Both CrowdyVest and PiggyVest have gone above and beyond to provide the best savings and investing platform; so, it’s really not a surprise that there’s a lot of rave about them. Trying to choose between these platforms is just plain exhausting, which is why we have put this CrowdyVest vs PiggyVest article together to help you make a painless decision.
What is CrowdyVest vs PiggyVest?
CrowdyVest is a savings and investment platform. It offers a variety of plans to help you to save and invest without stress. The most peculiar feature of CrowdyVest is its crowdfunding feature: Hyper Plan.
PiggyVest is PiggyVest, on the other hand, is one of Nigeria’s most popular saving apps. This platform has successfully helped Nigerians save, invest, and earn decent returns on their savings and investments.
CrowdyVest Vs PiggyVest Features and Plans
CrowdyVest Wallet/ Flex Naira Wallet
The CrowdyVest Wallet is automatically created for you the moment you sign up on the platform. This wallet comes with an account number that receives deposits from any local bank via transfers or USSD. You can also use this wallet to fund your investment or savings plans. There’s also a 3% annual return on this wallet.
You can withdraw from this wallet as often as you’d like, but you only have two free withdrawal days per month and one free withdrawal point whenever any of your plans mature. If you withdraw from this wallet after you’ve used up your free withdrawals, you’ll be charged a withdrawal fee between N10 to N50.
Similarly, when you complete your PiggyVest registration, you get a flex naira wallet with a unique account number. You can use this wallet to fund your savings and investment plans on the platform. Also, the interest earned on other savings plans is paid into your flex wallet. There’s also an 8% interest p.a on your flex naira savings.
You can also withdraw as often as you’d like from this wallet without paying any penalty fee. You will lose all the interest accrued on your flex naira savings if you exceed four withdrawals in a year.
This is CrowdyVest’s most distinguishing feature; it sets it apart from other savings and investment platforms. It’s a crowdfunding feature that allows you and other crowdyVest members to fund sustainable projects in the transportation, real estate, and agriculture sectors. With a minimum investment of N20,000, you can earn up to 21% annual returns by subscribing to a hyper plan, which typically has a duration of 4-12 months.
Once you create your hyper plan you are awarded a certificate that contains all the details of your plan; amount paid, hyper plan tenor, expected returns and all of the paparazzi. Your capital, as well as the interest, is paid into your wallet when your plan matures. You also get one withdrawal point for successfully completing a funding plan. If you’ve exhausted your free withdrawals that month, you still get to withdraw to your bank account for free.
Investify is a PiggyVest investment feature that allows you to invest in low to medium risk investments. You can invest with as little as N5,000 over a minimum of 6 months and a maximum of 12 months. You can earn up to 25% annual returns on your investment. Depending on the plan you select, your interest could be paid daily, monthly, quarterly, or when the plan matures.
Unlike the hyper plan, you can liquidate your investify plan whenever you want. For instance, you need your funds urgently or you’ve made tangible returns and want to liquidate.
This plan is designed for CrowdyVest Muslim users who would love to fund long-term projects, but aren’t looking to earn interest from these projects. This plan requires a minimum capital of N20,000. Although you aren’t earning interest on these projects, it doesn’t mean you won’t share in the profits if they are successful. The net profit from these projects is shared to participants based on the agreed profit-sharing ratio; the same condition applies if losses are incurred.
At the end of a project, you’ll receive a project performance report. You also get monthly updates on the status of your project to keep you in the loop.
This plan is exclusive to CrowdyVest users; PiggyVest does not offer this or anything remotely similar.
CrowdyVest vs PiggyVest Savings Plans
There are savings plans on Crowdyvest: Pace, Flex, and Vault Plan, whereas PiggyVest has four: Target Savings, PiggyBank, Safelock, and Flex.
CrowdyVest and PiggyVest both have two flex plan categories with the same name: Flex Naira and Flex Dollar.
