Top 8 best money-saving apps with high-interest rates in Nigeria

Saving has become a golden financial tip that everyone who desires financial security works with. It is increasingly touted as one of the many ways by which you can grow your income and build stable wealth while reaching long- and short-term financial goals. With saving, every note counts as small amounts do add up over time.

Most people are familiar with the conventional method of saving – piggy banks or ‘kolo’ as it is popularly called in Nigerian parlance. However, it is not always safe or effective to save all of one’s money using piggy banks, especially when you start to deal with larger amounts of money. Not only is it unsafe to keep such at home, it may also be a temptation to you and you may risk constantly dipping into your savings to spend on splurges and everyday expenses. 

With technology, however, new and easy ways have been created to save in a quick and efficient manner. These are trustworthy money-saving applications with an easy-to-use interface that help you in a planned, rigorous and accessible way.

You need a money-saving app if:

1. You find it challenging to plan out your savings over a period of time. You constantly forget that you ought to save or are not sure how to go about it.
2. You have less than stellar delayed gratification abilities and will constantly dip into your savings for splurges or any expenses that come your way.
3. You need a better and more efficient way to keep your money.
4. Your savings have become quite large and it is no longer effective to keep them in your usual bank account.

Many of these money-saving apps do not only offer you a space to keep your hard-earned money, they also offer safe financial tips as well as interest on all monies saved with them. Not to worry, they are registered with and accountable to the central Bank of Nigeria and are therefore trustworthy and safe. Read on to enjoy a list of the 8 Best Money-saving apps with high interest rates in Nigeria.

Eight Best Money-saving apps with high interest rates in Nigeria

1. ALAT
ALAT is Nigeria’s first ever fully digital bank and tops this list for a plethora of very good reasons. The saving platform is the innovative brainchild of WEMA Bank Nigeria and is fully digital. This means that you can perform all your transactions on your electronic devices and from the comfort of your home – you do not have to go to a physical branch.

It is simple, convenient and reliable with an interest rate of up to 8.75% on the amount saved per annum – three times the standard bank rate! This account can be opened within minutes. All you have to do is download the app from the Google Play Store or the Apple App Store and upload all necessary details to create the account.

ALAT allows you to set your savings goal and determine how much you want to save and for how long. You can automate your savings or choose to save at your own pace. You can also choose to save alone or with friends via the Group Savings option. Interest rate on your savings is up to 4.2% provided you do not withdraw more than 3 times in a month.

It also has the added benefit that it functions like a regular bank account so you don’t have to link to another bank account to set up your savings. Your ALAT debit card (Visa, Mastercard, Verve card) is also delivered to you at home or in your location of choice at zero cost. This debit card is internationally acceptable and can be used for foreign transactions within and outside the country. 

With ALAT, you can create a free virtual dollar card for your online and foreign transactions.

2. PiggyVest
Formerly known as Piggy Bank, PiggyVest is a start-up that is affiliated with UBA Nigeria Plc. The savings app has a safe lock which enables you to lock up parts of your money for a specific period of time. For unlocked funds, there are 4 withdrawal dates, one per quarter and withdrawing outside of these dates attract a penalty fee of 5% of the withdrawal amount.  The app is available on Android and iOS and requires no deposit or monthly fees.

3. Cowrywise
Launched in 2017, Cowrywise offers savings with interest rates at periodic, fixed and one-time rates. With this app, you can build your savings and investment portfolios and manage your money securely. It has an interest rate calculator that determines how much interest you get per time. It also allows you to save as an individual or with a group. A notable highlight of Cowrywise is the friendly user-interface and the ‘Savings Challenge’, which challenges you to engage in rigorous savings plans that help you build emergency funds or a better stash of funds at the end of the specified period.

4. Sumotrust
Sumotrust, formerly known as Sumobank is another money-saving app that allows you to set aside money easily and automatically. They offer both savings and investment services with an interest rate of up to 10% per annum. The platform positions itself to cater to those who desire to save for business purposes. It is therefore a big fit for entrepreneurs and business corporations.

5. Kolopay
Kolopay is another app to save money on a schedule. With the EasySave and Autosave option, you can choose to automate your savings by schedule – daily, weekly or monthly. You can also use the Koloshare feature to invite others to contribute to your saving goal. Just like many of the other apps, Kolopay has a withdrawal date policy and offers an interest rate of up to 10%. Kolopay allows you to have multiple saving goals at a time.

6. KudaBank
Kuda is another saving platform that offers the opportunity for you to effortlessly save while earning interest on your money. With the Spend+Save tool, KudaBank allows you to put money away every time you spend on something. The savings plan is flexible and allows you to put your savings on your own schedule. You can also lock up the money in a Fixed Savings Plan and you can make up to 25 transfers to other banks in a month. 

7. Jetseed
Jetseed, formerly known as Pettysave is a savings and investments platform that aims to help you save and grow your money. You can automate your savings from as low as N100 and save towards specific targets such as a new car, wedding, travel, etc. The app also offers free financial tools and guides to help you on your path to financial security.

8. Crowdyvest
Crowdyvest is another saving app that offers you the opportunity to build your wealth consistently. With its autosave option, you have the freedom to automate your savings and create as many savings plans as you desire.

How do I get on ALAT?
In case you are wondering how you can join ALAT, Simply Click here to download the app or on Google Play (for Android phones) or on iOS App Store (for iPhone).