managed by asset managers like ARM, Stanbic IBTC, and FBNQuest. MMMFs typically offer 8%–12% annual returns and provide daily liquidity, meaning you can withdraw your money easily while still earning interest. They are excellent for parking large sums for short to medium-term goals.

3. Digital Microfinance Banks (e.g., VBank, FairMoney):
   Some microfinance banks like VFD Microfinance Bank (VBank) or FairMoney MFB offer fixed savings with returns up to 14%–15% per annum. These are suitable for parking cash you don’t plan to use for a few months.

4. Dollar Savings Platforms (e.g., Risevest, Chipper USD Wallet):
   If you’re concerned about naira depreciation, platforms like Risevest let you park cash in dollar-denominated assets like U.S. real estate or fixed income, earning 6%–10% per year while preserving your wealth from local inflation. These platforms are best for long-term wealth preservation.

5. Digital Wallets with Interest (e.g., OPay & PalmPay):
   Apps like OPay and PalmPay offer simple ways to store money with modest interest through their SaveFlex or Target savings options. They combine spending convenience with small but steady returns, useful for short-term parking.

In conclusion, in 2025, the smartest places to park your cash are platforms that blend security, accessibility, and good returns. For short-term needs, money market funds and flexible savings wallets like PiggyVest Flex Naira work well. For longer-term parking, fixed savings in Kuda or VBank and dollar savings platforms like Risevest offer excellent options. Choose based on your need for access, return expectation, and inflation protection.

Which savings account has the highest interest?

As of 2025, the savings accounts with the highest interest in Nigeria are mostly found on digital banking platforms and fintech apps, rather than traditional commercial banks.

These modern platforms offer significantly better rates—sometimes up to 15% annually—by reducing overhead and encouraging long-term savings behavior.

One of the top performers is the “Fixed Savings” account on Kuda Bank, a fully digital microfinance bank licensed by the Central Bank of Nigeria. With Kuda, users can lock away funds for a chosen period—ranging from a few months to a year—and earn interest rates as high as 15% per annum. The interest is calculated daily and paid monthly or upon maturity, depending on the savings plan.

Another strong option is VFD Microfinance Bank (VBank), which offers a V Target Savings feature that allows customers to earn up to 14% annually, particularly on longer-term fixed deposits. These accounts are regulated by the CBN and insured by the NDIC, adding a layer of safety to your savings.

For fintech-based savings, PiggyVest’s Safelock stands out. Though technically not a traditional savings account, Safelock mimics a fixed deposit account and offers up to 13% per annum.

Users select a lock period (from 10 days to 12 months), and interest is paid upfront. This is ideal for users who want to grow their funds without the temptation of early withdrawal.

Cowrywise also offers access to money market mutual funds, which act like savings accounts but are actually low-risk investments. These funds have historically returned between 8% to 15% annually, depending on market performance. Cowrywise doesn’t offer fixed savings accounts, but its mutual fund strategy is perfect for long-term savers.

It’s worth noting that most commercial banks in Nigeria—such as GTBank, Zenith Bank, or UBA—only offer 1.25% to 4% annual interest on standard savings accounts. These rates are capped by CBN regulations and are often diluted further by fees and charges.

In summary, the savings accounts with the highest interest in 2025 include:

• Kuda Fixed Savings (up to 15%)

• VBank Target Savings (up to 14%)

• PiggyVest Safelock (up to 13%)

• Cowrywise Money Market Funds (8%–15%)

If your goal is to maximize interest while keeping your money secure, these are the most reliable and rewarding savings platforms to consider.

Where is the smartest place to keep your money?

In 2025, the smartest place to keep your money is a combination of secure, interest-bearing accounts and diversified financial platforms that protect your funds from inflation while giving you access when needed. The goal is to strike a balance between safety, returns, liquidity, and flexibility.

If you’re looking for safety and regular access, keeping your money in a CBN-licensed digital bank account like Kuda Bank or VFD Microfinance Bank (VBank) is a wise choice.

