Piggyvest and Cowrywise: Which is Better?

Piggyvest and Cowrywise are two of the most popular investment and savings platforms in Nigeria. Both platforms offer a variety of features and benefits, so it can be difficult to decide which one is right for you.

This blog post will dwell on Piggyvest and Cowrywise: Which is Better?

What Is Piggyvest?

Piggyvest is an all-in-one digital savings and investing platform that enables users to save money and invest in a variety of financial products. Users can save money on Piggyvest and invest in them at the same time. The number of people using the site has increased to over 2 million since it was first established.

It provides a variety of options, such as savings programs, investment opportunities, and pension plans, among other options. Piggyvest provides its users with the opportunity to earn an interest return on their savings of up to 10% each year.

What Is Cowrywise?

Cowrywise is an online financial platform with the primary mission of assisting users in both saving and investing. It is possible to invest in a variety of options such as stocks, exchange-traded funds (ETFs), mutual funds, and savings programs.

Razaq Ahmed and Oluwatobi Akinola launched the website in 2018, and since then, it has attracted more than one million visitors.

Users can also access tools for financial education, investing insights, and individualized investment advice through Cowrywise. 

Piggyvest and Cowrywise: Registration Process

Both Piggyvest and Cowrywise have a simple and straightforward registration process. You will need to provide your name, email address, phone number, and BVN. Once you have registered, you will be able to create your first savings or investment plan.

Piggyvest and Cowrywise: Savings and Investment Options

Piggyvest

Piggyvest offers a variety of saving and investment options, including:

●     Piggybank: This is a simple savings plan that allows you to save money on a regular basis. You can save daily, weekly, or monthly, and earn daily interest on your savings.

●     Flex Naira: This is a flexible savings plan that allows you to keep your cash in Naira on Piggyvest and earn interest on it. You can withdraw your money at any time, but you will earn more interest if you keep your money in Flex Naira for longer.

●     Flex Dollar: This is a flexible savings plan that allows you to keep your cash in Dollars on Piggyvest and earn interest on it. You can withdraw your money at any time, but you will earn more interest if you keep your money in Flex Dollar for longer.

●     Safelock: This is a savings plan that allows you to lock your money away for a certain period of time. You can choose to lock your money away for 3 months, 6 months, or 12 months. During the lock-in period, you will not be able to withdraw your money. However, you will still earn interest on your money.

●     Investify: This is an investment plan that allows you to earn more on your savings by investing in pre-vetted, low-medium risk, primary and secondary investment opportunities. These include Agriculture, Real Estate, Transportation, Fintech, Fixed Income, and many more.

●     Targets: This feature was created to help you target different savings goals. You can create a target for a specific amount of money, and Piggyvest will help you save for it by automatically deducting money from your bank account on a regular basis.

Cowrywise

Cowrywise offers a variety of saving and investment options, including:

●     Regular savings: This is a savings plan that allows you to save your money for a minimum of 3 months to meet your financial goals such as rent payments, car purchases, and more.

●     Emergency plan: This is a savings plan that helps you meet urgent money needs.

●     Money duo: This is a savings plan that allows you to build wealth with someone you love.

●     Mutual funds: This is a type of investment that allows retail investors to pool their funds together to invest in a diversified portfolio of assets.

●     Saving circles: This is a group savings feature that allows you to save with friends and family in a fun and motivational way.

●     Halal savings: This is a savings plan that is designed for Muslim users who want to save money without earning interest.

Piggyvest and Cowrywise: Interest Rates and Returns

Piggyvest Interest Rates

Piggyvest offers a variety of savings and investment products, and the interest rates on these products vary. Here is a breakdown of the interest rates offered by Piggyvest:

●     Piggybank: 10% per annum

●     SafeLock: Up to 13% per annum

●     Flex Dollar: 7% per annum

●     Investify: Up to 25%

●     Target: 9% per annum

●     Flex Naira: 8% per annum

Cowrywise Interest Rates

The interest rates on Cowrywise's savings and investment plans also vary. However, the platform offers 10%-15% on savings, and mutual funds (Investment) can get up to 20% per annum.

Piggyvest and Cowrywise: Security Measures

Both Piggyvest and Cowrywise are regulated by the Securities and Exchange Commission (SEC) of Nigeria. This means that your money is safe and secure with both platforms.

Piggyvest and Cowrywise: Customer Support

Both Piggyvest and Cowrywise offer customer support through email, live chat, and phone. However, Piggyvest has a slightly better reputation for customer service than Cowrywise.

Piggyvest and Cowrywise: User Interface and Experience

Piggyvest and Cowrywise have good user interfaces and experiences. Piggyvest's user interface, on the other hand, is slightly more user-friendly than Cowrywise's.

Piggyvest and Cowrywise: Fees and Charges

Piggyvest and Cowrywise both charge no fees for using their platforms, from deposits to saving and investing, and even at some cetain withdrawals. That means that all transactions on both applications are completely free.

Piggyvest and Cowrywise: Withdrawal Process

The procedure for making a withdrawal is simple and easy when using either Piggyvest or Cowrywise. Your money is always available for withdrawal, so long as it complies with the platform's withdrawal policies.

Piggyvest vs. Cowrywise: Which is Better?

Your unique needs and preferences will determine the platform that is best for you. Piggyvest may be a better alternative if you want high-interest rates and a range of savings strategies. Cowrywise, on the other hand, may be a better alternative if you want more investment options and more flexible withdrawal policies.

Finally, the easiest approach to determining which platform is ideal for you is to test both and discover which one you prefer. Both of them are safe and secure, so you can rest assured that your funds are secure.

Frequently Asked Questions (FAQs)

What is the difference between Piggyvest and Cowrywise?

The main difference between Piggyvest and Cowrywise is the range of investment options they offer. Piggyvest has a limited number of investment options, while Cowrywise offers a wider variety of investment options, including mutual funds and ETFs.

Piggyvest and Cowrywise: Which platform is safer?

Both Piggyvest and Cowrywise are safe and secure platforms. Your money is held in trust by their partner banks, and is insured by the NDIC.

Piggyvest and Cowrywise: Which platform is easier to use?

Both platforms are easy to use. However, some people prefer the user interface of Piggyvest, while others prefer the user interface of Cowrywise.

Piggyvest and Cowrywise: Which platform is better for me?

The best platform for you will depend on your individual needs and preferences. If you are looking for a platform with a wide variety of investment options, then Cowrywise may be a better choice for you. However, if you are looking for a platform that is easy to use and has a limited number of investment options, then Piggyvest may be a better choice for you.

 

Conclusion

Piggyvest and Cowrywise are two of Nigeria's most popular investment and saving platforms. Both platforms provide a range of features and perks, making it tough to choose which one is best for you.

Ultimately, the best way to choose which platform is appropriate for you is to think about your own goals and preferences.

Piggyvest may be an excellent alternative for you if you're seeking for a platform with high interest rates and a good reputation for customer support. Cowrywise may be an excellent alternative for you if you want a platform with a wider selection of investment options and a user-friendly layout.