If you are like many, at the start of 2019, you might have anticipated moving into your own house, own a car, getting married and living your dream life.
However, many of these ambitious plans might not have been achieved because “life happens.”
Notwithstanding the challenges last year pose; you need not stop from thinking big.
The year 2020 promises to be better but only for those who can “save” more from their limited resources by cutting down on some of their jumbo expenses.
While it is very okay to save in your traditional savings and/or current accounts, it is worthy to note there are some evolving fintech companies where you can save your money in and getting interest paid on them.
These companies use the monies saved on their platforms to invest in various financial securities which they use in paying as interest on the amounts saved.
You need not have any fear as your monies are insured and in case of loss, you will definitely be paid back.
In this article, we would explore various platforms where individuals can get competitive interest rate on their savings.
CashBox
CashBox is a digital savings platform located in Victoria Island, Lagos Nigeria.
The tech start-up rewards as much as 15 percent annually while allowing users to save as low of N100.
Users on this plan earn between 7 to 10 percent interest annually and are at liberty to suspend their savings at any time. They are also entitled to make four withdrawals at no cost, on the first day of the last month of every quarter, which is March, June, September and December. However, any withdrawal done outside these days, attracts a 5 percent charge on the account.
Piggyvest
PiggyVest is the first online “Savings & Investment” app in West Africa. It first launched as “Piggybank.ng” in 2016 as a savings-only platform.
The platform which has become popular among Nigerians, especially the youth, allows savers to earn as much as 10-13 percent on their deposits.
It offers different products like safelock, target savings-even features to allow you to save, invest or transfer dollars.
Piggyvest is also known for its Agric-investing products that offer returns as high as 20 percent in as little as 6-9 months.
Cowrywise
If you want to plan, save and invest then cowrywise is your go-to platform.
From students to working professionals, business founders, and local traders; Cowrywise community represents individuals with interest in healthy personal finance.
This platform allows individuals to save for as long as they like for interest up to 11 percent. Cowrywise also has a dollar feature but its mutual fund investment products are the talk of the town.