These banks are NDIC-insured, meaning your money is protected up to ₦500,000 in case of any failure. Both offer high interest—up to 15% annually—on fixed savings accounts, making them ideal for disciplined savers.

For those who want to grow their money passively, platforms like PiggyVest provide automated savings and investment options. Its Safelock feature allows you to earn up to 13% interest per year, while keeping your funds locked for a specific duration. It encourages savings discipline and reduces impulsive spending.

Another smart move is to split your savings across different purposes:

• Use PiggyVest or Kuda for short-to-medium-term savings.

• Use Cowrywise for long-term investing through mutual funds.

• Use Risevest or Chipper Cash USD Wallet to save in dollars and protect against Naira inflation.

If you are more risk-averse but still want moderate returns, money market mutual funds (MMMFs) from investment firms like ARM, Stanbic IBTC, FBNQuest, or Meristem are excellent. These low-risk instruments give 8% to 12% interest annually and are managed by professional fund managers, offering both growth and security.

Additionally, consider spreading funds into:

• Emergency savings in a high-interest but liquid wallet like Flex Naira (PiggyVest).

• Business or side hustle reserves in a fixed savings plan with high returns.

• Dollar savings or treasury-backed investments for inflation protection.

The smartest strategy is not to keep all your money in one place, especially not in a regular low-interest bank account. Instead, diversify across high-yield savings apps, money market funds, and digital banks to maximize returns, maintain access, and preserve value.

In summary, the smartest places to keep your money in 2025 are:

• Kuda or VBank for safe, high-interest savings

• PiggyVest for disciplined, automated saving

• Cowrywise for mutual fund investment

• Risevest for dollar-based protection against inflation.

Which bank account is best for savings?

In 2025, the best bank account for savings in Nigeria is one that combines high interest rates, easy access, digital convenience, and strong regulatory backing.

Based on these criteria, the Kuda Bank Savings Account currently stands out as the top option, followed closely by VFD Microfinance Bank (VBank) and a few other digital-friendly platforms.

Kuda Bank, a CBN-licensed microfinance bank, offers an innovative savings experience that allows users to automate savings, lock funds, and earn up to 15% per annum through its “Fixed Savings” plan.

What makes Kuda attractive is its flexible saving frequency, zero maintenance charges, and a mobile-first interface. For everyday savers who want a combination of safety and strong interest, Kuda leads the way.

The Spend+Save feature allows you to automatically save a small portion of each debit transaction, while the Fixed Savings plan gives you full control over how much you want to lock away and for how long. Your savings are NDIC-insured and regulated by the CBN, which adds an extra layer of financial safety.

VBank, operated by VFD Microfinance Bank, also offers one of the best savings accounts through its “Target Savings” feature. It allows users to set goals, lock funds, and earn up to 14% annually depending on the lock duration. It’s an excellent choice for users who prefer a structured approach to saving while still using a regulated, mobile-first bank.

For people who want to earn interest and avoid temptation, PiggyVest offers a saving experience that mimics banking but is focused purely on saving and investing.

Their Flex Naira wallet earns up to 8% annually, and Safelock gives up to 13%. Although not a traditional bank account, PiggyVest partners with licensed financial institutions, so it’s trusted and secure.

Traditional banks like GTBank, UBA, Zenith, and Access offer basic savings accounts with 1.25%–4% annual interest, but these are usually diluted by fees and inflation. Their digital savings products are rarely as competitive as what digital banks offer.

In conclusion, the best bank accounts for savings in Nigeria in 2025 are:

• Kuda Bank – for the highest interest and ease of use

• VBank – for goal-based saving and strong returns

• PiggyVest (as a saving platform) – for discipline and higher interest

• Cowrywise (for mutual fund access) – if you want to mix saving and investing

Which bank pays the highest interest on savings?

As of 2025, the bank that pays the highest interest on savings in Nigeria is not one of the traditional commercial banks, but rather digital microfinance banks that are CBN-regulated and optimized for savings and investment products.

Kuda Bank and VFD Microfinance Bank (VBank) currently offer some of the highest savings interest rates in the country, making them stand out in the banking sector.

