Home Finance Best money saving apps for a better savings habit.

Best money saving apps for a better savings habit.

Traditional Ways of Saving Money in Nigeria

Money saving apps, I mean the best money saving apps can help you save as much as 1000% better every year.

Growing up, many of us learnt how to save in clay pots, wooden boxes and some other forms of piggybanks. Money saving apps were not available back then. Only until recently did technology give rise to money saving apps and a few tech companies have built their products around this, doing something better than what traditional banks do with their expensive savings account.

What does money saving apps do?

An automatic savings app use smart and intelligent tools to promote a healthy savings habit. All from the comfort of your smartphone, tablet or computer, you can now quickly and securely save money while earning high interests. These apps automatically deduct a small amount from your traditional bank savings account (daily, weekly or monthly), and the money is saved for you, depending on your settings -or you can do the savings manually.

When I first heard of this free online savings account, I was quite skeptical I must say, but a trial of a few of these money saving apps has convinced me. They all do a fantastic job, and I sincerely do not have a favorite, I use all of the companies I will be sharing with you below.

But first, should you even consider online savings?

Why you should use an automatic savings app

  • It is straightforward to use.
    • It is secure. I found out that all card and bank details are secured by one of the best payment processors in Africa.
    • They pay way higher interest on savings when compared to traditional banks
    • I can easily automate my savings, and I can also save as low as ₦100… Fantastic! – Zero charges!
    • It is not expensive to operate, unlike the regular savings account with traditional banks.
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Basically, with these apps to help save money, you can save as low as ₦100 daily/weekly/monthly, or even anytime you want. They also do not charge bank maintenance fees, card fees and none of those fees we are used to being charged by the traditional banks for our savings account.

Here’s a list of the best money saving apps I would recommend, in no particular order. I use these because they’re easy to use, no hidden fees, they all have valid office addresses, and I most especially love their customer services. Even at 2 am, they’d respond to a tweet, DM or email.


Best money saving apps to help save money

  1. PiggyVest

Piggyvest is one of the best money saving apps. Their product -Piggybank, is easily the most popular automatic savings app.

The founders are young people who started the company straight out of the University, and they have been doing very well since then. They recently changed their name from Piggybank to Piggyvest, but their service is still excellent.

They, however, need to improve customer care; they take a long time to respond to emails and phone calls. Their interest payout monthly is very transparent, and mainly one of the reasons this is one of my best apps to help save money.

  1. CashBox

Cashbox is one of my picks for the best money saving apps. I would give the best customer service to this brand. They know how to make you feel terrific. There is an Android and iOS version of the app and a website for people who don’t want to download the app. But I would like to see them upgrade their user interface, I will like to see the app looking sharper and more interactive.

Emails and live chats with Adriana are always very helpful. Don’t ask me who Adriana is, ask CashBox when you start saving. Very transparent also, you see all your savings, and daily interest earned on their dashboard.

  1. Cowrywise
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Rounding up my pick of the best money saving apps is Cowrywise. Of all three money saving apps on this list, Cowrywise has the best user interface. A few months ago, it wasn’t as good, but right now, it is impressive. But they need to explain how their investments work, and I feel the explanations they give in emails they send out is quite vague and too many big investment/ Finance lingos. I like to get emails from Ope though. You get to know who Ope is when you start saving.

These money saving apps have all had a good track record in their few years of operation, but I have some reservations about them though:

  • You still need traditional savings account to run them.
    • They are still pretty new (not more than three years).
    • Their founders and team members are mainly young but intelligent (Anyway, Facebook founder, Mark Zuckerberg is young too)
    CBN does not directly regulate them. However, they have some form of partnership with Banks and institutions regulated by CBN and SEC. So, your money is safe anyway.

That’s basically my reservations, but all the same, I’ve been happily saving with these money saving apps, and I’m loving it.
These are my pick of the best money saving apps; they have helped me save a lot. I will recommend this apps to help save money to anyone interested in an automatic savings app. I am always keeping an eye on them, so should I notice any foul play, trust me to spill.

What do you think about my pick of the best money saving apps?

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