14 Online Savings Platforms in Nigeria Offering High-Interest Rates

14 Online Savings Platforms in Nigeria Offering High-Interest Rates

Last Updated on November 16, 2022

Online savings platforms in Nigeria offer the discipline required to form a savings habit. One important thing you can do for your financial well-being is to get in the habit of saving.

Saving money is a worthy endeavour. One that offers you options and gives you some peace of mind.

The idea of saving, when you don’t earn much and can barely pay your bills might seem laughable. So why put in an effort to save?

There is never going to be enough money to save. But you have to start somewhere and if you continue to work at it, your financial situation is likely to improve over time.

Most struggles that come with saving are being solved by some financial technological companies (fintechs in Nigeria).

Financial institutions like commercial banks were the go-to choices for savings besides contribution and thrift schemes.

One of the major issues facing willing Nigerian savers was the ease of saving which wasn’t helped by the current financial frameworks that the country employed. Another issue 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.

Other than savings deposit accounts, banks also offer other savings products that have higher interest rates, such as a fixed deposit account.

See: Top Online Investment Platforms in Nigeria For Building Wealth

But with the emergence of fintechs, saving has become easier and somewhat fun.

There are Nigerian fintechs offering online savings services with higher interest rates.

They have built platforms that encourage Nigerians to save more from their income and also earn a profit of up to 15% of initial savings over a period of time.

Such platforms will also ensure discipline in terms of penalty charges on withdrawal from your savings.

If you are looking for a way to become better at saving, one that ensures that it becomes a habit.

These online savings platforms in Nigeria offer all these with automation blended into the mix and they also offer higher interest rates that are way better than what banks offer.

Also See: Best Crypto Trading Platforms in Nigeria for You

List of Online Savings Platforms in Nigeria You Can Count on

The best online saving platforms in Nigeria for you are Piggyvest, Carbon and Cowrywise. Here’s a list of top Saving platforms for Nigerians offering high interest rates:

  1. Piggyvest – Most Popular Online Savings App in Nigeria
  2. Cowrywise – Best Platform For Saving Money on Your Own Term
  3. Kuda Bank – App for Saving More Automatically
  4. V Bank by VFD – Interest Saving App
  5. SumoTrust – Online Platform for Flexible Savings
  6. ALAT – App for Simple Savings
  7. KOLOPAY – Platform for Saving towards Goals
  8. Carbon – App for High-Interest Savings Plans
  9. PayDay by ARM – Platform For saving By Investing in a Money Market Fund
  10. CashBoxNG – Online Platform for Building a Savings Habit
  11. Sparkle – App for Saving for Rainy Days
  12. TrueSaver – Esusu Saving App
  13. Bundle Africa – App for Saving in BUSD
  14. Bitnob – App for Saving in Bitcoin

1. Piggyvest

Most Popular Online Savings App in Nigeria

piggyvest piggybank

Piggyvest was formerly called Piggybank. Piggyvest 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 for effecting 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.

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

cowrywise

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, 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

Kudabank Review: A digital only bank in Nigeria

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 payments options on the Kuda app.

Interest rates for 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. V Bank by VFD

Interest Saving App

V bank by Nigeria app

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

5. SumoTrust

Online Platform for Flexible Savings

sumotrust

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 plan 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

6. ALAT

App for Simple Savings

Alat by wema bank

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

The bank’s debit card is delivered to 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

7. KOLOPAY

Platform for Saving towards Goals

kolopay

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

8. Carbon

App for High-Interest Savings Plans

Carbon Paylater reivew

Note: Paylater has re-branded to Carbon, and is now a digital financial platform.

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

9. PayDay by ARM

Platform For saving By Investing in a Money Market Fund

payday by ARM

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

10. CashBoxNG

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

11. Sparkle

App for Saving for Rainy Days

sparkle digital bank - microfinance bank loan in Nigeria

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

12. TrueSaver

Esusu Saving App

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

13. Bundle Africa

App for Saving in BUSD

bundle africa review crypto and cash social payment app in nigeria

Bundle Africa is a social payments app for sending and receiving cash and crypto. Asides 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

14. 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

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.

What is the Best Saving Platform in Nigeria

Some of the best saving platforms in Nigeria are Piggyvest, Carbon, and Cowrywise.

2 responses to “14 Online Savings Platforms in Nigeria Offering High-Interest Rates”

  1. SAMUEL ISHAU avatar

    YOUR LIST IS NOT COMPLETE WITHOUT SAVERSCLUB (www.saversclub.ng)

    Saving money is as important as having money itself. Saving money can help you become financially secure and provide for you a safe place in case of emergency.

    Saving your money on Saverclub is so much fun and way easier. Below are five reasons you should activate your Saversclub account;

    1. Build a savings habit: It is trite that if you do not respect money, it will slip through your fingers. How to respect money is by properly managing it and saving money is proper money management. You can set your savings plan on Saversclub periodically, it could be daily, weekly or monthly. Like this, a portion of your money is being saved whether you feel like saving or not.

    2. It is so stress-free: Contrary to the traditional style of savings, where you have to plan for it, probably have to go to your commercial bank to deposit your cash, on Saversclub, after you set your savings plan by yourself, you can check back at your maturity date and your funds will be available in your wallet for withdrawal. Everything is automatic! You save whether you feel like it or not.

    3. Interest rates are enticing: The aim is to grow money while you are saving it. You can earn up to 16% p.a. on your savings on Saversclub depending on the type of account. How sweet is that? Nothing beats that at the moment, and your commercial banks are not even close.

    4. You can fuel your hustle: If you don’t have a side hustle, just know that the rest of us have left you. Having multiple streams of income helps you achieve your financial goals faster. You can save up your capital on Saversclub, like that, you even get more. Remember that your money grows here.

    5. Build an emergency fund: No one truly knows tomorrow and what it holds. Imagine being in trouble and broke at the same time. We shouldn’t have to be in that position. The emergency funds account on Saversclub allows you to save any amount at intervals and the amount saved is available for withdrawal any time the need arises. We cannot predict the future, it is why you should save money on Saversclub for some sort of safety.

    Years ago would have been the best time to start saving, however, today is not too late. Tomorrow may be though, this is why you should take your financial journey seriously on http://www.saversclub.ng

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