One important step you should take in your journey to financial freedom is finding the best savings apps for you.
It’s March 2023 and the first quarter of the year is almost over. No pressure but how well are you keeping your promise to be more financially responsible?
As established, saving money is one of the essential aspects of building wealth and having a secure financial future. Not only does it give you a way out of the uncertainties of life, it also provides you with an opportunity to enjoy a quality life.
Everyone, adults and kids alike, are advised to save money regardless of their earnings, spending and life stage.
Some may be having difficulty starting to save money but with the best savings app, the job is made easier.
Some of the reasons why you need to start saving money in Nigeria include.
● Peace of mind
Knowing that you have a certain amount tucked away for emergencies gives you peace of mind. By saving money, you can lead a stress-free life with the knowledge that you will not have to struggle if things take an unexpected turn.
● Secured future
Saving money helps you handle your future goals with ease. Some of those goals could be buying a house, having a retirement fund, or purchasing a vehicle.
● Job loss cushion
Nobody hopes for misfortune, but it’s always good to guard against them. In today’s economy, there are no guarantees for job stability.
In a situation like a job loss, having money saved up somewhere can provide the buffer you need to scale through.
● Better education
Saving money is one sure way of ensuring that your kids get the best education up to tertiary level.
Most financial institutions have specific savings accounts for education. With a considerable amount of savings, you can fuel your children’s dreams and pay for the best schools and colleges across the world.
Things to consider when choosing a savings app
Finding the best savings apps in Nigeria can be tedious but only because there are so many options available.
To find the best fit, consider these four important factors.
● Online vs. traditional savings accounts
True, digital banks have some of the best savings' apps in Nigeria, but traditional banks are also beginning to follow the same path.
Some are known to have launched mobile apps strictly for online savings.
However, note that online banks typically offer far higher interest rates on savings accounts than traditional banks because of the reduced operating cost.
● Interest rates
Before downloading that app, know what interest rates they are offering and compare it with other available savings apps.
nairaCompare has taken this burden off you. With a few clicks, you can have all the information you need. Visit the nairaCompare website, compare and start saving!
● Extra fees
With mobile banking, everything is digital, but you may need to read through the terms and conditions to know if there are any hidden charges.
Some savings apps require that you make a minimum deposit upfront. Others may charge you a monthly maintenance fee if you don’t maintain a minimum balance in your account.
others have penalties for exceeding your monthly withdrawal limits. Reasearch and know the details.
● Access to your money
How easy is it to access your money? When choosing the best savings app, consider account accessibility.
Sometimes you might need money urgently. Not having access to your savings may end up defeating the reason behind saving.
Best savings apps in March 2023
There are lots of savings apps in Nigeria, although some rank above others in terms of the quality of service they provide.
Here, in no particular order, we take a look at some of the best savings apps in Nigeria as of March 2023.
1. Aella Credit
Aella provides instant credit solutions that eliminates the hassle of standard loan applications and enables employees to borrow at competitive and fair rates through their employers.
2. Carbon
Carbon digital bank empowers individuals with access to credit, simple payments solutions, high-yield investment opportunities and easy-to-use tools for personal financial management.
Although headquartered in Lagos, Nigeria, Carbon is a global company of over 90 employees with operations in Nigeria, England and the United States.
3. Alat by Wema
Alat, a product of Wema Bank, is regarded as Nigeria’s first fully digital bank.
It offers a 360 digital banking experience that is simple, reliable and convenient. Its technology helps customers to manage their money while allowing them to save on the move from anywhere.
4. FairMoney
FairMoney is a service provided by MyCredit Investments Ltd, a licensed online lender, that provides instant loans and bill payments.
Its FairSave product offers a 10% interest rate per annum with a daily interest alert, easy withdrawal anytime without penalties on withdrawal.
5. Cowrywise
Launched in 2017, Cowrywise offers savings with interest rates at periodic, fixed and one-time rates.
With this app, you can build your savings and investment portfolios and manage your money securely. It has an interest rate calculator that determines how much interest you get per time.
It also allows you to save as an individual or with a group.
6. Kuda Bank
Kuda is another saving platform that offers the opportunity for you to effortlessly save while earning interest on your money.
Its Spend+Save tool allows you to put money away every time you spend on something.
You can also lock up the money in a Fixed Savings Plan and make up to 25 transfers to other banks in a month.
7. VBank
VBank, A product of VFD Microfinance Bank, offers a streamlined digital banking experience, with easy access to great features on your personal and business accounts.
With VBank, you can open and activate your account in as little as two minutes.
In addition to USSD banking, it also offers a Fixed Deposit with up to 13% interest, Target Savings account as well as Veelage, a community-based reward system that allows customers earn on the go.
8. Renmoney
Renmoney is a financial institution that provides microfinance services such as loans, savings and deposit funds.
With Renflex, you can put money away when you have it. Your money is safe and flexible for you to take money out.
The platform also has the Smart Goal and Fixed Deposit products for savers.
9. SumoTrust
A product of Sumo Tech Global Limited, SumoTrust is a secured online savings and investment platform in Nigeria. Its automated App helps users to save little by little for a goal at their own convenience.
They also get to earn high interest for every penny saved.
10. PiggyVest
With as little as ₦1,000, you can invest in PiggyVest in areas that really appeal to you, like agriculture, real-estate, transportation, even commercial papers, and earn as much as 100% return on your capital, depending on the investment type/project, investment duration, etc.
The app offers users automated savings and the ability to save towards multiple goals. PiggyVest also helps savers earn competitive returns.
