Risevest vs Piggyvest: Best Savings Platform in Nigeria

Risevest vs Piggyvest: Best Savings Platform in Nigeria

Nobody ever stops saving or investing; at some point in life, you’ll need money to fund something important. There’s a high chance that your current salary may not cover these expenses, which is why you should save and invest.

Saving and investing with credible platforms like Piggyvest and Risevest are the best ways to avoid getting drenched on rainy days. It improves both your budgeting skills and financial discipline.

Both of these savings platforms impose penalties for breaking your savings before the due date, which will discourage you from breaking your savings because you’ll be losing money rather than making it.

So, here’s a deep dive into the features and benefits of using Risevest and Piggyvest.

Risevest: Save and Invest in Dollars at the Best Rates

What distinguishes Risevest from other Nigerian savings platforms is that it allows you to save and invest in US dollars. Everything in your wallet, both fixed and higher-risk investment plans are in US dollars.

Risevest homepage

With the naira’s current depreciation, it’s prudent to keep a significant portion of your savings and investments in a stable currency, such as US dollars. Risevest has several plans to help you save, invest and earn returns in dollars.

The main difference between other foreign investments and Risevest is that it relieves you of the burden of managing your funds. Risevest manages your funds; all you have to do is create an investment plan, and Risevest will invest in the best stock options.

Risevest is also open about the stocks in which they invest your money, so you know exactly where your money is going. You could either save into your plans manually or use Risevest’s auto-save feature.

You can also select from a variety of payment methods, including debit cards, direct debit from a bank account or bank transfer, and even cryptocurrency. 

Of course, Risevest charges a small fee for these methods of payment, but bank transfers and direct debit are completely free. You could also save directly from your domiciliary account into any of your Risevest plans.

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

Piggyvest: Most Popular Savings and  Investment Platform in Nigeria

For over 5 years, Piggyvest has been helping Nigerians save and invest seamlessly; saving with this app is as stress-free as it gets.

You can set the frequency of your savings and payment method (manual or auto-save) on Piggyvest. 

Also, Piggyvest’s investment option, Investify, allows you to invest in a variety of industries, with a primary focus on agriculture and transportation.

Risevest vs Piggyvest: Interest Rate

You can earn significant interest with both platforms. The interest rate on your savings at Piggyvest ranges from 7% to 12.5%, depending on the plan you choose.

Risevest investment plans

Investify, Piggyvest’s investment platform, could generate returns of up to 25%. Risevest, on the other hand, has a range of 10% to 14%.

The 14 percent return on Risevest stock investment is intended to give you a reasonable range of what your profit could be; it is not guaranteed that it will be exactly that. It’s a high-risk investment; you could earn up to 100% of your earnings at the end of the year or lose half of it.

Risevest vs Piggyvest: Saving and Investment Plans

Investing in stocks, real estate, or agriculture is a good place to start if you want to earn a passive income.

Piggyvest has four savings categories and one investment plan (Investify).

Piggyvest saving plans- Target, Piggybank, safelock and Piggybank

1. Piggybank

To set up this plan, you select the amount you want to save regularly and it will automatically save it at the interval you specify, whether daily, weekly, or monthly. This plan allows you to earn up to 10% per year and has four free withdrawals per year.

If you withdraw more than four times, you will lose interest in your savings and will be charged a penalty fee. Consider it a precaution to protect your money from itchy fingers.

2. Safelock

This is the savings plan with the highest interest of 12.5% per annum on Piggyvest. When you put your money in safelock on Piggyvest, it is safely locked in a vault for the duration you specify. The period of saving could be as short as 10 days or as long as 1000 days.

While Piggybank allows you to break your savings but charges a penalty, Safelock does not. The only way you can get your money out of safelock is when it reaches maturity.

You should also note that the interest on your safelock savings is also paid upfront into your flex wallet. 

3. Target Savings

With target savings, you can save for future expenses such as gadgets, vacations, and more. So, to set up this plan, you’ll select the target savings options, and enter the amount and time frame for achieving the target. The annual interest rate on this plan is up to 9%.

 You could begin with a personal goal or with a group goal. The savings group could be public or private. If you make it public, all piggyvest users will be able to see your group savings and progress.