Kuda Bank, one of Nigeria’s leading digital banks, offers up to 15% interest per annum through its Fixed Savings product. This plan allows users to lock their money for a specific period—such as 3, 6, or 12 months—and earn a high, guaranteed return.

The interest is calculated daily and typically paid monthly or upon maturity. Additionally, Kuda’s “Spend+Save” feature encourages micro-saving habits by automatically saving a portion of every transaction, also earning interest, though at a lower rate.

Similarly, VFD Microfinance Bank, which operates VBank, provides Target Savings plans that offer up to 14% per annum, depending on how long the funds are held. These savings plans are flexible and come with goal-setting features that help users commit to longer-term savings, thereby earning more.

While traditional banks like GTBank, Zenith Bank, UBA, and Access Bank do offer savings accounts, their interest rates are quite low—generally between 1.25% and 3.5% annually. These accounts are safe but often fail to grow your money meaningfully, especially after considering inflation and bank charges.

It’s also worth noting that some fintech apps like PiggyVest partner with regulated banks to offer even better interest rates:

• PiggyVest Safelock: Up to 13% annually

• Flex Naira: Around 8% annually

Although PiggyVest is not a bank, it partners with CBN-licensed financial institutions and stores user funds in trustee accounts for safety.

In summary, the highest-paying savings interest rates in 2025 are offered by:

• Kuda Bank – Up to 15% on Fixed Savings

• VBank (VFD Microfinance Bank) – Up to 14% on Target Savings

• PiggyVest – Up to 13% through Safelock

• Cowrywise – 8% to 15% via money market mutual funds (not a bank, but great for savers)

If your goal is to grow your savings meaningfully and securely, Kuda Bank currently provides the highest interest on savings among regulated financial institutions in Nigeria.

Which bank is best for savings?

In 2025, the best bank for savings in Nigeria is one that offers a combination of high interest rates, digital convenience, low fees, and regulatory protection. Based on these criteria, Kuda Bank is widely regarded as the best option for savings, especially for young professionals, students, and digital-first savers.

Kuda Bank is a fully licensed microfinance bank by the Central Bank of Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation (NDIC). What makes it exceptional is its ability to combine traditional banking services with digital innovation. Kuda offers:

• Up to 15% annual interest on fixed savings through its “Fixed Savings” plan

• Automatic savings through the “Spend+Save” feature

• No maintenance fees or card charges

• An easy-to-use mobile app with savings reminders, spending limits, and budgeting tools

The “Fixed Savings” plan allows you to lock your funds for a specific period—ranging from 3 to 12 months—and earn higher interest the longer you commit. It’s perfect for users who want to save money for a project, tuition, business, or emergency fund.

Another strong contender is VFD Microfinance Bank, known through its VBank platform. It offers up to 14% per annum interest on Target Savings, a goal-based product that allows you to set financial targets and earn high interest for staying committed. Like Kuda, VBank is also NDIC-insured and CBN-regulated.

While traditional banks like GTBank, Zenith, Access Bank, and UBA provide savings accounts with reliable security, their interest rates are quite low—usually between 1.25% and 4% per annum. These are suitable for basic transactions and salary payments, but not ideal for growing your savings over time.

For users looking for even higher returns and who are comfortable with fintech platforms, PiggyVest and Cowrywise are solid alternatives. Though not banks, they partner with CBN-licensed entities and offer interest rates up to 13% and 15% respectively, depending on the savings plan or investment fund.

In summary, the best banks for savings in Nigeria in 2025 are:

• Kuda Bank – Best overall for interest, flexibility, and digital tools

• VBank – Great for goal-oriented savers who want high returns

• PiggyVest and Cowrywise – Best fintech alternatives for disciplined savers.

Which money market pays the highest interest?

In 2025, money market mutual funds (MMMFs) remain one of the most reliable and low-risk ways to earn passive income in Nigeria. These funds are professionally managed, invest in short-term, high-quality financial instruments like treasury bills and commercial papers, and offer significantly higher interest than regular savings accounts.

