World Savings Day is celebrated worldwide on October 31 to encourage people to develop saving habits. Fintech startups like Cowrywise and PiggyVest have made saving and investing easier, revolutionizing traditional methods.
PiggyVest is Nigeria’s pioneering digital wealth management platform offering digital savings programs to Nigerians. Since then, the company has expanded its product line to include investment programs and community-focused initiatives. With more than 2,000,000 users, PiggyVest has helped many people reduce overspending, manage finances better and stay responsible for themselves.
Cowrywise is a Nigerian wealth management software that allows users to plan, save, and invest their money. With Cowrywise, users can access both manual and automated savings strategies and invest in mutual funds in Naira or dollars.
Piggyvest and Cowrywise are both legitimate Fintech companies that are gaining popularity and acceptance nationwide, but they have peculiarities and distinctions that differentiate them.
This post aims to highlight the peculiarities and similarities between these two Fintech companies to help users decide which one suits their needs.
Piggyvest and Cowrywise which is better on Savings.
Are you looking for a platform to help you save money? PiggyVest and Cowrywise is the right choice for you, both of them offer a range of savings options. Depending on your needs, you may find that one platform offers more appropriate options than the other.
Let’s start with PiggyVest. Here are the main savings plans on offer:
- Piggybank Wallet is perfect for those who want a simple savings plan. Simply deposit money from your bank account at regular intervals and withdraw only once every three months. You can set up automatic deposits to make saving even easier!
- Target Savings is ideal if you’re saving for a specific goal, like rent or college expenses. You can even ask friends and family to contribute to your savings through this plan.
- SafeLock is a long-term savings plan that offers higher interest rates the longer you keep your money locked away. This plan is perfect for those who want to save for the future.
- Flex Dollar is a brand-new plan that allows you to invest and save money. You can purchase dollars with naira and receive 7% interest annually.
- QuickSave is another great feature of PiggyVest that lets you deposit up to N500,000 at once if you forget to make a scheduled deposit. You can choose to deposit daily, weekly, or monthly, depending on your preference.
In comparison, Cowrywise offers even more savings options:
- A Periodic Savings Plan is great for those with a steady income or regular monthly stipends, like NYSC corps or students.
- The Life Goals saving plan is similar to PiggyVest’s Target Savings but is great for anyone with a regular salary.
- Save as you Earn is for those without a steady source of income, like freelancers or traders. You can make deposits whenever you like.
- Fixed Savings is perfect for those who have money they won’t need for a long time. Simply lock your lump payment into a plan with a set maturity date.
- Halal Savings follows Islamic banking principles and does not charge interest. This plan is well-suited to Muslims and others who avoid interest-based banking.
- Saving Circles allows you to save collectively with others, whether that’s for a friend’s wedding or a common objective.
Both platforms offer savings options to suit any need. Choose the one that offers the options that are perfect for you and start saving today!
Piggyvest and Cowrywise which is better on Interest Rate
If you are looking for a reliable savings platform with impressive interest rates, you can consider both Piggyvest and Cowrywise. Below is an overview of the interest rates offered by these two platforms.
- Piggyvest: Piggyvest offers many different savings options with different interest rates. Some of the most popular options include:
- Piggy Bank savings: 10% interest per year
- Flexible savings: 10% to 15.5% interest per year
- Savings goals: Interest rate of 10% – 13% per year
- SafeLock Savings: Interest rate of 13% – 15.5% per year
With Piggyvest, you can maximize your interest rate by choosing the option with the most suitable savings.
- Cowrywise: Cowrywise offers easy-to-understand fixed-rate savings plans with no hidden fees. Cowrywise interest rates range from 10% to 15.5% per year, depending on the savings plan you choose.
Some of the savings packages offered by Cowrywise include:
- Savings Package: Interest rate 10% per year
- Flex package: Interest rate from 10% to 15.5% per year
- Plan Target: Interest 10% – 15.5% per annum
- Stash Plan: Interest 15% per annum
With both platforms, you can earn impressive interest on your savings. However, depending on your goals and savings strategy, one platform may be better for you than another. The decision is entirely yours.
Piggyvest and Cowrywise are better on Investment options
- Investment options: Both platforms offer a variety of investment options to customers. However, Piggyvest offers more investment plans than Cowrywise. Piggyvest offers options like Investify and Agriculture, while Cowrywise offers investment options in mutual funds and treasury bills.
- Fixed Deposit Investment: Piggyvest offers customers the opportunity to invest in fixed deposits with interest rates ranging from 10% to 15.5% per year. Cowrywise does not offer fixed deposit investment services, which may be a disadvantage for some customers.
- Ease of Investing: Both platforms offer a transparent investment process, however, Piggyvest is easier to use than Cowrywise. Piggyvest allows customers to invest in different plans with a minimum of N1,000 while Cowrywise requires a minimum of N100 to start investing.
