Piggyvest and Cowrywise: which is better?

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Piggyvest and Cowrywise

Saving money is one of the most important habits that you can develop to achieve your financial goals. Fortunately, technology has made it easier to save money with the rise of savings platforms like Cowrywise and Piggyvest.

Both platforms have become popular in Nigeria, helping users save money and invest in different financial instruments.

However, which of these platforms is the best option for you? In this blog post, we’ll compare Cowrywise and Piggyvest to help you decide.

User Interface

One of the most important factors to consider when choosing a savings platform is the user interface.

Cowrywise and Piggyvest both offer user-friendly interfaces, but Cowrywise has a more modern and intuitive design.

Cowrywise’s design is more aesthetically pleasing, and users can easily navigate the platform.

Piggyvest, on the other hand, has a simple interface that is easy to use but can be a bit boring.

Savings Plans

Cowrywise and Piggyvest both offer different savings plans to suit different users’ needs.

Cowrywise offers plans like Daily Savings, Flex Savings, Halal Savings, and Stash, while Piggyvest offers plans like Piggybank, Safelock, Target Savings, and Investify.

However, Cowrywise has more savings plans than Piggyvest, giving users more options to choose from.

Interest Rates

Interest rates are a crucial factor to consider when choosing a savings platform.

Cowrywise and Piggyvest both offer interest rates that are higher than the traditional savings accounts in Nigeria. However, Cowrywise offers higher interest rates than Piggyvest.

For instance, Cowrywise offers up to 15% interest rate on its Flex Savings plan, while Piggyvest offers up to 10.5% interest rate on its Piggybank plan.

Investment Options

Both Cowrywise and Piggyvest offer investment options, allowing users to invest their money in different financial instruments like treasury bills, stocks, and mutual funds.

However, Cowrywise has more investment options than Piggyvest, making it a better option for users who want to diversify their investment portfolio.

Fees and Charges

Another important factor to consider when choosing a savings platform is the fees and charges.

Cowrywise and Piggyvest both charge fees for their services, but Cowrywise has lower fees than Piggyvest.

For instance, Cowrywise charges 1.25% per annum on its Flex Savings plan, while Piggyvest charges 2.5% per annum on its Piggybank plan.

Security

Security is a crucial factor to consider when choosing a savings platform. Cowrywise and Piggyvest both use modern security measures like SSL encryption and two-factor authentication to ensure users’ accounts are secure.

However, Cowrywise has an extra layer of security, requiring users to set up a transaction PIN to complete transactions on the platform.

Customer Support

Cowrywise and Piggyvest both have good customer support, but Cowrywise has a more responsive support team.

Cowrywise offers live chat support, and users can also reach out to the support team via email or social media. Piggyvest, on the other hand, offers email support and phone support.

Cowrywise VS Piggyvest

Features Cowrywise Piggyvest
User Interface Modern and intuitive design Simple interface, easy to use
Savings Plans Daily Savings, Flex Savings, Halal Savings, and Stash Piggybank, Safelock, Target Savings, and Investify
Interest Rates Offers higher interest rates than Piggyvest Offers lower interest rates than Cowrywise
Investment Options Offers more investment options than Piggyvest Offers fewer investment options than Cowrywise
Fees and Charges Charges lower fees than Piggyvest Charges higher fees than Cowrywise
Security Uses SSL encryption and two-factor authentication Uses SSL encryption and two-factor authentication
Customer Support Offers live chat support, email and social media support Offers email and phone support

Conclusion

Both Cowrywise and Piggyvest are great savings platforms, offering users different options to save money and invest in different financial instruments.

However, Cowrywise is the better option for users who want a more modern and intuitive user interface, more savings plans, higher interest rates, more investment options, lower fees, and more responsive customer support.

On the other hand, Piggyvest is a great option for users who want a simple and easy-to-use platform with basic savings plans and investment options.

Ultimately, the choice between Cowrywise and Piggyvest depends on your personal preferences and financial goals.

If you want a platform with more features and options, Cowrywise is the way to go. But if you prefer a simpler platform with basic savings and investment plans, Piggyvest might be the better choice.

Regardless of which platform you choose, the most important thing is to start saving and investing early to achieve your financial goals. Both Cowrywise and Piggyvest are great options to help you achieve this.

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About the Author: Femi Olawole

Femi Olawole is a seasoned blogger with interest on providing helpful Contents on online loan apps, Tech and Business.

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