Finance apps

Cowrywise Vs PiggyVest: Which is better?

In this post, I’ll be comparing two giant fintech Companies (Cowrywise Vs PiggyVest) and by the end of the article, you should know which is the best and suitable for you according to your preference. 

With further Ado let’s delve in right now!

What is Cowrywise?

Cowrywise Vs PiggyVest
Cowrywise Vs PiggyVest

Cowrywise is a Nigerian financial technology platform that offers a wide range of services to help people effectively manage their finances and achieve their financial goals. 

This Fintech company was launched in the year 2017 and has quickly gained popularity among users looking for accessible and user-friendly solutions to save and invest their money.

Cowrywise provides a convenient platform for users to save money and invest in various asset classes. 

According to the cowrywise founder Razaq Ahmed, they understands the importance of building a savings culture and offers different savings plans purposely to meet individual needs. 

Whether you’re saving for a specific goal or simply aiming to build an emergency fund, Cowrywise provides options to help you stay disciplined and achieve your targets.

One of the standout features of Cowrywise is its diverse investment opportunities. 

The platform offers a range of investment plans that cater to different risk tolerances and investment preferences. 

From mutual funds to government bonds, Cowrywise provides users with access to different asset classes, allowing them to grow their wealth and potentially earn higher returns over time.

What is Piggyvest?

Cowrywise Vs PiggyVest
Cowrywise Vs PiggyVest

PiggyVest, formerly known as Piggybank.ng, is a Nigerian financial technology platform that aims to promote a savings culture and help individuals achieve their financial goals. 

This company was established a year earlier than cowrywise (2016) and has gained significant popularity as a trusted platform for saving, investing, and managing personal finances.

PiggyVest provides users with a convenient and secure platform to save money. 

It also offers various savings options designed to cater to different savings goals.

It matters not whether you want to save for a specific purpose, build an emergency fund, or cultivate a regular savings habit, PiggyVest provides a range of tools to help you stay committed and reach your targets.

One of the key and outstanding features of PiggyVest is its automated savings feature. 

It allows users to set up automatic savings plans, where a specified amount of money is deducted from their bank accounts at regular intervals and transferred to their PiggyVest savings account. 

This feature encourages consistent savings and reduces the temptation to spend impulsively.

Not finished yet, PiggyVest also offers target savings, which enables users to set savings goals for specific purposes, such as purchasing a car, going on vacation, or starting a business.

You can track your progress and allocate funds towards their targets, ensuring that they stay on track and achieve their desired objectives.

In addition to savings on PiggyVest, PiggyVest provides opportunities for you to invest your savings and earn returns. 

The platform offers various investment options, including agriculture, real estate, and fixed-income investments. 

These investment opportunities allow users to grow their savings and potentially generate passive income over time.

More enlightenment on Cowrywise Vs PiggyVest: which is better as been shared below:

Cowrywise Vs PiggyVest Savings, Which is Better?

When it comes to savings, I’d tell you both Cowrywise and PiggyVest are popular fintech companies that offer tools and features to help individuals to save and manage their money.

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However, while both platforms share similar goals, there are particular differences to consider when comparing Cowrywise and PiggyVest in terms of their savings offerings.

As seen in their ‘about us’ mentioned above, PiggyVest, formerly known as Piggybank.ng, has gained popularity for its savings-focused features. 

It offers a variety of savings options to cater to different needs. One of its prominent features is automated savings, which allows users to set up recurring transfers from their bank accounts to their PiggyVest savings. 

This automation helps users establish regular savings habits and reduces the chances of spending impulsively. PiggyVest also provides target savings, enabling users to set specific savings goals and allocate funds towards them, thereby tracking their progress.

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Cowrywise, on the other hand, also places emphasis on savings and provides users with various savings plans. 

It offers customizable automated savings plans where users can specify the frequency and amount they wish to save.

Cowrywise additionally provides users with a feature called SafeLock, which allows them to lock away a portion of their savings for a specified period, preventing any temptation to spend the funds before reaching their goals.

