Best Savings Apps Like Piggyvest With High Interest

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I don’t know about you, but I don’t like saving at traditional banks. It’s like pouring water into a basket because you’ll keep putting it in, yet there is nothing to show. 

It’s a classic example of “you go explain taya–no evidence 😆.”

That’s why we’ve been using Piggyvest for years. This app offers some of the best savings rates with features that support saving in Naira and Dollars. 

But you may have tried Piggyvest and didn’t like it. So, it’s totally normal to want to try out other apps that offer different features but still allow you to save with high interest.

So, we’ve put together the best savings apps like Piggyvest in Nigeria. Each app comes with its own unique features and saving methods. 

The Best Savings Apps Like Piggyvest With Interest

Piggyvest has maintained a reputation as the best savings app with high interest. The reason the app stands out and is safe to use is because of the following features:

  • Room to save in groups since it’s usually a key motivator
  • Investment opportunities on the app
  • The high-interest rate for users
  • Redemption from the inflation crisis by saving in dollars
  • You have a chance to click for an emergency withdrawal, but it comes with a penalty.

Other savings apps like Piggyvest with similar features include:


Cowrywise is another savings platform with a high interest rate in Nigeria that allows a variety of savings plans. The reason we love Cowrywise for savings is its strict withdrawal policy.

Once you lock in your funds, there’s no way to withdraw them until the set date.

Available Saving Options:

Regular Savings

Allows withdrawals only after the targeted duration is over.

Life Goal Savings

Designed for significant goals with a minimum saving duration of a year.

Halal Savings

A Sharia-compliant saving option.

Interest Rates: Cowrywise offers competitive interest rates ranging from 8% to 11%, depending on the chosen savings plan.

What we like

  • Strict Withdrawal Policy: Ensures intentional saving by restricting withdrawals until the set date.
  • Diverse Saving Plans: Offers a variety of plans catering to different financial goals and preferences.
  • High-Interest Rates: Provides competitive interest rates of 8%–11%.

What we don’t like

  • Accessibility: The strict withdrawal policy might be a limitation for users who prefer more flexible access to their funds.

Cowrywise Reviews: Is It Still Legit in 2023?

ALAT by Wema

ALAT is identified as the first digital bank in Nigeria. In contrast, WEMA is the traditional version of it, but in this case, operations are carried out virtually without having to be physically present in the bank. ALAT has improved features that rank it as another savings app like Piggvest, with a high-interest rate of between 7% and 11%.

Available Saving Options:

Saving Goals:

Tailored for individual financial objectives.


Allows users to save, spend, and accrue interest after a month.

Group Savings:

Facilitates collective saving with friends for added fun.

Interest Rates: ALAT by Wema offers competitive interest rates ranging from 7% to 11%, depending on the saving option selected.

What we like

  • Digital Banking: Offers a fully digital banking experience with 24/7 access and seamless money transfers.
  • Loan Feature: Provides low-interest short-term loans with one-click requests.
  • Flexi Savings: Introduces a flexible saving option with controlled withdrawals.

What we don’t like

  • Interest Accrual: Stash savings account requires a month of saving before accruing interest.


Opay is one of the best savings apps like Piggyvest as they give up to 15–18% per year to their users compared to Piggyvest. The only major difference is that Opay doesn’t give the option of saving in dollars; it is a mobile banking app too.

Opay has quite a number of savings options, and it’s so welcoming that if you go for the Flexi savings (Owealth), you’ll be rewarded with daily interest.

Available Saving Options:

Flexi Savings (Owealth):

Offers daily interest and allows users to convert funds to a savings wallet.

Spend and Save:

Comes with more specific terms and is distinct from the Flexi savings plan.

Other Savings Plans:

Various plans are tailored to meet different user needs.

Interest Rates: OPay offers impressive interest rates ranging from 15% to 18% per year, depending on the savings plan selected.

What we like

  • Higher Interest Rates: Offers competitive annual interest rates of 15–18%.
  • Daily Interest: Rewards users with daily interest through the Flexi savings plan.
  • Free Transfers: Provides three-time free transfers on the app daily.

What we don’t like

  • No Dollar Saving: Does not offer the option of saving in dollars.


Kuda is a distinguished mobile banking app in Nigeria, serving as one of the best savings apps like Piggyvest with its rewarding savings options. The app features a budget list to aid users in tracking spending and setting savings goals. Kuda promotes financial independence, allowing users to manage their budgets, savings flexibility, and interest rate growth.

Available Saving Options:

Flexible Savings:

Offers adaptability in saving money.

Fixed Savings:

Locks in savings for a determined period.

Save and Spend:

Balances spending and saving with specific terms.

Interest Rates: Kuda rewards users with up to 15% interest, with the rate determined by the chosen savings plan and adherence to it.

What we like

  • Everyday bill payment: You can use Kuda to make online payments like TV subscriptions while saving.
  • Budget List: Provides a budget list feature to help users track spending and set savings goals.

What we don’t like

  • No dollar savings: Kuda doesn’t allow you to save in dollars.


Carbon, primarily known as a loan app, has diversified its services to become a comprehensive mobile banking app in Nigeria, offering a variety of transactions, including payments in different currencies like the dollar. 

Carbon stands out for its transactional capabilities, allowing 30 free-of-charge transactions per month, no debit card maintenance fee, and providing a platform for both transactions and savings.

Available Saving Options:

Flex Save:

A flexible savings option for users.


Designed to help users set and achieve their savings goals.

Cash Vault:

Allows locking of funds for a set maturity date with a minimum amount of ₦50,000.

Interest Rates: Carbon offers a competitive interest rate of 15.5% on savings, with the rate determined by the chosen savings plan and adherence to its terms.

What we like

  • Diverse Services: Offers various services, including loans, payments, and savings.
  • High Interest Rate: Provides a high-interest rate of 15.5% on savings.
  • Free Transactions: Entitles users to 30 free monthly transactions and no debit card maintenance fee.

What we don’t like

  • Minimum Amount Requirement: The Cash Vault requires a minimum amount of ₦50,000 to earn interest.

How to Maximize Your Savings

Using an app with a high-interest rate, like Piggyvest, is one thing, and earning as much interest is another. To maximize your interest rate, it’s important to maintain high saving power, which is the discipline that comes with savings. This would help you save larger amounts, earning a higher interest rate in return.

Going for fixed savings is a much-preferred option, as it has a higher percentage of interest. This way, your spending is limited, and those goals will be met faster.


All these savings apps like Piggyvest have high interest rates, but each has its own unique features. Since the goal is to manage your funds, it’s important to go for a savings plan that is convenient for you. 

So you’ll have to consider how much you earn and how much you can save from it to avoid running in circles and not meeting any savings goals in the end.

It’s important to review the terms that come with it to see if there are limits or extra costs attached to it.


Which Pays a Higher Interest Rate Amongst Savings Apps and Traditional Banks?

While both the savings app and traditional banks are financial institutions that help in managing and saving money, they vary in interest rates. Savings apps offer a higher interest rate since they operate virtually and have less expenditure compared to the latter.

Are savings the same as investments?

Savings and investments are quite relative but have very different concepts. Savings focuses on engaging in a low-risk, short-term, and accessible money-stacking plan. On the other hand, investment involves putting your money into buying stocks and other assets to yield much bigger returns. However, investments have high risks too.

Are savings apps safe?

Savings apps are safe to use, as most of them are licensed by the Central Bank of Nigeria and insured by the Nigeria Deposit Insurance Corporation. Also, it’s advised that you double-check and confirm that your preferred saving app authorizes two-factor authentication.

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