Piggyvest Vs Cowrywise: Which is Best for Your Savings and Investing? Saving is an essential aspect of everyone’s life, especially if you earn money regularly. It is also crucial to invest your savings wisely so that you can get more value out of your money.

Cowrywise and Piggyvest are the most popular savings and investment apps in Nigeria and in this post, we will be looking at Piggyvest vs Cowrywise or Cowrywise vs Piggyvest – whichever you prefer. LOL. We’ll discuss the features of both to help you make informed decisions.

Cowrywise App

The Cowrywise app has over 100,000 downloads from the Play Store. It has an approval rating of 4.5 stars for 1,771 users. Many reviewers say they had a great experience with the app, describing it as “reliable”, “great”, “efficient” etc.

However, one reviewer, Olufemi, complained that there was no facility for emergency shooting. Another user who simply identified as SM complained about the new update, describing it as “frustrating” as it crashes at will. Another user, Peculiar, echoes the same sentiment, saying that the app is disconnecting and it takes several attempts to get back. The situation persisted even after she updated the app.

Cowrywise explained that some phones have OS-specific issues and are willing to contact those users for help. As for the intermittent logout, the startup says it’s a common security feature associated with financial applications.

Piggyvest App

PiggyVest also has over 100,000 downloads on the Play Store. The rating from 8,158 users is 4.3 stars. While several users praised the app, several others complained about the recent update.

One user, Joshua, claims he has been unable to log in to his app since the upgrade, and all attempts to reset the password failed. Another reviewer, Adewale, says each update adds to the complexity of the application as it hasn’t been able to expand its goal for savings and frequency since the recent update.

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PiggyVest answers my question and says that the reason for the problems is that the platform has changed structure. While issues are common with new designs, the idea is to add short tutorials to blog posts and videos in the app to help resolve the issues.

Piggyvest Vs Cowrywise Savings

In this battle of Piggyvest Vs Cowrywise, we will take a look at the savings features of each platform. Both platforms offer different savings options. For example, PiggyVest has 3 main savings options.

Piggyvest Savings

  • Piggybank Wallet is a simple savings plan that allows you to save money at regular intervals straight from your bank account. With this plan, you can only withdraw your money once every 3 months. You can automate deposits so you don’t have to transfer them manually when the time comes. This plan is suitable for people who just want a place to store money to save money.
  • The targeted savings are for those who are saving for a specific purpose. It could be for your rent, to buy a car, to pay for tuition, or any other project. With this plan, you can even do a go-find-me style, inviting friends and loved ones to join in. As the name suggests, this plan is for targeted projects, and funds are released only on time.
  • The SafeLock subscription is longer than the previous two. This plan is for people who want to block money for a long time. This plan comes with higher interest rates, meaning the longer it stays in the vault, the more money it will make.
  • PiggyVest also has a new subscription called Flex Dollar. This plan is for users who want to save and invest in dollars. It comes with an interest rate of 7% per annum and allows you to buy dollars directly from Naira.

Depositing into your PiggyVest account is free. If you miss a scheduled deposit, you can always use the QuickSave option that allows you to deposit up to N500,000 in one go. The daily deposit is between N50-N25,000. Weekly it is between N1,000 and N100,000. The monthly deposit range is between N3,000 and N500,000.

Cowrywise Savings

Cowrywise has a wider range of savings plans. They include the following:

  • Periodic savings plan that automatically and regularly saves you money. It can be daily, weekly, or monthly. The plan is for those on a regular fixed income, NYSC members, or students who receive regular monthly allowances.
  • The Life Goals savings plan is very similar to PiggyVest’s Target Savings in that it allows you to plan and stick to long-term goals. This plan is also suitable for regular earners.
  • Save As You Earn is designed for users who do not earn regular income. This plan allows you to deposit money for free at any time. This plan is suitable for craftsmen, contractors, merchants, and in general those with irregular income streams.
  • The fixed economy is for people who have money that they don’t need for a while. It can be for 3 months, 6 months, a year, or even longer. The lump-sum would simply be locked into a lump sum savings plan with a certain expiration date. This plan is suitable for people whose business is seasonal and who make money at certain intervals.
  • Halal Savings is a plan adapted to the Islamic banking system. With this plan, there is no interest in the principles of Islam. It is designed for Muslims and people of other religions or beliefs who subscribe to the common belief of zero interest banks.
  • Save Circles is for people who want to save as a group. Be friends saving for a mutual friend’s wedding, a group of people with a common goal to save to achieve that goal, Saving Circles is designed especially for you.
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Piggyvest vs Cowrywise Interest Rates

The next on this Piggyvest Vs Cowrywise battle is their interest rate. Both Cowrywise and PiggyVest offer great interest rates. While the lowest interest rate for both is 10% per annum, PiggyVest still offers 13% for users locked into their SafeLock plan. Piggy Bank and Target Savings users receive 10% interest.

Cowrywise users earn 10% for beginners across the board. However, they claim that the interest can reach 15% depending on how long the money stays in their system. However, there is no clearly defined duration or period, nor milestones between 10 and 15%.

All interest is itemized and paid daily. For PiggyVest users, 13% interest for the SafeLock plan is prepaid and can be accessed at any time. PiggyVest also offers users a Flex sub-account where interest is paid and users can withdraw whenever they want.

Piggyvest vs Cowrywise Investment

However, the main investment vehicle is the mutual investment plan, which brings together money from several small investors like yourself to form one large investment. Returns are then shared. However, to qualify for this, you must pass a short risk assessment test.

At Cowrywise you can invest in investment funds through a Systematic Investment Program (SIP). This system allows you to invest piecemeal at regular intervals.

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PiggyVest Investify, a feature that allows users to invest in primary and secondary opportunities. These opportunities have been researched and certified as low and medium risk. Investments in PiggyVest are insured.

Piggyvest vs Cowrywise Withdrawals

Withdrawal is free as long as you record on the specified withdrawal dates. PiggyVest also offers the option to use your standard withdrawal dates (March 31, June 30, September 30, and December 31). Withdrawals outside these fixed dates will incur a penalty of 5% of the amount withdrawn.

Cowrywise has absolutely no outdated emergency WIthdrawal capabilities. You can consider this if you decide to save with them. It is stricter than PiggyVest in its withdrawal policy. This, the platform says, is to ensure that users remain 100% committed to saving money and achieving their goals.

Piggyvest vs Cowrywise – Conclusion

Which platform you ultimately choose will depend on your unique reality and how they match the offerings of both platforms. Saving is good, but investing is even better. Both platforms offer both in unique ways.