15 Online Savings Platforms in Nigeria (Best Interest Rates)

last Updated on September 27, 2023

Imagine a world where saving money isn’t a chore but a rewarding journey. Savings platforms in Nigeria offer a secure way to effortlessly nurture your moneynest egg on your way to the financial future you desire.

Traditional savings methods are getting a modern makeover, thanks to saving apps that are leading the way. One issue with traditional saving methods like banks is the relatively low-interest rates (up to 3.6%) banks offer, compared to the high-interest rates (as high as 19%) they stipulate when they give loans.

💡Tip: Interest rate shows how high the cost of borrowing is, or high the rewards are for saving. For a borrower, the interest rate is the amount you are charged for borrowing money (% of the total amount of the loan) . For a saver, the savings rate tells you how much money will be paid into your account, as a percentage of your savings.

Whether you’re a seasoned saver or just dipping your toes into the financial waters, this article is your guide to discovering top online saving platforms in Nigeria.

See: Top Online Investment Platforms in Nigeria For Building Wealth

We’ll walk you through the pros of using these saving platforms to take charge of your financial destiny. These saving platforms in Nigeria have transformed saving from a tedious task into an engaging and rewarding experience, offering substantial interest rates and a chance to grow your savings by up to 15%. Plus, they’ll keep you on track with a gentle nudge through penalty charges if you’re tempted to dip into your savings.

So, if you’re looking for a better way to save, one that turns saving into a habit, these online saving platforms in Nigeria have you covered. They’ve thrown in automation for good measure, making it easier than ever. Are you ready to embark on this exciting savings journey? Let’s get started.

List of Online Savings Platforms in Nigeria

Here’s a list of the best online Saving platforms in Nigeria where you can earn high-interest rates on your savings:

1. Piggyvest

Most Popular Online Savings App in Nigeria

Piggyvest formerly Piggybank was the first to blaze the trail for online savings platforms in Nigeria. Its flexibility allows anyone to custom save daily, weekly or monthly, depending on individual preference.

Users can save towards a specific target or choose to place a withdrawal restriction on the account. There is a limit to the amount that can be saved on one’s account at a time.

There is an allowance for 4 free-of-charge withdrawals annually. You can choose your own free withdrawal dates. Withdrawals outside these 4 days attract a 5% penalty fee. Only one withdrawal is allowed within 24 hours.

You can use payment cards, USSD or bank transfers to effect savings into your piggyVest account within their app.

PiggyVest has a Safelock feature that gives you between 15.5% Interest upfront on your savings depending on your savings. You can SafeLock all or parts of your Piggyvest savings and get it back at a convenient time you set.

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According to Piggyvest, the minimum amount you can SafeLock is N1000 for ten days. They also have a referral plan that allows you to earn N50 anytime someone creates an account with your link then you will earn N100 when they save their first N100 and earn N350 whenever they use the quick save option of N2,000 and above the first time.

• Platforms:  Web, Android,  iOS
• Interest rate: 8% per annum on Piggybank, Up to 13% per annum on SafeLock, 8% per annum on Target, 8% per annum on Flex7% per annum on Flex Dollar
• Withdrawal charges: 5% fee but with 4 free-of-charge withdrawals annually
• Savings rewards: Piggy Points, a reward system for users who get 1 point per every N2,500 saved. Every point is equivalent to N10.
• Savings plan: Piggybank, Safelock, Target Savings, Flex Naira & Flex Dollar
• Other features: PiggyFlex (a sub-account where all the interests generated from a PiggyVest account is paid into) SafeLock: This feature allows you put an amount of money aside for a fixed period — without having any access to it till that time is up. Think of it like your own customized fixed deposit account.

Sign Up to Piggyvest with N100 & get N1000>>

2. Cowrywise

Best Platform For Saving Money on Your Own Terms

One of the best online savings platforms in Nigeria. Cowrywise not only gives higher interest rates, but users can also access investment plans on the platform.

A high saving score increases the chances of getting a loan on CowryWise. Interest on savings is paid on a daily basis.

Cowrywise is another great platform for automated savings. Its saving option and interest is different from other savings platforms. It enables you to save using the periodic savings plan which enables you to save daily, and monthly with 10% interest per annum. 

They have a fixed savings plan for a fixed deposit for savings for 3 months and above and earn interest up to 15% per annum on your savings, you will be able to set the withdrawal date and the interest you earn at withdrawal.

Cowrywise also has an interest-free savings option for individuals who don’t support interest on savings due to either religion or personal reasons.