Among all the providers, Stanbic IBTC, FBNQuest, and ARM Investment Managers are leading the market in terms of both interest rates and fund stability.

Currently, Stanbic IBTC Money Market Fund is one of the top-performing options. On average, it delivers 10%–13% interest per annum, depending on the market.

The fund is managed by professionals and is highly liquid, meaning you can request your money at any time without long delays. Stanbic IBTC has a strong reputation for transparency and consistent returns, making it ideal for both individuals and corporate savers.

FBNQuest Money Market Fund is another strong performer, consistently offering 9%–12% annual interest. It is one of the most accessible funds in Nigeria and allows you to start investing with as little as ₦5,000. This fund is particularly suitable for people who want a balance between returns and accessibility.

ARM Money Market Fund, managed by ARM Investment Managers, also performs well with an average return of 8.5%–11.5% per annum.

ARM is known for its robust customer service and long-standing presence in the Nigerian investment space. Their money market fund is highly trusted and suitable for both new and experienced investors.

Other notable funds include:

• United Capital Money Market Fund – Offering up to 12% yearly

• Meristem Money Market Fund – Competitive and consistent with 9%–11% return

• Lotus Capital Halal Investment Fund – A sharia-compliant option with around 8%–10% returns

What makes money market funds attractive is that they’re:

• Low risk

• Highly liquid

• Professionally managed

• Regulated by the Securities and Exchange Commission (SEC)

They are also perfect for short-term savings, emergency funds, or for parking large sums while deciding on long-term investment strategies.

In summary, the money market funds with the highest interest in 2025 are:

• Stanbic IBTC Money Market Fund – Up to 13%

• FBNQuest Money Market Fund – Up to 12%

• ARM Money Market Fund – Up to 11.5%

• United Capital Fund – Up to 12%.

Which bank has the best high-yield savings account?

In 2025, the bank with the best high-yield savings account in Nigeria is Kuda Bank. This fully digital, CBN-licensed microfinance bank offers some of the highest interest rates in the Nigerian banking sector, especially when compared to traditional commercial banks. If you’re looking for a savings account that earns solid returns while remaining secure and user-friendly, Kuda leads the way.

Kuda’s Fixed Savings feature allows users to lock away money for set periods—typically 3, 6, or 12 months—and earn up to 15% interest per annum. This makes it the most rewarding savings product available through a licensed financial institution.

The interest is calculated daily and paid either monthly or at the end of the term, depending on the plan you choose. The funds are also insured by the Nigeria Deposit Insurance Corporation (NDIC), which ensures safety and regulatory compliance.

Beyond interest, Kuda offers digital tools that support financial discipline, such as:

• Automatic savings with customizable frequency

• Spend+Save feature that rounds up your spending into savings

• In-app budgeting tools to manage your expenses

• No maintenance fees or SMS charges

Another strong contender for high-yield savings is VFD Microfinance Bank, which operates the VBank app. VBank offers Target Savings that can earn up to 14% per annum, depending on the amount and duration of savings. Like Kuda, it’s regulated by the CBN and insured by the NDIC.

Traditional banks like GTBank, UBA, Access Bank, and Zenith Bank do offer savings products, but their interest rates remain low—typically between 1.25% and 4% per annum. These banks prioritize stability and access over high returns, making them less ideal for users who want their money to grow faster.

If you’re open to fintech platforms that act like savings banks, PiggyVest offers up to 13% interest on Safelock, and Cowrywise allows you to invest in mutual funds that earn 8%–15% annually. However, these are technically not bank accounts but saving platforms backed by financial institutions.

In conclusion, if you’re searching for the best high-yield savings account from a bank in Nigeria, Kuda Bank is the clear winner in 2025, offering:

• High interest (up to 15%)

• Digital convenience

• NDIC insurance

• No hidden charges.

Which bank gives the best interest on savings accounts?

