5 Best Money-Saving Apps with High Interest Rates in Nigeria [2025]

When I was a child, I used to stash my cash in an old textbook on our bookshelf. What that meant was the amount of money I left there wouldn’t change if anyone didn’t take it. My capital was not earning any interest but at least, I was still saving it.

Nowadays, technology has changed how we go about saving money. I think my favorite part is the fact that one does not need to visit a bank to open a savings account. With your mobile phone, you can easily set up a savings account and manage your personal finances too. 

This is where savings or personal finance apps come in. Money-saving apps have become so popular that the report of a survey had it that 68% of Nigerians report they save money in a savings app.

Why do People Use Savings Apps?

Remember that awesome feeling when you finally hit a savings goal? That’s exactly what saving apps help you achieve. 

By automating saving processes, offering high return rates, and even having group savings features, they help you easily reach your savings target.  Saving apps also offer helpful features like reminders and budgeting tools.

Therefore, this article will focus on 5 best savings apps in Nigeria for you to pick from. I will also discuss the tips for selecting the savings app that will meet your personal needs. Let’s get to business!

Top 5 Savings Apps for Nigerians with Interest

The top 5 savings apps that can help you save more in Nigeria are:

1. Piggyvest
2. Cowrywise
3. Renmoney
4. Kuda
5. FairMoney

1. Piggyvest

Piggyvest is a popular savings app in Nigeria that helps you save money and invest. The best features of Piggyvest include:

• automatic savings plan, where you can set a fixed amount to be saved daily, weekly, or monthly
• create specific savings targets for things like vacations, house rent, or school fees
• an “Investify” feature that lets you invest in various opportunities for more returns – click here to learn more about piggyvest investify feature
• attractive interest rates that are much higher than traditional savings account rates.

For their Flex Naira savings, you earn up to 12% per year, while their SafeLock can earn you up to 17% per year. 

2. Cowrywise

Cowrywise is another great savings app in Nigeria that helps you save money and invest with ease. The key features of cowrywise include:

• ability to create multiple savings plans
• choosing how often you want to save – daily, weekly, or monthly
• the “Save As You Earn” feature, where you can automatically save a portion of your income
• simple interface and helpful tools that make saving and investing straightforward.
• The app also allows you to invest in mutual funds, which can provide higher returns over time.

Cowrywise provides competitive interest rates of up to 14% per year on your savings plan.

3. Renmoney

Renmoney is a savings and loan app that helps you manage your finances better. Its features include:

• open a savings account, set savings goals, and track your progress
• the app also offers loans with flexible repayment options 
• earn up to 18% per year on your savings. 
• the app’s loan feature provides quick access to funds, with interest rates starting from 2.65% per month

Renmoney combines savings and lending to help you achieve your financial goals efficiently.

4. Kuda

Kuda is a digital bank that offers a wide range of financial services, including savings. With Kuda, you can open a free bank account, save money, and even budget your expenses. Features of kuda are:

• a “Save As You Spend” feature, which automatically saves a small percentage of every transaction you make.
• offers up to 15% interest per year on fixed savings plans, and up to 10% on flexible savings
• provides useful tools like spending analysis and free instant transfers
• various savings options

Kuda makes managing your money easy with its user-friendly app.

5. FairMoney

FairMoney is majorly known for its lending services too, but it also offers savings features. Key attributes of Fairmoney include:

• opening a savings account and earn competitive interest rates 
• the app allows you to save money automatically, making it easier to reach your financial goals
• provides quick loans with low interest rates, starting from 2.5% per month.

FairMoney offers interest rates of up to 10% per year on savings accounts. There is also a FairLock option that offers up to 18% interest per annum. 

Factors To Consider When Choosing a Savings App

There are various savings apps available to Nigerians and they have different benefits. Since there are many options, how do you figure out the best one for you? Before you choose a savings app to use, there are some factors you should consider.

Below are the factors you should have in mind when choosing a savings app:

1. Security: Security is the most important factor when choosing a savings app. You need to ensure your money and personal information are safe. Look for apps that use strong encryption to protect your data. Also, check if the app is regulated by financial authorities. This gives you peace of mind that your savings are secure.
2. Interest rates: Interest rates determine how much you earn on your savings. Higher interest rates mean more money for you. Compare the rates offered by different savings apps. Some apps offer better rates for fixed savings or long-term plans. Choose an app that provides competitive rates to maximize your earnings.
3. Accessibility: A good savings app should be easy to navigate and understand. Also, the app should be available on both Android and iOS devices. This ensures you can access your savings anytime and anywhere. Additionally, you should be able to withdraw your funds easily when you need them. Look for apps that offer quick and hassle-free withdrawal options, so you can access your money without delays.
4. Customer service: Good customer service is essential for resolving issues quickly. Look for savings apps that offer multiple ways to contact support, such as phone, email, or live chat. Check reviews to see if other users are satisfied with the customer service. Prompt and helpful support makes managing your savings smoother and less stressful.

Frequently Asked Questions about Money-Savings Apps

1. Do money-saving apps work?

Yes, money-saving apps can be effective tools for your financial behaviors and saving money, especially when you use them for budgeting and monitoring expenses.

2. What is a savings account and why do people use them?

A savings account provides a secure place to deposit money and earn interest. This makes it ideal for long-term goals rather than daily expenses.

3. What is the point of saving money?

Saving money offers financial stability, allows you to work towards your life goals, and reduces anxiety by getting you ready to handle unexpected bills and future needs.

4. How do money-saving apps work?

Money-saving apps make saving easier by automating the saving process. They also incorporate features that allow users to round up their savings, choose a saving pattern, transfer regularly, and many more. All are in a bid to create an enjoyable saving experience.

Conclusion 

Savings apps have changed how we save money, making it easier and more rewarding. Whichever savings app you choose to use, you can automate your savings and watch your money grow. These apps offer convenience, security, and attractive interest rates right from your mobile phone.

When selecting a savings app, consider factors like security, interest rates, accessibility, and customer service to find the best fit for your needs. Start using a savings app today to take control of your finances and achieve your financial goals effortlessly. 

Additionally, with the Nosh app, an all-in-one payment platform for gift card trading, digital remittance, and bill payments, you can seamlessly manage your recurring expenditures and even turn unused gift cards into cash.