10 Best Savings Apps in Nigeria 2024

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Saving money is an essential aspect of personal finance, and with the rise of digital banking, Nigerians now have access to a wide range of savings apps that offer high interest rates and convenient features. In this article, we will reveal the top 10 savings apps in Nigeria, their unique features, and the interest rates they offer.

10 Best Savings Apps in Nigeria 2024

  1. Piggyvest
  2. FairMoney
  3. Cowrywise
  4. Alat by Wema Bank
  5. Kuda Bank
  6. Carbon
  7. V Bank
  8. Optimus
  9. SumoTrust
  10. Kolopay

1. Piggyvest

Piggyvest is one of the most popular savings apps in Nigeria. Founded in 2012, it is the largest online savings and investment platform in Nigeria with over 4 million users. Piggyvest offers various savings options, including flexible savings plans and target savings accounts .

Some key features of Piggyvest include:

  • Savings Interest Rates: You can earn between 10% – 13% interest per annum, depending on the type of investment package you choose.
  • Savings Plans: Piggyvest provides savings plans like Autosave, Target Savings, Quicksave, Safelock, and Flex Dollar. This allows you to save flexibly or save towards specific goals.
  • Investments: Through their Investify feature, you can invest your savings in pre-vetted opportunities from as little as ₦5,000 with potential returns up to 25% per annum.
  • Security: Piggyvest is regulated by SEC and uses bank-level security measures to protect your funds. Over ₦1 trillion has been saved on the app so far.
  • Ease of Use: You can easily open an account, set savings goals, and track your progress on the user-friendly Piggyvest mobile app.

Overall, Piggyvest is a great choice for both beginner and experienced savers due to its wide range of savings products, competitive interest rates, and security features. You can sign up on their app store page here – ‎PiggyVest: Save & Invest Today on the App Store.

2. FairMoney

FairMoney is a leading digital bank in Nigeria that offers two savings wallets – FairSave and FairLock.

FairSave provides 14% interest per annum and allows you to access your savings without charging for withdrawals.

FairLock, on the other hand, offers a fixed deposit savings wallet with interest rates of up to 24% per annum [1].

Some key FairMoney features include:

  • No Minimum Balance: You can start saving with as low as ₦1.
  • Daily Interest: You earn interest daily which is calculated and compounded automatically.
  • Multiple Goals: FairLock allows you to create sub-accounts for different savings goals.
  • Online Platform: Manage your account and track your progress through their web and mobile apps.
  • Security: FairMoney uses bank-grade security including 2-factor authentication for extra protection.

With its competitive interest rates and versatile savings products, FairMoney is highly suitable for both novice and experienced savers looking to maximize returns.

3. Cowrywise

Cowrywise is an online savings app that offers a range of savings options, including short-term and long-term savings plans, as well as emergency savings accounts. With Cowrywise, you can earn interest rates of up to 12% on your savings.

Some key Cowrywise features include:

  • Target Savings: Save towards specific goals with target savings plans.
  • Automatic Savings: Set up automatic transfers from your bank to start savings effortlessly.
  • Investments: Invest your savings in short-term fixed deposits and mutual funds.
  • Usage Insights: Track your savings and spending habits through the app.
  • Online Platform: Manage your account through their well-designed mobile app.

Cowrywise is suitable for novice users looking for guided savings options as well as experienced savers seeking a range of investment alternatives. Their 12% interest rates also make them a good choice.

4. Alat by Wema Bank

Alat by Wema Bank is a digital bank that provides a range of savings options. It offers flexible savings and savings for specific goals. Alat also offers a high interest rate of up to 10% per annum and provides tools to help users manage their money and track their spending.

Some key Alat features include:

  • Easy Sign Up: Onboard within minutes using your BVN on their mobile app.
  • Account Management: View balances, transfer funds, and pay bills seamlessly.
  • Investment Options: Invest your savings in low-risk mutual funds.
  • Savings Insights: Analyze your cash flows to identify savings opportunities.
  • Strong Security: Uses bank-grade security with options like Touch ID and PIN.

Overall, Alat provides a robust digital banking experience with competitive interest rates through a well-established commercial bank. It\’s highly suitable for experienced users seeking a full-fledged banking solution on their mobile devices.

5. Kuda Bank

Kuda Bank is a digital bank that offers a variety of savings options, including fixed deposits and flexible savings. It provides a high interest rate of up to 10% per annum and allows users to easily transfer money in and out of their accounts.