• Platforms: Web,  Android,  iOS
• Saving Plans: Regular savings, Life Goals, Halal Savings,
• Interest rate: 10% to 15%
• Savings rewards: None
• Issues debit card: No
• Withdrawal charges: None
• Minimum withdrawal: None

Sign up to Cowrywise>>

3. Kuda Bank

App for Saving More Automatically

Kuda Bank is a full Online Bank, No paperwork is needed, and you can open an account in minutes.

Because Kuda is a digital-only bank, all its operations happen through smartphones. As a digital-only bank, Kuda also fits the bill as one of the best online savings platforms in Nigeria

With a Kuda bank account, there are no monthly fees. you get a free debit card delivered to you. Kuda banks plan to start offering loans to its customers as well as P2P payment options on the Kuda app.

The interest rate for the savings plan on Kuda Bank is 15%. You’ll get a specific interest rate when you set up your savings on the Kuda app.

• Platforms:  Web,  Android,  iOS
• Interest rate: 10% to 15%
• Savings rewards: None
• Issues debit card: Yes. Free delivery
• Withdrawal charges: None
• Minimum withdrawal: None

Sign up to Kuda bank>>

4. Sats App

Save, Spend, and Send in Dollars & Naira Securely

The Sats App is like having a digital piggy bank, a reliable spending buddy, a secure money transfer service and a chance to win some cool cash prizes every week all in one.

Imagine having access to digital dollars from your phone. That’s exactly what the Sats App offers. You can download it, set up your digital dollar wallet, and you’re good to go. No fuss, no complicated procedures – it’s all about making your life easier.

You can save in dollars in Nigeria using the Sats App.

Now here’s the fun part. The longer you keep your money in your Sats App wallet, the more chances you have to win some neat prizes. It could be as small as 5 bucks or as grand as a thousand dollars – every week brings a new opportunity to win.

• Platforms: Android, IOS
• Interest rate: 1% per annum
• Savings plan: Sats App Saturday
• Savings rewards: Win up to 1000$ weekly, when you save 10$ or more
• Withdrawal charges: N150 
• Other features: Virtual USD Card, Cashback, Send and Recieve USD

Start Saving in Dollars with to Sats App Today

5. V Bank by VFD

High Interest Saving App in Nigeria

V bank also called V, is one of the popular online savings platforms in Nigeria that offers Nigerians the ability to save through their smartphones.

V bank is owned by VFD microfinance bank. You can open a V bank account in 2 minutes with a smartphone. The V app allows its users to track their expenses and income, group budgets, and set spending limits.

This digital bank also claims it does not charge any fees for transactions to other V accounts or accounts of other banks. V Bank gives you up to 12% interest on your savings.

• Platforms:  Web,  Android,  iOS
• Interest rate: 12%
• Savings rewards: None
• Issues debit card: Yes
• Withdrawal charges: None
• Minimum withdrawal: None

6. SumoTrust

Online Platform for Flexible Savings

SumoTrust formerly called SumoBank is another one of the legit online savings platforms in Nigeria.

You can save daily, weekly or monthly with this app. It also has an autosave feature where you set how much the app should save for you and how when the saving happens.

SumoTrust doesn’t charge its users for their transactions. So there are no hidden fees with this App.

SumoTrust is also a secure app where your money will be safe. On this savings platform, there are several savings plans to choose from.

SumoTrust Offers high-interest rates of up to 15% on its platform.

• Platforms:  Web,  Android,  iOS
• Interest rate: 12%
• Savings rewards: None
• Issues debit card: Yes
• Withdrawal charges: None
• Minimum withdrawal: None

7. ALAT by Wema Bank

App for Simple Savings

The first fully digital banking experience, ALAT by WEMA, not only offers basic banking services but is also one of the online savings platforms in Nigeria that offers a very good interest rate.

The bank’s debit card is delivered to the account holder’s address at no cost. As with traditional banks, ALAT charges a monthly debit card maintenance fee.

The interest of 4.2% is on the condition that an account holder does not withdraw more than 3 times a month.

ALAT has some saving plans that offer up to 10%; one of them allows withdrawal of 50% of savings once every 30 days while another doesn’t allow withdrawal.

• Platform:  Web,  Android,  iOS
• Interest rate: 4.2%
• Savings rewards: None
• Issues debit card: Yes
• Withdrawal charges: Free withdrawals using your debit card on a Wema Bank ATM or first 3 times a month on other bank ATMs, ₦65 fee otherwise.
• Minimum withdrawal: None

8. KoloPay

Good Option for Saving towards Goals

KoloPay allows users to save money towards planned goals over a period of time.

You can’t withdraw some part of your savings, you can only withdraw the whole amount even before a goal’s due date.