Pace Plan/ PiggyBank
The pace plan is an automated fixed saving plan on CrowdyVest with a pre-set savings amount and frequency; daily, weekly, or monthly. The minimum savings period is three months, and the maximum is twelve months. On maturity, both the interest and the capital are paid into your CrowdyVest Wallet. The interest on this plan is up to 15% per year.
Piggybank is a fixed savings plan that allows you to save a pre-set amount for a three-month minimum maturity period at an annual interest rate of up to 10%. You can withdraw from this plan for free four times per year; these free withdrawal days are spread out over three months. Piggybank has four default withdrawal days, but you can change them to whatever days you want as long as they are three months apart.
You can choose to automate your piggybank savings by securely adding your card to the platform, or do it manually; your money, your terms
Flex Dollar Plan
The flex dollar plan is available on both CrowdyVest and PiggyVest. If you’d like to save in dollars which is way more stable than naira, you should definitely consider it. You also get to earn decent returns on this plan on both platforms.
Vault Plan /Safelock
This is a one-time savings plan. You can use this feature to lock in a certain amount of money for a chosen duration. You can choose to either receive your interest immediately or wait until the plan matures. This plan has the same duration as the Pace Plan; 3-12 months. It also has the same interest rate of up to 15% per annum.
The safelock feature also allows you lock your funds for a chosen period. The interest on your locked funds is credited to your flex naira wallet upfront. You can choose to lock your funds for as short as 10 days or as long as 1000 days.
You can’t withdraw from either vault plan or safelock till the maturity date.
The tribe feature allows users to save and earn as a community. You can either join an existing tribe or create yours. When you join a tribe, you must agree to their terms and conditions, and when the plan matures, each tribe member receives the amount they saved individually plus interest earned into their CrowdyVest’s Wallet.
If you decide to create a tribe, you become its leader. Think of it as an opportunity to practise your leadership skills by setting collective goals, motivating your tribe, and holding your tribe accountable.
Piggyvest’s Target Savings also helps you save as a community. This is a goal-oriented saving feature that enables you and your team save collectively and motivate one another while you are at it.
What distinguishes Target Savings from Tribe is the option to save as an individual or as a group, which isn’t available on Tribe. Also, you can only save with friends and family on Target Savings (i.e people on your contact list). On CrowdyVest, you do not necessarily have to join a tribe of people you know; you can join any tribe as long as you agree to their terms and conditions.
CrowdyVest vs PiggyVest: Pros and Cons
Pros of CrowdyVest
- CrowdyVest allows you to invest whenever you wish to, unlike PiggyVest.
- Their Hyper Plan allows you to finance and earn returns on sustainable projects you’re interested in.
- Your Tribe helps you stay motivated and accountable when saving towards pre-set goals.
- The interest rate on CrowdyVest’s savings plans are higher than PiggyVest’s.
Cons of CrowdyVest
- The minimum amount required to invest in the Hyper and Halal plans is N20,000. This plan is not necessarily appropriate for people looking to start small; PiggyVest allows its users invest with as low as N5,000.
- The Flex Naira’s penalty fee, you shouldn’t be charged for withdrawing from a flexible plan.
Pros of PiggyVest
- You can start your investment journey with as little as N5,000.
- All withdrawals from your flexible savings is free.
- You can liquidate your investment whenever you need to, unlike CrowdyVest.
- You can choose whether or not to automate your savings.
- Target savings is a perfect blend of personal goal-oriented savings and community savings.
- Sending money to other PiggyVest users is free.
- The ROI on Investify is greater than Hyper Plan.
Cons of PiggyVest
- Investify investments get sold out really fast. There’s a high probability that investment options might not be available when you want to invest.
- You lose all your accrued interest on your flexible savings when you exceed four withdrawals in a year.
CrowdyVest vs PiggyVest?
Crowdyvest offers higher interest rates on their savings plans, and they also have investment options available whenever you need them. If you want higher returns on your savings and available investment opportunities, CrowdyVest is the better option.
If you’re looking for a flexible platform to accommodate your savings needs and also gradually build your savings and investment portfolio, Piggyvest is your best bet.