I’m a Cowrywise user and using SafeLock on Cowrywise is superb! But note that when comparing the savings options, PiggyVest offers a wider range of features beyond just traditional savings. 

It allows users to save towards specific goals, invest their savings in various opportunities, and earn returns. 

PiggyVest offers investment options such as agriculture, real estate, and fixed-income investments. 

This additional investment component provides users with the potential to grow their savings and generate passive income over time.

Cowrywise, while primarily focused on savings, also offers investment options. Users can invest their savings in mutual funds and government bonds through the platform. 

These investment options allow users to diversify their portfolios and potentially earn higher returns on their savings.

Cowrywise Vs PiggyVest Interest Rate: Which is better?

As far as I know, both Cowrywise and PiggyVest strive to provide competitive interest rates to attract users and encourage savings. However, the specific rates may differ depending on various factors, including market conditions, investment options, etc.

PiggyVest offers interest rates on savings that range from 10% to 15.5% per annum, depending on the savings plan chosen and prevailing market conditions. While Cowrywise interest rate is analyzed below:

  • 3 months – 5.50% p.a
  • 6 months – 6.50% p.a
  • 9 months – 7.50% p.a
  • Above 1 year – 8.50% p.a 

Bear in mind that these interest rates are based on how the market is performing at any given time. This also ensures that on Cowrywise, your interest rates will always be paid. You can never hear tales of failure to receive the interest rates due to you. 

PiggyVest Vs Cowrywise user interface; which is better?

When comparing the user interfaces of PiggyVest and Cowrywise, you should also consider the overall user experience and ease of navigation provided by both platforms. 

While personal preferences may vary, I have provided an overview of the user interfaces of both platforms to help you make a more informed decision.

PiggyVest features a user-friendly interface that aims to simplify the savings and investment experience. 

The platform offers a clean and intuitive design, making it easy for users to navigate through various features and functionalities. 

The interface provides clear and concise information, allowing users to view their savings progress, track investments, and manage their accounts with relative ease. PiggyVest’s interface focuses on simplicity and straightforwardness, providing users with a hassle-free experience.

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On the other hand, Cowrywise also offers a user-friendly interface that is designed to make financial management accessible and convenient. 

The platform emphasizes a clean and modern design, providing users with a visually pleasing experience. 

The interface offers a straightforward layout, allowing users to easily navigate through the platform’s features, access their savings and investment information, and make adjustments to their plans. Cowrywise’s interface aims to provide a seamless and engaging experience to users.

Customer support: Cowrywise Vs PiggyVest, which is better?

When comparing the customer support provided by Cowrywise and PiggyVest, we should also consider the level of assistance and responsiveness offered by both platforms.

However, while personal experiences may vary, I have provided insights into the customer support services provided by each platform to help you.

PiggyVest Customer support

PiggyVest is known for its responsive and helpful customer support team.

The platform strives to provide timely assistance to its users and offers multiple channels for customer inquiries. As a user, you can reach out to PiggyVest’s support team through various means, such as email, phone, and social media platforms.

PiggyVest aims to address user queries and concerns promptly, ensuring that users receive the necessary support when needed. 

The platform’s customer support team is generally praised for their professionalism and willingness to assist users with their inquiries.

Cowrywise Customer Support

 Cowrywise on the other hand also places a strong emphasis on customer support. The platform provides multiple channels for users to seek assistance, including email and phone support. 

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Cowrywise aims to deliver timely responses to user queries and concerns, ensuring that users feel supported throughout their financial journey. 

The customer support team at Cowrywise strives to provide helpful and informative responses, addressing user inquiries and providing guidance when needed.

Payment method: Cowrywise Vs PiggyVest, Which is better?

PiggyVest offers various payment methods to carry out deposits and withdrawals on the platform. 

You can fund your PiggyVest accounts through bank transfers, debit cards, and USSD (Unstructured Supplementary Service Data) codes. 

These options provide you and other users with flexibility in choosing their preferred payment method based on convenience and accessibility.

