Updated on September 27, 2023
A part of everything you earn should be yours to keep. Saving is how you keep a part of everything you earn. We live in a world where your phone is a magic wand for managing your savings account. Saving apps offer an easier way to save money because they make you accountable by setting saving goals and allowing you to track your progress. In this guide, we explore the best saving apps in Nigeria, their interest rates and how they help you keep and even grow your money.
Saving is an important habit to have if you’re going to transform your financial position from where it is to where you want it to be. It can be a bit frustrating to start saving up money especially when you don’t earn much and can barely even pay your bills. That’s why it is essential to put in an effort to save. Because there is never going to be enough money or time to save. So now is always the best time to start.
Traditionally, Nigerians relied on banks or local savings schemes, which often lacked convenience and offered little to no interest rates, usually not more than 3.6%. This disparity, where banks charge high-interest rates on loans (as high as 19%) but offer little returns on savings has led Nigerians to search for better options.
451 People are Reading: Top Online Investment Platforms in Nigeria
Now, saving apps in Nigeria are changing how people save by providing attractive interest rates, sometimes as high as 15%. With features like automated savings and investment options, these apps make saving effortless and rewarding.
Top 10 Best Saving Apps in Nigeria
This list of saving apps in Nigeria is making saving habits easier for Nigerians to build through fun and interesting ways. These online savings platforms in Nigeria are also offering higher interest rates than what Nigerians are used to. They also ensure that savers remain disciplined by using penalty charges on early withdrawal from their savings as an incentive.
Here are the top money saving apps in Nigeria for keeping your money safe while earning interesting it:
1. Piggyvest
Save in Naira & Dollars
Piggyvest formerly Piggybank was the first pioneer for saving apps in Nigeria.
With Piggyvest, you can save in Naira or dollars. You can also choose to save daily, weekly or monthly, depending on your preference. You can also save towards a specific target or goal as well as the choice to place a withdrawal restriction on the account.
See: How does Piggyvest Really Work?
This saving app gives you 4 free-of-charge withdrawals annually. You get to choose your own free withdrawal dates. Withdrawals outside these 4 days attract a 5% penalty fee. And Only one withdrawal is allowed within 24 hours.
Piggyvest also offers different types of savings on its platform. They are Piggybank. Safelock, Target Savings, Flex Naira & Flex Dollar.
The Safelock feature allows you to 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.
You can use payment cards, USSD or bank transfers to save money into your piggyVest account on the Piggyvest app. Piggyvest has a safety lock feature that can give you up to 15.5% interest that is paid upfront on your savings depending on your savings.
- Platforms: Web, Android, iOS
- Piggyvest Savings Plans: Piggybank, Safelock, Target Savings, Flex Naira & Flex Dollar
- Piggyvest Interest Rates: 8% per annum on Piggybank, Up to 13% per annum on SafeLock8% 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
- Other features: PiggyFlex (a sub-account where all the interests generated from a PiggyVest account is paid into)
Sign Up to Piggyvest with N100 & get N1000>>
2. Cowrywise
Save Money Online for Free
One of the popular saving apps in Nigeria. Cowrywise not only gives better interest rates than Nigerian banks but users can also investment plans on the Cowrywise app.
Interest on savings is paid on a daily basis on Cowrywise.
This app also allows its users to make automated and manual savings. You can also save using the periodic savings plan which enables you to save daily, weekly and monthly. Your daily returns are credited to your Cowrywise account by 12 midnight each day.
You can also save with others (group savings) with Cowrywise
Interest rates on Cowrywise are very dynamic. The interest rate shown to you when you begin your plan is the one that remains till the plan ends.
You can also pause any of your saving plans on Cowrywise. You can also 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: dynamic ~10% (Changes with market conditions)
- Savings rewards: NoneIssues debit card: No
- Withdrawal charges: None
- Minimum withdrawal: None
3. Kuda Bank
Save Money Automatically in Naira
Kuda bank is arguably one of the most popular digital banks in Nigeria. Without any paperwork needed, you can open a bank account in minutes with this app.
Because Kuda is a digital-only bank, all its operations happen through smartphones. Kuda also fits the bill as one of the best saving apps in NigeriaWith a Kuda bank account, there are no monthly fees. you get a free debit card delivered to you. Kuda banks also offer loans to their customers.
Kuda Bank allows users to either save using a fixed savings plan or by saving as they spend from their account.
Interest rates for the savings plan on Kuda Bank is 15% annually.
- Platforms: Web, Android, iOS
- Saving Plans: Fixed savings, Spend+Save
- Interest rate: 15%
- Savings rewards: None
- Issues debit card: Yes. Free delivery
- Withdrawal charges: None
- Minimum withdrawal: None
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 Receive USD
Start Saving in Dollars with to Sats App Today
5. V Bank by VFD
High-Interest Savings App
V bank also called V, is another digital bank in Nigeria that offers people the ability to save and get high interest on their savings. It’s growing as a popular saving app 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
High-Interest Savings Plan
SumoTrust formerly called SumoBank is another one of the legit saving apps in Nigeria. You can save daily, weekly or monthly with the SumoTrust app.
It also has an autosave feature that allows you to save automatically. With this, you can 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
- Savings Plan: Main savings, Fixed savings, Mission savings, Fixed account
- Interest rate: 10%- 15%
- Savings rewards: None
- Issues debit card: Yes
- Withdrawal charges: None
- Minimum withdrawal: None
7. Carbon
High-Yield Interest Savings Plans
Carbon, another digital bank in Nigeria offers savings plans to Nigerians that help them earn more on their savings.
Carbon offers savings plans that are suitable for anyone in Nigeria.
With Carbon, you can also create a bank account, and 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 Carbon credit report and also access instant loans.
- Platform: Web, Android, iOS
- Savings Plan: Cash vault, Goals, FlexSave
- Interest rate: Up to 15.5% (3 – 12 months terms)
- Savings rewards: NoneIssues debit card: No
- Withdrawal charges: None
- Minimum withdrawal: None
8. CashBoxNG
Develop a Saving 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 the savings plan.
- Savings rewards: None
- Issues Debit card: No
- Withdrawal charges: 5% penal fee on days outside withdrawal days.
- Minimum withdrawal: None
9. Sparkle
A Better Way to Save
Sparkle is another digital bank in Nigeria similar to the likes of Kuda Bank, Carbon and V Bank, which are some of the most popular saving apps in Nigeria.
Sparkle allows you to save by creating a unique stash (savings plan) where you can save daily, weekly, monthly or even randomly. You can also save the Esusu (ajo) 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 savings stash after which your interest will be forfeited
10. TrueSaver
Save in Groups
Truesaver is one of the growing saving apps in Nigeria that 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
11. Bundle Africa
Save in Dollars
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
12. Bitnob
Save in Bitcoin Easily
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 for 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
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