PiggyVest has more than 100,000 downloads as well on Play Store. Its rating from 8,158 users is 4.3 Stars. While several users praised the app, several others complained about the recent update.
One user, Joshua, claims he has been unable to log into his app since updating it and every attempt to reset password has proved abortive. Another reviewer, Adewale says each update increases the complexity of the app as he hasn’t been able to extend his target saving and frequency since the recent update.
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| PiggyVest co-founder and COO, Odunayo Eweniyi |
- PiggyBank, the regular savings where you can set a particular amount to be periodically deducted from your account (you can withdraw at any time for a 5% breaking fee except on the 4 days in a year where you’re given free withdrawals).
- Safelock option where you stash funds away for a period of time at a fixed interest rate (this does not incorporate a periodic savings option)
- Flex Dollar where you can hold dollar-denominated savings.
- The PiggyFlex which is like a regular bank account with low interest and is tied to a Providus Bank account.
- Target Savings where you can save towards a target periodically.
On the other hand, has 3 primary savings/ investment options.
Cowrywise app, has been over 100,000 downloads on Play Store. It has an approval rating of 4.5 stars from 1,771 users. Many reviewers say they have had a great experience on the app, describing it as ‘reliable’, ‘amazing’, ‘efficient’ etc.
One reviewer, Olufemi however complained that there was no option for emergency withdrawals. Another user simply identified as SM complained about the new upgrade describing it as ‘frustrating’ as it freezes at will. Another user, Peculiar, echoing the same sentiment says the app has been logging itself out and it takes several trials to get back in.
The situation continued even after she updated the app.
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| Cowrywise co-founder, Razaq Ahmed |
- Saving Plan where you periodically save a particular amount redeemable ONLY on the maturity date set by you. This is in contrast with the 5% breaking fee option from PiggyVest in the same circumstance.
- The Dollar Plan where you can hold dollar-denominated savings with a minimum investment option of $100. This is in contrast with Dollar Flex where you can save as low as $1. But is a safe option for you to avoid the volatility of the Naira.
- Mutual Funds. This is my most preferred option for CowryWise. Here, you are put through a risk assessment to determine your risk appetite (low/medium/high) and offered mutual funds based on your risk appetite. It is advisable you seek the advice of a financial analyst if you do not understand how mutual funds work (@thourlarnee could be of help here for a fee). Always check the composition of the mutual funds and their Year on year returns. It is also advisable to invest in mutual funds that have stable instruments (Bonds, T-Bills) in their portfolio. Funds with stocks forming the bulk of their composition are least advisable. You can sell off your mutual funds and get your money back within a 24-hour time frame.
- Halal savings (interest-free targeted at Muslim customers).
- The Stash which is tied to a Providus bank account number where you can save money at a lower interest rate and is not bound by restrictions. You can share that account number with friends and receive funds in it.
Interest Rates
Both Cowrywise and PiggyVest offer great interest rates. While the least interest rate is 10% per year for both, PiggyVest however offers 13% to users locked into its SafeLock plan. Users of the Piggybank and Target Savings get 10% interest.
Cowrywise users get 10% for starters across board. They however claim the interest could rise to as much as 15%, depending on how long the money remains in their system. There is, however, no clearly defined length or period nor milestones between 10 and 15%.
All interests are broken down and paid daily. For PiggyVest users, 13% interest for the SafeLock plan is paid upfront and is accessible at any time. PiggyVest also gives users a Flex sub-account where interests are paid and from where users can withdraw whenever they want.
Investment
The major investment vehicle however is the mutual investment plan which basically pools money from various small investors like yourself to make up one big investment. Returns are subsequently shared. However, you’ll be required to take a short risk assessment test to qualify for this.
On Cowrywise, you could invest in mutual funds through a Systematic Investment Programme (SIP). This system allows you invest bit by bit at a regular interval.
PiggyVest has investify which is a feature that allows users invest in primary and secondary opportunities. These opportunities have been vetted and certified to be low and medium risk. Investments under PiggyVest are insured.
Withdrawals
Withdrawal is free as long as you’re withdrawing on the withdrawal dates you set. PiggyVest also gives you the option to use its own standard withdrawal dates (March 31st, June 30th, September 30th and December 31st). Withdrawal outside these set dates attract a penalty of 5% of the amount withdrawn.
Cowrywise has absolutely no option of emergency withdrawal outside of the set date. You may want to consider this if you choose to save with them. It is stricter than PiggyVest in its withdrawal policy. This, the platform claims, is to ensure users remain 100% committed to saving and meeting up with their goals.
In conclusion
The platform you decide to choose ultimately depends on your own peculiar realities and how they match with the offerings of both platforms. Saving is good but investing is even better. Both platforms offer both in their own unique ways.
When you finally make up your mind, you can signup to CowryWise with the link below
https://my.cowrywise.com/r/AdetaHDe
And/Or you can signup for PiggyVest here
https://www.piggyvest.com/?newref=1&ref=570fd4e5717
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