Are you looking for online savings platforms in Nigeria that pay a higher interest rate than your bank savings account?

Ok, let face it! Why do you need a high interest yielding savings account in Nigeria? Well, after all the long, hard work of each day, it is wise to put your money into a high interest yielding savings or investment packages. This places you in a better financial position.

Why Looking For High Interest Paying Online Savings And Investment Platforms In Nigeria.

According to the CBN rate report, the Nigerian inflation rate stood high at 12.40% generally and up to 14.80% for foods as of November 2018. High interest yielding online savings account protect your savings from the direct impact of inflation, only your interest can be hit by inflation.

So if you are looking for online savings platforms in Nigeria with a high-interest rate that’s better than what regular savings account of the commercial banks offers, here are some of the online savings platforms that are currently encouraging the saving culture in Nigeria.

It is worthy to note that commercial banks have other products that offer higher interest rates than a savings deposit account. We are will soon share details of these products with you.

1. Piggybank

• Platforms: Android, iOS
• Interest rate: 0.8% monthly, 10% per annum
• Savings rewards: Points which are converted to monetary value.
• Issues debit card: No
• Withdrawal charges: 5% fee but with 4 free-of-charge withdrawals annually
• Minimum withdrawal: ₦3,000

When it comes to online savings platforms in Nigeria, only a few online savings service provider can stand up to Piggybank.

Designed to help users better manage their finances especially in terms of savings, Piggybank allows flexibility savings as users can choose to save daily, weekly or monthly. Users can save towards a specific target or choose to place a withdrawal restriction on the account. There’s is a limit to the amount that can be saved on one’s account at a time.

The Piggybank platform allows users to have 4 free-of-charge withdrawals annually, which is set as the last day of every quarter. You can on top choose your own free withdrawal dates. Withdrawals outside these 4 days attract a 5% penalty fee. Only one withdrawal is allowed within 24 hours.

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2. CowryWise

• Platforms: Android, Web
• Interest rate: 10% to 15%
• Savings rewards: None
• Issues debit card: No
• Withdrawal charges: None
• Minimum withdrawal: None

CowryWise is among the savings platforms in Nigeria that pay higher interest rates. Users can also access loans on the CowryWise platform. A high saving score increases the chances of getting a loan on CowryWise. The online savings platform pays 10-15% Interest annually and it’s paid on a daily basis to your account.

3. ALAT

• Platform: Android, iOS and web
• Interest rate: 4.2%
• Savings rewards: None
• Issues debit card: Yes
• Withdrawal charges: Free withdrawals using your debit card on a Wema Bank ATM or first 3 times a month on other bank ATMs, ₦65 fee otherwise.
• Minimum withdrawal: None

ALAT is a traditional bank in digital form. It offers all the basic banking services plus a few others which include; payment of bills, access to loan etc. You will even get ALAT debit card delivered to your address at no cost.

This platform charges a monthly debit card maintenance fee like other traditional banks. Though ALAT has a standard interest rate of 4.2% and is on the condition that an account holder does not withdraw more than 3 times a month. ALAT also has some saving plans that offer up to 10%; one of it allows withdrawal of 50% of savings once in every 30 days while another doesn’t allow withdrawal. This is a feature that makes ALAT make the list of high interest paying online savings platforms in Nigeria.

4. KoloPay

• Platform: Android
• Interest rate: 6% per annum
• Savings rewards: None
• Issues debit card: No
• Withdrawal charges: 5% charge if withdrawal is done before the set date
• Minimum withdrawal: Not allowed; you can only withdraw the full amount

The KoloPay is a strong contender among online savings platforms in Nigeria that allows users to save money towards planned goals over a period of time.

On the KoloPay platform, users are allow to share their savings goal with anyone (friends and family) and lets them help contribute to the achievement of the set target. Another remarkable feature with KoloPay is that users are not allowed to withdraw their savings in parts, but can only withdraw the whole amount even before a goal’s due date.

The KoloPay savings platform pays you 6% interest per annum.

5. PayVest on Paylater

• Platform: Android
• Interest rate: 14% to 15.5% annually
• Savings rewards: None
• Issues debit card: No
• Withdrawal charges: None
• Minimum withdrawal: None

PayVest offers one of the highest interest rate among the online savings platforms in Nigeria. PayLater as one of the leading platforms giving collateral-free loans in Nigeria – introduced PayVest as an investment feature of its Loan App.

PayVest has ₦50,000 as the minimum amount that can be saved and the investment tenures are currently in 3, 6, 9 or 12 months. You can only withdraw full investment prior to its maturity period.

Interest on the platform is earned on a quarterly basis and early withdrawal may lead to the forfeiture of interest not yet earned.

Since PayVest is not a full saving platform, PayVest doesn’t allow users to add funds to an existing investment, the only option is to create another investment

6. PayDay by ARM

• Platforms: Android, iOS, Web
• Interest rate: 12.6%
• Savings rewards: None
• Issues debit card: No
• Withdrawal charges: NEFT transfer fee of ₦52.50
• Minimum withdrawal: ₦1,000

PayDay allows users to create a savings goal and invests the fund on behalf of the savers in mutual funds.

Using a debit card to fund your PayDay Investor attracts a 1% convenience charge from the card payment platform provider. The charge is capped at a maximum of ₦1,500.

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7. SumoBank

• Platforms: Web
• Interest rate: -%
• Savings rewards: None
• Issues debit card: No
• Withdrawal charges: –
• Minimum withdrawal: None

SumoBank is an online savings platform that helps you save money automatically. The platform is targeted to Africans and pays 8-10% interest Annually.

One Good featured of SumoBank is its quest to raise 1 Million African entrepreneurs. Even though you can use Sumo Bank to save for any reason (Business, travel, school, emergency funds, school fees, shopping, property, etc) it’s core value is tailored to helping young Africans save money over time and start their own business.

With SumoBank, you also get access to various business leaders at discounted fees to help you grow and scale your business.

culled from https://themoneymix.com/top-paying-online-savings-platforms-nigeria/