As of 2025, the bank that gives the best interest on savings accounts in Nigeria is Kuda Bank. This digital-first, microfinance bank has significantly changed how Nigerians save by offering one of the most attractive interest rates in the country—up to 15% per annum on savings.

Compared to traditional banks that offer much lower rates (between 1.25% and 4%), Kuda’s model makes it the top choice for both casual and disciplined savers.

Kuda achieves this through its Fixed Savings feature. Here’s how it works:

• You choose how much to save and for how long (from a few months to a full year).

• The longer the lock-in period, the higher your interest rate—up to 15%.

• You can track your earnings, set up auto-debits, and even schedule savings goals.

Additionally, Kuda’s Spend+Save option automatically saves a portion of your spending every time you make a transaction. While this feature earns less interest than Fixed Savings, it builds your savings steadily in the background—ideal for those who find it hard to save manually.

VBank (by VFD Microfinance Bank) is another bank offering very competitive interest—up to 14% per annum—on their Target Savings plans.

Users can set personal saving goals, choose a duration, and enjoy higher returns for staying committed. VBank is NDIC-insured and CBN-regulated, just like Kuda, so your money is well protected.

When compared with traditional banks like GTBank, UBA, Zenith Bank, and Access Bank, the difference is significant. These banks generally pay between 1.25% to 4% per year on savings, and after fees and inflation, the real return is often negligible or even negative.

For those open to fintech alternatives, PiggyVest and Cowrywise also provide excellent interest rates through features like:

• PiggyVest Safelock (up to 13% per annum)

• Cowrywise Money Market Funds (up to 15%, depending on fund performance)

However, it’s important to note that while these platforms aren’t banks, they partner with licensed trustees and financial institutions, giving your money a strong layer of security.

In conclusion, the bank that gives the best interest on savings in 2025 is Kuda Bank, with VBank close behind. If you’re aiming to grow your money safely and efficiently, choosing one of these two over traditional banks is a much smarter move.

Which money market pays the highest interest rate?

In 2025, the money market that pays the highest interest rate in Nigeria is typically found through regulated mutual funds offered by top asset management companies.

These money market mutual funds (MMMFs) are low-risk investments that focus on short-term financial instruments such as treasury bills, commercial papers, and certificates of deposit.

Among the top-performing options, the Stanbic IBTC Money Market Fund, FBNQuest Money Market Fund, and United Capital Money Market Fund consistently deliver the highest interest rates.

Stanbic IBTC Money Market Fund is a standout option, known for its strong returns and solid fund management. As of 2025, it offers interest rates ranging between 10% and 13% per annum, depending on market fluctuations and the volume of assets under management.

The fund is regulated by the Securities and Exchange Commission (SEC) and offers high liquidity, meaning you can withdraw your funds at short notice without penalties.

FBNQuest Money Market Fund is another top-tier product, delivering returns of 9% to 12% annually. It’s highly suitable for individuals and corporate investors who want a safe place to grow their money while keeping it accessible. The minimum entry is also low, often around ₦5,000, making it accessible to a wide range of savers.

United Capital Money Market Fund is also known for its consistency and ease of access. With interest rates of 10% to 12% per annum, it’s one of the highest-yielding funds in the market. The fund is professionally managed and provides daily interest updates, allowing investors to track their growth in real time.

Other notable mentions include:

• ARM Money Market Fund – Offers 8.5% to 11.5% annually

• Meristem Money Market Fund – Offers 9% to 11%

• Lotus Capital Halal Investment Fund – A sharia-compliant option, earning around 8% to 10%

These money market funds are ideal for:

• Emergency funds

• Business cash reserves

• Short-term savings before long-term investments

• Individuals who want safety with decent returns

In summary, the money market funds with the highest interest rates in Nigeria in 2025 are:

• Stanbic IBTC – Up to 13% per annum

• FBNQuest – Up to 12% per annum

• United Capital – Up to 12% per annum

These options combine security, high yield, and liquidity, making them the best choices for Nigerian savers looking to maximize returns with minimal risk.

What’s the best type of savings account?

