A lot of people entered 2020 with plenty of dreams and “Amens” but not many know that one of the simple lessons of life is saving to meet that financial goal. It is about having financial discipline to stick to a certain pattern of spending and saving.
If you are someone like me who has a bit of difficulty saving for that goal or target, there are digital apps that can help you achieve that goal.
Here are some of the digital savings apps that are being used by Nigerians:
Ziing
Ziing is a savings and investment digital app powered by Investment One Financial Services, formerly known as Guaranty Trust Asset Management. Apart for having a savings plan called zSave, which pays you as high as 6% per annum for balances, you can save for financial goals and targets using the zPlan feature.
With the zPlan, you can set, maintain and track goals. You can also automate the periodic additions to the plan by setting direct debits from your assigned bank. The feature allows you to lock goals to build discipline. You can also set many targets with this feature.
Points To Note:
- Minimum timeframe for a goal is 30 days
- The interest rate is 10% per annum
- You can lock or unlock your goals.
- Unlocking your financial goal means you can liquidate before maturity. However you will only be paid your accrued interest less a 25% pre-liquidation charge on the interest.
- Locking your financial goal means you cannot liquidate before maturity.
- You can pause your goal. A goal is paused when its status is switched from active to inactive. During this period, automated deductions on your account are put on hold. Your interest rate on the other hand keeps on accruing throughout this period.
- You cannot partially liquidate the funds in your running goals.
- Interests are accrued daily and are paid at the end of your target.
You can download the app on your Android device here or here for your iOS device. You can also use the webapp version by going to www.ziingit.com
Piggyvest
Piggyvest is also another digital app that helps you achieve financial freedom by enabling you save responsibly. Founded by Somto Ifezue, Odunayo Eweniyi and Joshua Chibueze, it first launched as “Piggybank.ng” on the 7th of January 2016 as a savings-only platform.
The target feature is called Target Savings. With Target Savings, you are able to save consistently towards a particular financial goal. You can create a personal target or a Group savings challenge with your multiple users.
Points To Note:
- Piggyvest will pay you 10% p.a for your Target Savings.
- If you break these funds before the maturity date, you will lose your accrued interest and also be charged a 1% processing fee. If you do not achieve the Target amount by the maturity date, you will only lose your accrued interest.
- Interests are accrued daily and are paid at the end of your target.
You can download the app from the Apple Appstore or the Google Playstore for Android devices
Cowrywise
Founded in 2017 by Razaq Ahmed and Edward Popoola, Cowrywise is another digital savings app that can help you save towards that financial goal.
With the Regular Savings feature on the app, you can set a periodic plan (daily, weekly, or monthly) and fund them automatically from your bank account. Also, those who have concerns(religious) with earning of interest can opt in the Halal Savings plan where savers do not earn interest.
Points To Note:
- Your plan must be set up for a minimum period of 3 months
- Interest rate spans around 10% p.a
- Once a plan is set up, you would not be able terminate it until the maturity date.
The app can be accessed on IOS AppStore or Google PlayStore.