- Risk management: Cowrywise has a better risk management system than Piggyvest. Cowrywise operates with licensed fund managers and their investment plans are regulated by the Nigerian SEC. This provides a level of security for customers, ensuring their investments are safe and profits are guaranteed. On the other hand, Piggyvest does not have such legal support for its investment projects.
Both Piggyvest and Cowrywise are reliable and trusted investment platforms. Choosing between the two is dependent on individual investment goals, customer preference, and other factors aforementioned. However, Cowrywise seems to have an edge over Piggyvest based on risk management and interest rates, while Piggyvest is better suited for a broader investment option and ease of use.
Piggyvest and Cowrywise which is better on withdrawals
When deciding between Piggyvest and Cowrywise for your savings goals, it’s important to consider their withdrawal options. Here is a list comparing the two platforms:
- Withdrawal fees: Piggyvest and Cowrywise do not charge withdrawal fees. This means you can easily access your savings without incurring additional fees.
- Withdrawal processing time: Piggyvest withdrawal processing time is up to 72 hours, while Cowrywise processing time is up to 24 hours. This means that if you need to access your savings quickly, Cowrywise may be the better choice for you.
- Withdrawal Limit: Piggyvest allows users to withdraw up to 50% of their savings balance once every 90 days. On the other hand, Cowrywise allows users to withdraw their savings at any time and without any limits.
- Withdrawal options: Piggyvest offers users the option to withdraw their savings to their bank account or Piggybank wallet. On the other hand, Cowrywise only allows direct withdrawals to users’ bank accounts.
- Ease of use: Piggyvest and Cowrywise have an easy-to-use withdrawal interface. However, the Cowrywise withdrawal process is simpler and has fewer steps, which may be more appealing to some users.
When it comes to withdrawal options, Cowrywise may be the better choice for those who need quick and easy access to their savings without any withdrawal limits. However, if you prefer withdrawal options to your Piggyvest wallet or are comfortable with Piggyvest’s 72-hour processing time, this may be the best choice for you.
Penalties on early withdrawal on Piggyvest and Cowrywise.
Penalties for withdrawing money early on Piggyvest and Cowrywise
If you’re considering saving with Piggyvest or Cowrywise, it’s important to know exactly what penalty you’ll pay if you try to withdraw your savings in advance. Here are the details of early withdrawal penalties for these two savings platforms:
- Piggyvest: With Piggyvest, you will have to pay a 5% penalty on the interest earned if you try to withdraw money. Save ahead of time. For example, if you save N20,000 for six months at 10% interest and withdraw the money in the third month, you will receive N20,000 plus the interest earned (N1,000), minus 5 % interest earned (which is N50). ).
- Cowrywise: On Cowrywise, the penalty for early withdrawal varies depending on the investment plan you’re saving with. For the Fixed Income plan, you’ll be charged a penalty fee of 20% of the interest earned if you attempt to withdraw before the maturity date. For the Wealth Management plan, the penalty fee is 10% of the interest earned. It’s important to note that there are no penalties for withdrawing from the savings plan.
If the potential for early withdrawal is a concern for you, Piggyvest might be a better option as the penalty fee is only 5% of the interest earned. However, with Cowrywise, you have the opportunity to save without penalty on your savings plan. Choose wisely based on your personal savings goals and priorities.
FAQs on Piggyvest and Cowrywise: which is better?
1. What are the similarities between Piggyvest and Cowrywise when it comes to saving?
- Both platforms allow you to save money to achieve specific goals.
- They pay interest on your savings.
- Both are user-friendly and offer mobile apps for easy access.
2. What is the difference between Piggyvest and Cowrywise when it comes to saving?
- Cowrywise offers more investment options, including mutual funds, while Piggyvest is limited to agricultural savings and investments.
- Piggyvest has a feature called “SafeLock” that allows you to lock your savings so you can’t access them until a certain date, while Cowrywise doesn’t offer this feature.
- Cowrywise charges withdrawal fees while Piggyvest allows you to withdraw money for free.
3. Which platform offers higher savings interest rates?
- The interest rate on Piggyvest savings account is 10-15% per year, while Cowrywise offers 10% per year. Therefore, Piggyvest offers higher savings interest rates.
4. Which platform is best for investment options?
If you are looking for more investment options then Cowrywise is the best choice. They offer mutual funds that allow you to invest in stocks and bonds. However, if you are looking to invest in agriculture, Piggyvest is the best choice.
Final Thought on Which is Better Between Piggyvest and Caurywise?
Ultimately, the best platform depends on your personal needs and the goals you want to achieve. If you are looking for a savings platform with higher interest rates then Piggyvest is the best choice. However, if you are looking for a platform that offers more investment options then Cowrywise is a better choice. Both platforms are trustworthy and have been proven to be trustworthy.