In 2025, the best type of savings account is one that offers a combination of high interest rates, flexibility, low fees, and security. Given the current economic landscape in Nigeria—where inflation is a significant concern and traditional savings accounts yield very little—the best savings accounts are those offered by digital banks and fintech platforms that are CBN-regulated and NDIC-insured.

Among all the types available, the “Fixed Savings Account” or “Target Savings Account” offered by digital microfinance banks like Kuda Bank and VBank are considered the best.

These accounts allow users to lock in their money for a specific period, such as 3, 6, or 12 months, and earn interest rates as high as 14% to 15% annually. This is significantly higher than the 1%–4% annual interest offered by traditional banks like GTBank or Zenith Bank.

The Fixed Savings Account offered by Kuda Bank is especially ideal for disciplined savers who don’t need immediate access to their funds. You simply choose the amount to save and the duration, and the bank calculates the interest, which can be paid monthly or at maturity. It’s perfect for emergency funds, school fees, rent planning, or business capital.

Another excellent type is the “Target Savings Account” by VBank. This account helps users set clear financial goals—such as saving for a gadget, a trip, or an event—and provides structured savings plans with competitive interest rates up to 14% per annum. It combines motivation and high returns in one smart product.

For more flexibility, PiggyVest’s Flex Naira Wallet is a good alternative. It allows withdrawals at any time and still pays interest (up to 8% annually). Though not technically a bank savings account, PiggyVest partners with licensed financial institutions and trustees to ensure user funds are secure.

If you want to mix saving with investment, Cowrywise offers access to money market mutual funds through its platform, which can yield 8%–15% annually. These aren’t typical savings accounts but provide similar benefits with slightly more risk and better growth potential.

In summary, the best type of savings account in 2025 is:

• Fixed or Target Savings Account from Kuda Bank or VBank – for high returns and goal-based discipline

• Flexible Wallets like PiggyVest Flex Naira – for short-term savings and easy access

• Investment-linked savings like Cowrywise – for higher growth with moderate risk

Choose the type that fits your financial goals, risk tolerance, and savings habits.

Which bank gives the highest interest?

As of 2025, the bank that gives the highest interest in Nigeria is Kuda Bank, a digital microfinance bank fully licensed by the Central Bank of Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation (NDIC). Kuda has become a top choice for savers because of its high-yield savings options that outperform traditional bank offerings.

Kuda offers up to 15% interest per annum through its Fixed Savings feature, which allows users to lock their funds for a specific duration (e.g., 3, 6, or 12 months).

The longer you keep your money locked, the higher the interest you earn. It’s designed for people who want to grow their funds over time without spending temptations. Interest is either paid monthly or at the end of the term, depending on the plan you choose.

In addition to its high interest, Kuda offers several benefits:

• Zero maintenance fees

• Spend+Save automation, which lets users save small amounts from daily spending

• Full mobile access and budgeting tools

• CBN regulation and NDIC insurance, ensuring deposit security

VFD Microfinance Bank (VBank) is another top performer. It provides a Target Savings account that pays up to 14% interest per year, depending on the saving period. It works similarly to Kuda’s fixed savings option and is ideal for users saving for specific goals like rent, school fees, or vacation.

Traditional banks such as GTBank, Zenith Bank, UBA, and Access Bank offer much lower interest rates—typically between 1.25% and 4% annually on their standard savings accounts. These accounts prioritize liquidity and security but are not ideal for maximizing savings growth.

Other high-interest platforms include:

• PiggyVest Safelock (up to 13% per annum)

• Cowrywise Money Market Funds (up to 15%, depending on fund performance)

While PiggyVest and Cowrywise aren’t banks, they work with CBN-licensed and NDIC-insured institutions, offering a strong layer of trust and safety for your money.

In conclusion, Kuda Bank currently gives the highest interest among Nigerian banks in 2025, offering a perfect blend of digital ease, safety, and rewarding returns. It is the go-to bank for Nigerians who want to earn more from their savings while enjoying modern banking services.

Where can I get 8% on my savings?

