5 Savings Apps in Nigeria That Pays High Interest
We still get a clarity request on the best savings apps in Nigeria even though we have published top online savings and investment platforms in our previous article.
On this, I will hammer more again on same thing about Online savings apps in Nigeria which the old people will call Piggy Box saving or kolo saving box.
So, if you’re looking for the best savings App in Nigeria, then, here are my top 5 picks based on 3 criteria
- Trust
- Interest payout
- Services offered/Tech
Personally, I currently use 4 out of these online savings platforms and I can tell which of them is the best. So, I will list them in the order that I loved based on what I like about them.
SumoTrsut (Formerly known as SumoBank) is a trusted online savings App helping Africans save and spend less while learning and getting better at business and financial decisions.
The Sumotrust platform is focused on global Job entrepreneurs who will become job creators, that is why it’s in partnership with Entrepreneur Platform, formerly Entrepreneur Nigeria to provide FREE/Discounted business access to its online Academy to all Sumotrust users.
The platform pays you high savings interest returns of 10-15% per annum.
Download the Sumotrust App from both Android and iOS.
You can learn more about Sumobank on Sumotrust FAQ page.
- Trust Verdict: 99.9%
- Interest Payout: 10-15%
- Services Offered/Tech: Savings, Investing, Learning platform and Receiving payments.
- Withdrawal Fee: 5 Free withdrawals on Withdrawal dates and 4.5% Penalty fee on Non-Free Withdrawals dates
PiggyVest, formerly Piggybank is a trusted online savings platform for savings and investing. PiggyVest is one of the oldest online savings platforms in Nigeria and is currently used by many Nigerians to save.
Piggybank is pretty easy to use and great if you want to build a good savings culture.
- Trust Verdict: 99.9%
- Interest Payout: 8-15%
- Services Offered/Tech: Savings, Investing and Budgeting.
- Withdrawal Fee: Free withdrawals on Withdrawal dates and 5% Penalty fee on Non-Free Withdrawals dates
CowryWise is also a Trusted Online Savings App in Nigeria that helps its users save and invest for a goal.
The CowryWise App is pretty beautiful and easy to use.
- Trust Verdict: 99.9%
- Interest Payout: 10-15%
- Services Offered/Tech: Savings, Investing, loan, and finance calculating tools for schools and savings goals.
- Withdrawal Fee: Free withdrawals, no hidden fees
Alat by Wemabank is Nigeria’s first fully digital savings bank. The platform is trusted and secure to use and give you ATM card access to make cash withdrawals from your Alat account.
Apparently, ALAT allows you to do everything you can do with commercial banks.
Also great savings App for those who will need Cash at any time.
- Trust Verdict: 99.%
- Interest Payout:2%
- Services Offered/Tech: Savings, Investing, loan, and banking features.
- Withdrawal Fee: ATM card and Free withdrawals at all times.
KoloPay is a trusted online savings platform that allows its users to save money towards planned goals over a period of time. On Kolopay, you can’t withdraw some part of your savings but can only withdraw the whole amount before or after a goal’s due date.
Kolopay savings platform also allows you to share your savings goal with your friends and family so that they can help you to contribute to the achievement of the set target.
- Trust Verdict: 99.9%
- Interest Payout: 6% per annum
- Services Offered/Tech:
- Withdrawal charges:5% charge if withdrawal is done before the set date withdrawal date.