4. Flex Savings (Naira and Dollar)

Your flex wallet is an emergency fund that allows you to withdraw funds whenever you need them. There is no penalty for withdrawing from your flex wallet, but if you withdraw more than four times in a month, you will lose all of your flex interest.

Your flex Naira wallet is your default wallet for receiving interest payments. As long as you don’t exceed your withdrawal limit, the interest rate on this plan is 8% per year. 

It’s also where your deposits go when you make a bank transfer to your Piggyvest NUBAN account.

Flex dollar, on the other hand, allows you to save in US dollars and earn 7% per year in interest. There is no penalty for withdrawing from your flex dollar account, but if you go over the limit, you will lose your accumulated interest, just like with flex naira.

Risevest  saving and Investment Plans

Risevest offers three investment plans: fixed (low risk), real estate (medium risk), and stocks (high risk) (high risk).

1. Fixed Income

This is a low-risk investment strategy with guaranteed returns. You could also join fixed income investment challenges such as the payday challenge.

You save a certain amount every month for a year if you join this challenge.

This plan allows you to invest in fixed-interest Eurobonds. The minimum time frame for this plan is three months, but you can save for as long as a year. So, if you’d like to gradually build your portfolio, this is a safe bet.

2. Real Estate

Real estate investment may take some time to become profitable, so if you choose this plan, keep in mind that your profit will not come quickly. Property appreciates over time, so it takes time to earn interest in your real estate investment.

Your interest is not guaranteed, unlike fixed income, but your money is invested in vetted real estate property. Remember that Risevest is your fund manager, so you don’t have to worry about deciding where to invest.

Unless there are exceptional circumstances, investing in real estate is almost always a safe bet. That’s why this plan is categorized as medium-risk.

3. Stocks

Stock investing is not for the faint of heart. Your investment could rise extremely quickly or fall extremely quickly, which is why it is classified as high-risk.

Investing in stocks allows you to own a piece of a great company. It’s also worth noting that Risevest vets these companies before selecting them, and among them are big names in technology like Google, Facebook, and others.

But as we all know, even big companies’ stocks experience nose dives, so you should keep in mind that stocks are volatile.

Risevest and Piggyvest: Exchange Rates and Withdrawal Speed

Risevest and Piggyvest have slightly different exchange rates, usually ranging between (N5-N20). Both investment platforms use the parallel market rate instead of the official bank rate.

When you withdraw from Risevest and Flex dollar, it takes one to three business days for the funds to appear in your account. This excludes weekends and public holidays.

Although other piggyvest plans immediately process your money and deposit it into your account within 24 hours.

Risevest vs Piggyvest: Referral and Affiliate Earnings

Piggyvest will pay you N1000 if you refer someone who completes the setup and saves at least N1000.

Risevest, on the other hand, pays you 3% of what the person you referred saves. You could also join Risevest’s affiliate program, though you must have saved at least $50 to be eligible.

Risevest vs Piggyvest: FAQs

What’s the Minimum Savings Amount on Piggyvest vs Risevest?

Risevest allows you to begin saving with as little as $10. Piggyvest, on the other hand, allows you to save as little as N1000.

Is Piggyvest vs Risevest Safe?

Your savings and investment are safe with Risevest and Piggyvest. They both have high-level security to keep your money safe on the platform. 

They also implement security measures such as OTP and 2FA to prevent unauthorized account access.

Which is Better for Investment?

Piggyvest’s investify allows you to invest with as little as N5000, but the investments are frequently sold out. As a result, your chances of getting investments on this platform are pretty slim.

Risevest, on the other hand, allows you to invest at any time.

Bottom Line: Piggyvest or Risevest?

Piggyvest is a fantastic savings platform for both naira and USD savings. It enables you to save at your own pace and plan for future expenses including emergencies.

Risevest on the other hand, allows you to invest your money based on your risk tolerance. It also allows you to invest with USD, shielding you from Nigeria’s skyrocketing inflation.

So, if you want to build your portfolio in US dollars to keep your money from succumbing to the ever-increasing inflation, Risevest is a better option. But if you want to diversify your naira savings portfolio, Piggyvest is better.

Related: Risevest vs Bamboo: Top Mobile Investment Platforms

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