In 2025, there are several trusted platforms in Nigeria where you can earn at least 8% interest annually on your savings. These include a mix of digital banks, fintech savings apps, and money market mutual funds. If you’re looking for low-risk, stable returns that beat traditional bank interest, these platforms are your best options.

One of the easiest and most accessible places to get 8% on your savings is PiggyVest, particularly through its Flex Naira wallet. This is a flexible savings plan where you can save and withdraw anytime, while still earning around 8% annual interest.

It’s ideal for emergency savings or short-term goals. PiggyVest also offers Safelock, which gives even higher returns (up to 13%) when you lock your money for a fixed period.

Another excellent option is Cowrywise, a savings and investment platform that allows users to invest in money market mutual funds. These funds are low-risk and professionally managed, often yielding between 8% to 12% annually, depending on market conditions. Some funds on Cowrywise—like the ARM Money Market Fund or Meristem MMF—consistently return more than 8%, making them a strong choice for conservative savers who want stable returns.

You can also earn 8% or more by using digital microfinance banks like Kuda Bank and VBank (by VFD Microfinance Bank). While their fixed savings features offer up to 14%–15% interest annually, even the more flexible savings options can yield 8%–10% for shorter lock-in periods. These banks are regulated by the CBN and insured by the NDIC, so your funds remain protected.

Here’s a quick summary of where you can earn 8% on your savings:

• PiggyVest Flex Naira – ~8% interest, with flexibility to withdraw anytime

• PiggyVest Safelock – Up to 13% for fixed savings

• Cowrywise Money Market Funds – 8% to 12% annually

• Kuda Bank Fixed Savings – Starts around 8% and goes up to 15%

• VBank Target Savings – Offers 8%+ based on duration

In conclusion, if your goal is to earn 8% or more while keeping your money secure, PiggyVest, Cowrywise, Kuda, and VBank offer excellent, regulated, and low-risk platforms tailored to your needs.

What is the best savings account to put your money in?

In 2025, the best savings account to put your money in depends on what you’re looking for—high interest, safety, flexibility, or long-term growth.

However, if we consider all these features together, then Kuda Bank’s Fixed Savings account and VBank’s Target Savings account stand out as the top choices in Nigeria.

Kuda Bank, a fully digital and CBN-licensed microfinance bank, offers a Fixed Savings account that pays up to 15% annual interest, depending on the lock-in duration.

This account is ideal for individuals who want to grow their money faster without the risk of market fluctuations. Users can choose to save for 3, 6, or 12 months, and the interest is paid monthly or at maturity.

What makes Kuda’s savings account outstanding is the ease of use, NDIC insurance (up to ₦500,000), no maintenance charges, and smart digital tools like automatic savings and spend tracking.

VBank (VFD Microfinance Bank) is another excellent platform. Their Target Savings account allows you to set specific financial goals—like saving for school fees, rent, or a business—and lock funds for a selected period.

The more committed you are, the higher the interest you earn, up to 14% annually. The platform is also NDIC-insured, mobile-friendly, and built for modern savers.

For savers who prefer flexibility, PiggyVest offers a Flex Naira Wallet that pays up to 8% per annum, with the option to withdraw your funds at any time.

Their Safelock feature can also give you up to 13% interest for locking your funds for a chosen duration. While not a traditional bank account, PiggyVest is widely trusted and partners with licensed trustees and microfinance banks for fund security.

Cowrywise is another strong alternative. It allows you to save and invest in money market funds, which are low-risk and offer 8% to 15% interest annually. Though it’s not a bank, Cowrywise operates under CBN regulations through partnerships with SEC-licensed fund managers.

In summary, the best savings accounts to put your money in are:

• Kuda Bank Fixed Savings – Best for high interest (up to 15%)

• VBank Target Savings – Great for goal-setting and earning up to 14%

• PiggyVest Flex Naira/Safelock – Good for flexibility and disciplined saving

• Cowrywise Money Market – Ideal for stable investment-style savings

These options all offer higher returns, better savings tools, and regulatory protection—making them smarter choices than traditional low-interest savings accounts.

