Savings

Five Best Savings Apps in Nigeria That Maximise Your Savings In 2024

By Edidiong Emmanuel Andy - 24th, May 2024

Five Best Savings Apps in Nigeria That Maximise Your Savings In 2024

Saving your money hasn’t been this good.

Gone are the days when you had to queue in the bank to open a savings account, now you can do that from the comfort of your couch.

The beautiful thing is that you can now even earn on your savings.

And it is all thanks to savings apps.

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Savings apps have changed the way we save, and manage our finances.

With the introduction of saving apps into the banking space, saving money has become an incredibly fulfilling experience. With savings apps, you can automate your savings from your income, budget effectively, and even build your investment portfolios.

In this article, we will look at the best five savings apps in Nigeria, highlighting their key features, benefits, and figures that will guide you to secure your financial future.


1. Jollof+ by Baobab

Jollof+ By Baobab is the foremost savings app in Nigeria. Their features are second to none, allowing you to grow your wealth.

With an interest rate of up to 21.60% net per annum, which is the best in the market, you will be getting good returns on your savings.

Their fixed deposit feature, Jolloflock enables you to lock your funds for a stipulated period. With Jolloflock, you earn up to 21.60% net interest per annum on your savings.

This means that after tax and other deductions, you can still get up to 21% interest on your savings. If you want to calculate the monthly interest, you can go to the website.

Their target savings features, Ajo+ and Babybox offer 16.5% and 15% respectively for your goal-based savings. With the best rates in the market, Jollof+ helps you thrive in this economy.

The app also provides automated savings, automatic savings transfers, and access to financial education resources that aid you in achieving your financial goals.

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2. Piggyvest

PiggyVest is another top-rated savings app in Nigeria, offering a variety of savings and investment options to grow wealth. With PiggyVest, you can also set savings goals, automate deposits, and earn competitive interest rates on your savings.

The app also provides access to investment opportunities such as mutual funds and fixed-income investments.

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3. Cowrywise

Cowrywise is a popular savings and investment platform that offers flexible savings plans and investment options tailored to financial goals.

Like other savings apps, you can automate savings transfers and set personalized savings targets on Cowrywise.

You can also invest in mutual funds and other financial portfolios.

The app provides financial planning tools to help you make informed decisions.

They offer 8.5% on their fixed deposits and 12% on their target savings.

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4. FairSave by Fairmoney

Fairmoney is a credit-led digital bank that offers saving opportunities to users. They are a fast-growing digital bank that allows you to open an account, borrow money, and save.

They offer up to 24% gross interest on your savings for two years through their feature, Fairlock. And up to 14% per annum on their target savings.

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5. ALAT by Wema

ALAT by Wema is another digital bank that offers a range of savings and investment features to help users manage their finances effectively.

Powered by Wema, ALAT allows you to open savings accounts, set savings goals, and automate deposits using the app's "Goal-Based Savings" feature with an interest rate of 10% per annum and an 8.75% interest rate on their fixed deposit feature.

The app also provides access to investment options such as treasury bills and mutual funds, allowing users to grow their wealth over time.

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The gross interest rates are the total interest rates without any tax or deductions while net interest rates are rates after these deductions have been made.

Why is Saving so Important?

Unless you still want to struggle financially at 80, saving is one of the surest ways to build wealth. Saving from your income has a lot of benefits to your financial well-being.

It can help you budget your expenses and curb overspending. It can help you meet your financial goals and help you prepare for emergencies.

A good thing about saving is that you can start with a small amount no matter your income level. Whether you are running a small business or you have a high-paying, you can save according to your pocket.

And now, with saving apps making saving seamless, you can save and build that future you want.

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Whether saving for a rainy day, a dream vacation, or retirement, these top five savings apps offer convenient features, competitive interest rates, and investment options to help you maximize your savings potential.

By leveraging the power of technology and smart financial management, you can take control of your finances and secure a brighter financial future for yourself and your loved ones.




Jollof+
powered by Baobab

Whether You Are Saving for Rent, School Fees Or A New Car

Jollof+ Is The App For You

Download the Jollof+ App on

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