Cowrywise vs PiggyVest: Which Should You Use to Save and Invest?

Cowrywise vs PiggyVest: Which Should You Use to Save and Invest?

PiggyVest vs CowryWise are the two most popular saving apps amongst Nigerians. These two platforms have successfully helped Nigerians save, invest and earn higher interest on their savings than they would with traditional banks. 

They are both available for android and iOS users. They both provide you with features that enable you to save as an individual, a group, and also to invest in low-risk, medium-risk, or high-risk investments for a specified period.

While both of these platforms are great for saving and investing at your own pace, you’ve probably heard or seen a lot of debate about which platform to use. 

PiggyVest is the popular choice of the two, with over 3 million downloads by android and iOS users. However, popularity isn’t the yardstick we’re using to measure the best savings app. In this article, we’re choosing the best savings app (PiggyVest vs Cowrywise) based on the usefulness of the features offered by these platforms to you.


READ MORE: Top Ways to Make Money Online in Nigeria (2021).


Similar Features on PiggyVest vs CowryWise

1. Regular Savings/ Piggy Bank

The Regular Savings feature on CowryWise helps users save any amount from as low as N100, with an interest rate of 10-15% per annum for a minimum maturity period of three months. CowryWise will not charge you any penalty fee for withdrawing your funds; however, you cannot withdraw your funds until they are mature.

Piggyvest has the Piggybank feature, which allows users to save any amount for a three-month maturity period at a rate of up to 10% per annum. Although Piggyvest has four free default withdrawal days per year, you can always change them to your preferred days. 

Also, you’re not restricted from withdrawing on these four free withdrawal days alone; you can withdraw on other days as well, but they will charge you a penalty fee of 5% from the amount withdrawn.

You can either save automatically (daily, weekly, or monthly) or manually on both platforms by securely paying with your card, or you can simply save directly from your bank via bank transfers or USSD. You also have the option to add your card on both platforms to save you the hassle of entering your details each time you save. 

cowrywise vs piggyvest

2. Flex Naira/ Stash

When you sign up on either of these platforms, you are given a unique account number; any funds transferred to your unique account numbers via bank transfers or USSD are deposited directly into your in-app flexible savings wallet, CowryWise’s Stash, or PiggyVest’s Flex Naira Wallet, depending on the savings platform you use.

You have the option to fund your savings plan, investment plan, or other users from your CowryWise Stash; your sold mutual fund payments are also deposited in this wallet.

Similarly, on PiggyVest you can use your Flex Naira wallet to fund your savings and investments plans; the interest earned on all other PiggyVest featured savings plans are also deposited in your Flex Naira Wallet.

Another appealing feature of the Flex Wallet is the ability to earn up to 8% interest on the amount in your wallet per year if you are willing to refrain from withdrawing more than four times per year; if you exceed this limit, all accrued interest on Flex savings will be forfeited. You can only withdraw from this wallet once every ten hours.

Flex Naira also lets you organise your funds into categories using labels. If you’re a highly organised person or you simply love to budget meticulously, this is a feature you would love. Although the Flex Naira rules are a bit stricter compared to Stash, the rewards of adhering to the rules might just be worth it.

3. Investment Plans

The investment option on Cowrywise is Mutual Funds. You can choose to invest in Dollar or Naira Mutual funds. It usually takes a maximum of 24-48 hours for sold Mutual funds to get paid into your Stash.

With a minimum investment amount of N5,000, PiggyVest’s Investment feature, Investify, makes investments accessible to almost anyone. The most popular type of investment on this platform is agriculture.

To get into an investment plan on Investify, you have to stay on your toes; they usually get sold out in less than 24 hours. That is not the case with CowryWise’s Mutual funds, no time is too late to start a Mutual Funds investment. You can also invest with as little as N1000; investing doesn’t get any easier than this.

4. Target Savings/Life Goals

The Target Savings feature on PiggyVest is a goal-oriented savings plan that allows you to set a target and save towards it within the period chosen by you with an interest rate of 9% per annum. Your periodic savings amount is automatically calculated by dividing the amount you plan to save by the duration of your savings.

On Target Savings, you can save either individually or as a group. If you want to lead by example or motivate your group to save towards a goal, you can make your Target Savings public so that your friends can see and follow your progress on their dashboard.

CowryWise’s similar feature is Life Goals, CowryWise has this savings plan to help you save towards important goals like your dream home, etc. It’s basically like Target Savings but the minimum maturity period is 1 year, it is called Life Goals for a reason.

The main difference between this feature and Target Savings is that Life Goals is not as flexible as Target Savings; while both plans allow you to choose the duration of your savings, the minimum duration for Life Goals is one year. You can also save with your friends and family as a group on Target Savings,  this option isn’t available for Life Goals users.

cowrywise vs piggyvest

Unique Features of PiggyVest

  • Safelock

The Safelock feature is unique to the Piggyvest platform. It allows you to lock your funds for as short as 10days or as long as 1000 days and earn interest of up to 12.5% per annum. The best part about this feature is that your interest is paid upfront as you lock your funds.

Unlike the Piggybank feature that allows you to withdraw from your savings plan on days other than your free withdrawal days with a penalty of 5%, you can’t withdraw from locked funds till the maturity date.

  • Flex Dollar

While saving in naira may not be appealing to the average Nigerian due to the naira’s continuous depreciation. PiggyVest’s Flex Dollar feature gives users who prefer to save in a more stable currency the option to save in dollars and earn up to 5% interest per year.

Unique Features of CowryWise

  • Savings Circle

This feature enables you to save towards a common goal as a group with your friends and family. While this feature may seem similar to Target Savings on Piggyvest, the Savings circle feature’s sole purpose is to save with your friends and family; saving as a group on the Target Savings plan is optional, but saving as a group on the Savings circle isn’t.

This feature is divided into three categories, each tailored to the type of group savings you want.

  • Challenges: As the name suggests, it’s a competitive plan to keep you motivated while saving with your friends and family.
  • Money Duo: it’s a savings plan for just two people; you can save with whomever you want on this plan.
  • Collections: This feature allows you and your friends to save a specific amount regularly. You are also not restricted to that amount; you can always save more than the specified amount. When this plan reaches maturity, you will be paid the amount you saved as an individual with the accrued interest.
  • Halal Savings

This plan is the same as the Regular Savings plan, but it doesn’t accumulate interest. This feature is designed for Muslim users on the platform who simply want to save and not earn interest on their savings. Halal Savings and  Regular Savings also share the same rule; users can’t withdraw from either of these plans till their maturity date.

  • Emergency Funds

This feature allows you to save for unforeseen circumstances, and because these situations are usually unexpected, CowryWise does not limit your withdrawals from this plan. Although you can withdraw from this plan at your discretion, try to only withdraw when it’s an actual emergency; the whole point of using this platform in the first place is to save with discipline. This feature requires a 1.5% payment processing fee of the amount you’re saving, but the good news is that the maximum processing fee is capped at N2000, which means you can’t be charged more than N2000 regardless of the amount going into your Emergency fund.

Should You Go for PiggyVest vs CowryWise?

Choosing between PiggyVest vs Cowrywise depends on what you need. 

If you’re looking to invest in low-risk to medium-risk investments or to simply invest at your pace, you should go for CowryWise. But if you seriously want to diversify your savings plans and enjoy the convenience of organizing your portfolio into different categories in one platform, PiggyVest is the savings platform for you.

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