How many savings accounts should I have?

There’s no fixed number of savings accounts a person must have, but ideally, you should maintain at least two to four separate savings accounts, each serving a specific financial purpose. This approach helps with budgeting, goal tracking, financial discipline, and prevents mixing up funds meant for different needs.

1. Emergency Savings Account
   This account is strictly for emergencies—unexpected medical bills, car repairs, or sudden job loss. It should be easily accessible, so keep it in a flexible, high-interest savings platform like PiggyVest’s Flex Naira, Kuda Bank, or a standard NDIC-insured bank account. Aim to save 3–6 months’ worth of living expenses here.

2. Short-Term Goals Account
   Use this for upcoming goals like rent, school fees, or buying a gadget. Here, a Target Savings account like the one offered by VBank or Kuda Bank’s Fixed Savings is ideal. You can lock in the money and earn higher interest (up to 15%) while staying committed to the goal.

3. Long-Term or Investment Savings Account
   For building wealth over time—like saving for a house, business, or retirement—you should consider investment-linked accounts such as those on Cowrywise, which allow you to save into money market or mutual funds. These offer higher returns (8%–15%) with moderate risk.

4. Spending Buffer Account (Optional)
   This is like a cushion account. It can help you avoid spending from your main account and prepare for irregular bills. This could be a low-interest account with easy access, like your regular commercial bank account or a secondary wallet on Kuda or Opay.

Having multiple accounts helps in:

• Tracking specific goals

• Avoiding temptation to overspend

• Managing money more effectively

• Earning more interest based on account type and purpose

However, avoid opening too many accounts if you cannot manage them properly. It’s better to have 3 well-structured and purposeful savings accounts than 6 unused or confusing ones.

In summary, most financially disciplined people keep between 2 to 4 savings accounts, with each one dedicated to a specific goal: emergencies, short-term needs, long-term investments, and buffer/spending.

Who has the best high-yield savings account right now?

In 2025, the platform that has the best high-yield savings account in Nigeria is Kuda Bank, followed closely by VBank (VFD Microfinance Bank) and PiggyVest, especially when you consider a blend of interest rate, safety, user experience, and financial control.

Kuda Bank offers the highest savings interest rate among Nigerian banks through its Fixed Savings plan, which pays up to 15% per annum. The process is simple: you choose how much to save and for how long—3, 6, or 12 months—and the longer your funds stay locked, the higher your interest.

This account is ideal for people who want to grow their money in a structured, risk-free way. Kuda is regulated by the Central Bank of Nigeria (CBN) and deposits are insured by the Nigeria Deposit Insurance Corporation (NDIC) up to ₦500,000, providing strong financial protection.

Next is VBank, a digital platform run by VFD Microfinance Bank. Its Target Savings account also offers impressive returns—up to 14% annually—and is tailored for people who are saving toward specific financial goals such as rent, travel, or business expenses. VBank is also CBN-licensed and NDIC-insured, and it provides an intuitive mobile interface for planning and monitoring your savings.

PiggyVest also ranks high when discussing high-yield savings. While it is not a traditional bank, it partners with regulated financial institutions. PiggyVest offers:

• Up to 13% per annum on Safelock (locked savings)

• Around 8% per annum on Flex Naira, its flexible savings wallet

It is best suited for savers who want higher interest rates and don’t mind locking up their funds to stay disciplined.

For those interested in investing their savings, Cowrywise provides a platform to invest in money market mutual funds that yield between 8% and 15% annually, depending on the fund’s performance. While not a savings account in the traditional sense, these funds offer a great alternative for long-term savers.

In summary, the platforms with the best high-yield savings accounts right now are:

• Kuda Bank – Up to 15% (best overall for fixed savings)

• VBank – Up to 14% (great for saving toward goals)

• PiggyVest – Up to 13% (good for discipline and automation)

• Cowrywise – 8% to 15% (ideal for investment-minded savers)

These options all outperform traditional banks in Nigeria and are perfect for anyone serious about growing their money efficiently in 2025.