The platform allows you to share your savings goal with friends and family so that they can contribute to the achievement of the set target.

KoloPay Deal — a feature on the platform — offers a massive discount on products and services to Kolopay users.

• Platform:  Web,  Android
• Interest rate: 6% per annum
• Savings rewards: None
• Issues debit card: No
• Withdrawal charges: 5% charge if withdrawal is done before the set date
• Minimum withdrawal: Not allowed; you can only withdraw the full amount

9. Carbon

App for High-Interest Savings Plans

Formerly Paylater which just offered collateral-free loans in Nigeria, Carbon has now transitioned into a digital bank in Nigeria that offers multiple banking services. 

Carbon offers savings plans that are suitable for anyone in Nigeria.

With Carbon, you can also create a bank account, create physical debit cards and virtual cards in Nigeria. You can also make payments from the Carbon app, keep track of your credit history with the free caron credit report and also access loans too.

• Platform: Web,  Android
• Savings Plan: Cash vault, Goals, FlexSave
• Interest rate: Up to 15.5% (3 – 12 months terms)
• Savings rewards: None
• Issues debit card: No
• Withdrawal charges: None
• Minimum withdrawal: None

10. PayDay by ARM

Save by Investing in a Money Market Fund

PayDay allows users to create a savings goal and the company invests the fund on behalf of the savers in mutual funds.

Using a debit card to fund your PayDay Investor attracts a 1% convenience charge from the card payment platform provider.

The charge is capped at a maximum of ₦1,500.

• Platforms: Web,  Android,  iOS
• Interest rate: 12.6%
• Savings rewards: None
• Issues debit card: No
• Withdrawal charges: NEFT transfer fee of ₦52.50
• Minimum withdrawal: ₦1,000

11. CashBox

Online Platform for Building a Savings Habit

CashBox is another secure savings app in Nigeria that is looking to help people become better savers. You can start using Cashbox for free today.

• Platform: Web, Android
• Interest rate: 10 -15% per annum depending on savings plan.
• Savings rewards: None
• Issues Debit card: No
• Withdrawal charges: 5% penal fee on days outside withdrawal days.
• Minimum withdrawal: None

12. Sparkle

App for Saving for Rainy Days

Sparkle is a digital bank like Kuda bank and V bank that allows you to save by creating a unique stash (savings plan) where you can save anyhow you like. Whether it is daily, weekly, monthly or even randomly.

You can also save the esusu way by saving with a group of people on Sparkle.

• Platform: Web,  Android, iOS
• Interest rate: 3.75% per annum for a minimum amount of ₦ 100,000
• Savings rewards: None
• Issues Debit card: Yes
• Withdrawal charges:
• Minimum withdrawal: 2 withdrawals from your saving stash after which your interest will be forfeited

13. TrueSaver

Best Saving Platform for Saving in Bits

Truesaver helps people save in groups just like the local Ajo or Esusu. With this saving method, you’re forced to save till the end of the savings cycle.

Truesaver offers 10% interest on savings for a user. However, you have to activate the interest option whenever you start a savings plan on Truesaver.

• Platform: Web,  Android, iOS
• Interest rate: 10%
• Savings rewards: None
• Issues Debit card: No
• Withdrawal charges: None Specified
• Minimum withdrawal: None

14. Bundle Africa

Best Platform for Saving in BUSD/Dollars in Nigeria

Bundle Africa is a social payments app for sending and receiving cash and crypto. Aside from being able to trade cryptocurrencies, Bundle allows you to save in dollars (BUSD – the crypto version of the dollar) using its Bundle vault feature.

• Platform: Web,  Android, iOS
• Interest rate: ~5.7%
• Savings rewards: None
• Issues Debit card: No
• Withdrawal charges: None Specified
• Minimum withdrawal: None Specified

15. Bitnob

App for Saving in Bitcoin

Bitnob is a fintech app that allows you to buy, save and invest in Bitcoin in Nigeria. You can save daily, weekly or monthly in bitcoin with at least $1 with the Bitnob app.

• Platform: Web,  Android, iOS
• Interest rate: ~
• Savings rewards: None
• Issues Debit card: No
• Withdrawal charges: None Specified
• Minimum withdrawal: None Specified

Choosing the Best Saving Platform in Nigeria for you

We recommend Piggybank for your long-term savings as they are a dedicated savings platform that actually helps form a great saving habit.

However, Cowrywise is another good bet as they also give high returns on your investment/savings moreover, they don’t charge a penalty on withdrawals. 

If you are looking for a more physical option, this traditional kolo company might interest you.

Disclaimer: Listed interest rates are as currently displayed on the respective platforms and may be subject to change.