Cowrywise also provides similar payment options. Cowrywise provides users with multiple payment methods to manage their investments and savings. Users can fund their Cowrywise accounts through bank transfers, debit cards, and USSD codes. These payment options allow users to make deposits easily and efficiently.

Cowrywise also places a strong emphasis on the security of transactions and implements measures to safeguard user financial data.

PiggyVest Vs Cowrywise Pros and Cons, which is Better?

The two fintech companies have their pros and cons (advantages and disadvantages), they can be seen below:

Advantages of PiggyVest

Below are the Piggyvest advantages you’ll need to see:

Diverse Savings and Investment Options

PiggyVest offers a wide range of savings and investment options, including automated savings, target savings, and investment opportunities in agriculture, real estate, and fixed-income investments.

This allows users to choose the options that best suit their financial goals and risk.

Competitive Interest Rates

PiggyVest also offers competitive interest rates on savings, allowing users to earn returns on their savings over time. 

These rates may vary based on the savings plan chosen and prevailing market conditions.

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User-Friendly Interface

PiggyVest provides a user-friendly interface with a clean design, making it easy for users to navigate through various features, track their savings progress, and manage their accounts effectively.

Limited Investment Options

While PiggyVest provides investment opportunities, the range of investment options is more limited compared to some other investment platforms. 

Users seeking a wider variety of investment options may find the offerings somewhat restrictive.

Withdrawal Restrictions

PiggyVest has certain withdrawal restrictions in place to discourage impulsive spending. 

While this can be beneficial for saving purposes, it may create some inconvenience for users who require immediate access to their funds.

Advantages of Cowrywise

Below are the advantages of cowrywise:

Customizable Automated Savings

Cowrywise allows users to set up personalized automated savings plans, specifying the frequency and amount they wish to save. 

This feature helps users establish a regular savings habit tailored to their individual financial goals.

SafeLock Feature

Cowrywise offers the SafeLock feature, which allows users to lock away a portion of their savings for a specified period. 

This helps prevent the temptation to spend the funds prematurely and encourages long-term saving behavior.

Investment Options

Cowrywise provides investment opportunities in mutual funds and government bonds, allowing users to diversify their portfolios and potentially earn higher returns on their savings.

User-Friendly Interface

Cowrywise offers a user-friendly interface with a modern design, making it easy for users to navigate through the platform, access their savings and investment information, and make adjustments to their plans.

Disadvantages of Cowrywise

Below are some disadvantages of cowrywise:

Limited Investment Options

While Cowrywise provides investment options in mutual funds and government bonds, the range of available investment choices may be more limited compared to platforms specializing in a wider variety of investment vehicles.

Lower Interest Rates on Savings

Cowrywise may offer slightly lower interest rates on savings compared to PiggyVest. 

My Verdict on Cowrywise Vs PiggyVest, Which is better?

To decide on the best on which to choose between Cowrywise and PiggyVest, from the write-up above, you must have seen the one that has the outermost features you need.

Without a doubt, both platforms (Cowrywise and PiggyVest) offer valuable features and services, yet, there are differences that may influence your decision.

However, I have provided my final verdict to help you make your choice below:

If you want a wide range of investment options and competitive interest rates on savings, PiggyVest may be the better choice for you because it provides a diverse selection of investment opportunities, including agriculture, real estate, and fixed-income investments.

They also offer competitive interest rates, allowing you to potentially earn attractive returns on your savings. 

Lastly, PiggyVest’s user-friendly interface and additional features like group savings and a referral program enhance the user’s experience.

On the other hand, if what you prefer is a customizable automated savings plan and the option to lock away funds for specific periods, Cowrywise may be more suitable for your needs.

When locking your money in the cowrywise SafeLock, you’ll also earn interest rates that will boost your savings. 

They provide investment options in mutual funds and government bonds, enabling users to diversify their portfolios.

Bear in mind that while Cowrywise may have a more streamlined focus on savings and investment simplicity, PiggyVest offers a broader range of investment choices and features. 

You’ll need to consider your risk tolerance, the level of investment diversification you seek, and the specific features that align with your financial goals when making your decision.

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