Piggyvest and Cowrywise: Which is Better?

Piggyvest and Cowrywise: Which is Better? Let’s find out in this guide.

Piggyvest and Cowrywise are two of the most popular fintech platforms in Nigeria that offer savings and investment services to their users. 

Both platforms have gained a lot of traction and trust among Nigerians who are looking for convenient and secure ways to manage their finances and achieve their financial goals.

But which platform is better for you? How do they compare in terms of features, benefits, and drawbacks? 

In this blog post, we will provide a comprehensive and unbiased comparison of Piggyvest and Cowrywise: Which is Better?

By the end of this blog post, you should have a clear idea of which platform suits your needs and preferences better. Let’s get started!

Piggyvest and Cowrywise: Which is Better?

One of the main reasons why people use Piggyvest and Cowrywise is to save money and earn interest on their savings. 

Both platforms offer various savings options that cater to different savings goals and habits. 

Here are some of the savings options available on both platforms:

Piggyvest

1. Piggybank

This is the core savings feature of Piggyvest, where you can save any amount of money at any time, and earn up to 10% per annum interest. 

You can also set up an auto-save plan, where a fixed amount of money is deducted from your bank account daily, weekly, or monthly, and transferred to your Piggybank. 

You can withdraw your funds for free on set withdrawal dates, or pay a 5% penalty fee for breaking your Piggybank.

2. Safelock

This is a fixed savings feature of Piggyvest, where you can lock away a specific amount of money for a fixed period, and earn up to 13% per annum interest. 

You cannot access your funds until the maturity date, which helps you avoid the temptation to spend. 

You can also create multiple Safelocks for different purposes, such as rent, school fees, or vacation.

3. Target

This is a goal-based savings feature of Piggyvest, where you can set a savings target for a specific purpose, and save towards it regularly. 

You can also invite other people to join your target and contribute to it. 

You can earn up to 10% per annum interest on your target savings, and withdraw your funds for free on the target date, or pay a 5% penalty fee for early withdrawal.

4. Flex

This is a flexible savings feature of Piggyvest, where you can save and withdraw money anytime, without any charges or limits. 

You can also earn interest on your Flex balance, up to 10% per annum for Flex Naira and 7% per annum for Flex Dollar. 

You can also use your Flex account to fund your other Piggyvest savings features or transfer money to other Piggyvest users for free.

Cowrywise

1. Regular Savings

This is the core savings feature of Cowrywise, where you can save any amount of money at any time, and earn up to 15% per annum interest. 

You can also set up an auto-save plan, where a fixed amount of money is deducted from your bank account daily, weekly, or monthly, and transferred to your regular savings. 

You can withdraw your funds on the maturity date, which is at least 3 months from the start date, or pay a 2.5% penalty fee for early withdrawal.

2. Saving Circles

This is a group savings feature of Cowrywise, where you can create or join a savings circle with other people, and save towards a common goal. 

You can also earn interest on your savings circle balance, up to 15% per annum. 

You can withdraw your funds on the circle date, which is determined by the circle creator, or pay a 2.5% penalty fee for early withdrawal.

3. Life Goals

This is a long-term savings feature of Cowrywise, where you can save for a specific life goal, such as retirement, education, or home ownership. 

You can also earn interest on your life goal balance, up to 15% per annum. 

You can withdraw your funds on the goal date, which is at least 5 years from the start date, or pay a 2.5% penalty fee for early withdrawal.

4. Halal Savings: 

This is a Sharia-compliant savings feature of Cowrywise, where you can save money without earning or paying interest. 

You can also set up an auto-save plan, where a fixed amount of money is deducted from your bank account daily, weekly, or monthly, and transferred to your halal savings. 

You can withdraw your funds on the maturity date, which is at least 3 months from the start date, or pay a 2.5% penalty fee for early withdrawal.

Final Note on Piggyvest and Cowrywise: Which is Better?

Piggyvest and Cowrywise: Which is Better?

As you can see, both platforms offer various savings options that suit different savings goals and habits. 

However, Cowrywise generally offers higher interest rates than Piggyvest, which means you can earn more money on your savings with Cowrywise. 

Cowrywise also has a stricter withdrawal policy than Piggyvest, which means you have less flexibility and control over your funds with Cowrywise. 

Therefore, if you prioritize high-interest rates and are willing to commit to a longer savings period, Cowrywise may be a better choice for you. 

If you prioritize flexibility and convenience and want to access your funds whenever you want, Piggyvest may be a better choice for you.

We hope this blog post on Piggyvest and Cowrywise: Which is Better? is helpful.

FAQS about Piggyvest and Cowrywise: Which is Better?

What are the main features of Piggyvest and Cowrywise?

Piggyvest and Cowrywise are both fintech platforms that offer savings and investment services to their users. 

Piggyvest has four main savings features: Piggybank, Safelock, Target, and Flex. 

It also offers periodic investment opportunities in various sectors. 

Cowrywise has four main savings features: Regular Savings, Saving Circles, Life Goals, and Halal Savings. 

It also offers a range of investment options in different asset classes, such as mutual funds and government bonds.

Piggyvest and Cowrywise: Which is Better in terms of interest rates and returns?

Piggyvest and Cowrywise both offer competitive interest rates and returns on their savings and investment features. 

However, Cowrywise generally offers higher interest rates than Piggyvest on its savings features, up to 15% per annum, compared to Piggyvest’s 10% per annum. 

On the other hand, Piggyvest’s investment opportunities may offer higher returns than Cowrywise’s investment options, depending on the sector and the risk level.

Piggyvest and Cowrywise: Which is Better in terms of withdrawal options and fees?

Piggyvest and Cowrywise both allow users to withdraw their funds from their savings and investment features, subject to certain conditions and fees. 

Piggyvest has more flexible withdrawal options than Cowrywise, as it allows users to withdraw their funds for free on set withdrawal dates, or pay a 5% penalty fee for breaking their savings. 

Cowrywise has a stricter withdrawal policy than Piggyvest, as it requires users to wait for at least 3 months before withdrawing their funds or pay a 2.5% penalty fee for early withdrawal.

How do Piggyvest and Cowrywise compare in terms of security and customer service?

Piggyvest and Cowrywise both use high-level encryption and security measures to protect their users’ data and funds. 

They also comply with the regulations of the Central Bank of Nigeria and the Securities and Exchange Commission. 

Piggyvest and Cowrywise both have responsive and helpful customer service teams that can be contacted through various channels, such as email, phone, or social media.

Piggyvest and Cowrywise: Which is Better?

The answer to this question depends on your personal preferences and financial goals. 

If you prioritize high-interest rates and the flexibility to withdraw funds whenever you want, Piggyvest may be a better choice for you. 

If you are looking for a platform with a broader range of investment options and are willing to commit to a more controlled withdrawal policy, Cowrywise may be better suited to your needs.