Some key Kuda features include:

  • No Minimum Balance: Start saving with as low as ₦1.
  • Automated Savings: Recurring savings plans for goals like bonuses or paydays.
  • Competitive Rates: Earn up to 10% interest on different savings products.
  • Instant Transfers: Send and receive money anytime from your Kuda wallet.
  • Mobile App: Manage your account seamlessly on their iOS and Android app.

Kuda provides a feature-rich digital banking experience across multiple savings products. Their competitive interest rates also make them a suitable option for goal-oriented savers.

6. Carbon

Carbon, formerly known as Paylater, is a popular savings app in Nigeria. It offers savings products that provide up to 8% interest per annum. Carbon also offers other financial services such as loans and bill payments.

Some key Carbon features:

  • Flex Savings: Save flexibly and withdraw anytime from your savings.
  • Target Savings: Automated savings for specific goals like school fees.
  • Interest Earnings: Monthly interest credited directly into your wallet.
  • Money Transfer: Send funds to other Carbon users or bank accounts.
  • App Platform: Manage your account via their user-friendly mobile app.

While Carbon\’s interest rates are slightly lower compared to the above savings apps, it remains a suitable choice for working professionals seeking allied financial services alongside savings.

7. V Bank

V Bank is a digital banking app that offers a savings account with an interest rate of 5.5% per annum. It provides a user-friendly interface and features like automatic savings and spending tracking.

Some key V Bank highlights:

  • Easy Signup: Onboard in minutes with just your phone number.
  • Debit Card: Order physical and virtual debit cards for cashless payments.
  • Recurring Savings: Automated savings sync with your paydays.
  • Spending Insights: Analyze your expenses to identify saving patterns.
  • Multi Device Usage: Access your account from any device seamlessly.

V Bank provides a simplified banking experience making it suitable for entry-level users. The automatic savings also promote savings discipline.

8. Optimus

Optimus is a savings app that allows users to earn up to 10% interest on their savings. It offers a seamless user experience and provides features like goal-based savings and spending analysis.

Some key Optimus features include:

  • Flexible Savings: Save your money flexibly or lock it for higher interest rates.
  • Target Savings: Choose from short, medium and long term savings goals.
  • Rewards system: Earn points for saving regularly and redeem exclusive gifts.
  • Recurring Transfers: Set up automatic weekly/monthly savings from your bank.
  • Advanced Analytics: Detailed reports on your income, expenses and savings habits.

With its competitive rates and goal-oriented savings options, Optimus is well-suited for both novice and experienced savers looking to maximize returns through a supportive app interface.

9. SumoTrust

SumoTrust is a savings app that offers interest rates ranging from 10% – 15% per annum. It provides various savings options and allows users to set savings goals and track their progress.

Some key SumoTrust features include:

  • Target Savings: Save towards goals like education, travel with long term plans.
  • Flexi Savings: Short term plans allowing withdrawals with no penalties.
  • Auto Deposits: Link your bank account and set up regular savings.
  • Competitive Rates: Get up to 15% interest on fixed deposits.
  • Analytics Dashboard: Detailed reports on savings and spending patterns.

With one of the highest interest rates in Nigeria, SumoTrust\’s goal-oriented savings make it well-suited for experienced savers seeking maximum returns.

10. Kolopay

Kolopay is a savings app that offers a 10% interest rate on savings. It provides a simple and intuitive interface, allowing users to save and withdraw money easily [2].

Some key Kolopay highlights include:

  • No Fees: Absolutely no charges on deposits, transfers or withdrawals.
  • Flexi Savings: Save flexibly without locks or minimum periods.
  • Rewards: Earn extra interest by completing tasks like referrals.
  • Investments: Invest your savings in mutual funds and property trusts.
  • Simplified Design: Ideal for novice users looking for an intuitive app.

With its simplified user experience and competitive interest rates, Kolopay is well-suited for entry-level savers.

Conclusion

In conclusion, the rise of digital banking in Nigeria through savings apps has provided users greater accessibility and choice. Whether you are just starting out or an experienced saver, there is an app suited to your needs that can help you achieve your financial goals with features like automated savings, rewards, and high interest earnings. Do your research to choose one or two apps, start saving consistently, and watch your money grow over time.

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