Having idle cash sitting in a bank account or even in a traditional savings box may feel safe, but is it really the best choice? If you’re like many people I’ve encountered online, you might worry that your money is just sitting there, barely growing, while opportunities to build real wealth slip away.
Many Nigerian savers today are looking for ways to make their money work for them without getting into risky investments, which is why I’d like to introduce you to Earn by Trove. This is an exciting option for anyone looking to put their money to work securely, earn returns, and avoid the potential downsides of letting cash sit idle.
With “Earn by Trove,” you can put away funds and enjoy a fixed income with up to 20% interest per annum on Naira savings and 5.5% in dollar savings—all with a sense of security.
In this blog, I will share with you savings platforms in Nigeria that can help you grow your wealth, build financial security, and reach your goals faster.
Different Saving Platforms in Nigeria
1. Earn by Trove
Earn by Trove is a fixed-income feature on the Trove app that allows you to earn interest on your money. There are two fund options to save in. You can save your funds in naira or dollars and gain interest
So, if you’re wondering where to safely park your money with decent returns, “Earn by Trove” is designed just for you.
Benefits of using Earn by Trove
- Interest Rates: Earn up to 20% per annum on Naira deposits or 5.5% per annum on Dollar deposits.
- Flexible Duration: Choose between 3, 6, 9, or 12 months to lock in your funds.
- Safety and Accessibility: The app is easy to use and trusted by millions, with a strong record for security.
- Simple Setup: Just download the Trove app, click “Earn,” select your currency, and deposit funds.
Example: If you set aside 100,000 Naira, at the end of a year, you’d earn a guaranteed 20,000 Naira in interest. That’s effortless growth for your money without any of the risks often associated with other forms of investment. This makes it an attractive option for both novice and experienced savers who want their money working for them 24/7, with zero effort.
2. PiggyVest
PiggyVest is one of the most popular digital savings platforms in Nigeria, known for its flexibility and variety of savings options. With SafeLock for fixed savings, Target Savings for specific goals, and even Dollar investments, PiggyVest offers something for everyone.
Benefits of using Piggyvest
- Interest Rates: Flexible savings offer around 8% per annum, while SafeLock can earn you up to 13% annually.
- Customization: Users can save daily, weekly, or monthly and can lock funds to avoid impulsive withdrawals.
- Safety and Accessibility: The app is easy to use and trusted by millions, with a strong record for security.
3. Kuda Bank
Kuda, a digital-only bank, provides Nigerian savers with both flexible and fixed savings options, combining traditional banking with high-interest savings.
Benefits of using Kuda
- Interest Rates: 12% on fixed savings plans.
- Banking Features: Enjoy 25 free transfers monthly and track spending with its Spend+Save feature, which helps you save a little every time you spend.
- Accessibility: All services are mobile-based, with zero charges on debit transactions.
4. Cowrywise
Cowrywise is perfect for those who prefer a structured, goal-oriented approach to savings. With its Halal Savings option, it even caters to users who avoid interest for religious reasons.
Benefits of using Cowrywise
- Interest Rates: Up to 8.5% interest rates depending on the duration and plan.
- Plan Variety: Offers everything from flexible savings to a 15% fixed savings plan and even group savings options.
- User Experience: The app is easy to navigate, and you can automate your deposits.
Cowrywise’s variety of plans and goal-oriented approach make it ideal for those with specific savings targets, such as vacation funds or emergency savings.
5. FairMoney
FairMoney offers two plans: FairSave for flexible savings and FairLock for fixed savings. This allows users to grow funds with minimal restrictions.
- Interest Rates: Up to 17% on FairSave and 28% on FairLock.
- Withdraw Anytime: FairSave allows withdrawals at any time, making it perfect for those who might need quick access to their funds.
6. Palmpay
Palmpay combines high-interest savings with payment options, offering flexibility and high interest.
- Interest Rates: Up to 16% for flexible savings and 20% for fixed savings.
- Multi-functional: Offers both savings and payment services in one app.
- Accessibility: Withdraw and deposit with ease, making it great for active users.
Choosing the Best Platform for Your Needs
When deciding which savings platform is right for you, consider the following:
- Return on Investment: Platforms like Earn by Trove and FairMoney’s FairLock offer some of the highest fixed rates. Choose based on the highest return available that aligns with your financial goals.
- Flexibility: If you want easy access to your funds, options like PiggyVest and Kuda allow you to save while retaining some withdrawal flexibility.
- Security: Make sure the platform you choose has strong security measures in place to protect your funds.
Conclusion
The best savings platform comes down to your specific needs, but rest assured, you can’t go wrong with any of the options listed. Each of these platforms offers something unique, from high-interest rates to personalized savings plans, so you can grow your money in a way that aligns with your goals.
Whatever you decide, remember that saving is the first step toward financial freedom—and with the right platform, you can turn this step into a leap!
