{"id":5608,"date":"2021-07-13T16:34:56","date_gmt":"2021-07-13T15:34:56","guid":{"rendered":"https:\/\/cowrywise.com\/blog\/?p=5608"},"modified":"2023-08-11T13:47:57","modified_gmt":"2023-08-11T12:47:57","slug":"cowrywise-vs-piggyvest","status":"publish","type":"post","link":"https:\/\/cowrywise.com\/blog\/cowrywise-vs-piggyvest\/","title":{"rendered":"Cowrywise vs Piggyvest – All You Need To Know About Both Platforms"},"content":{"rendered":"\n

Which is better: Cowrywise vs Piggyvest?<\/h2>\n\n\n\n

On Cowrywise, you can immediately become an investor by purchasing units from the over 30 mutual funds<\/a> available on the platform, which are all regulated by the Securities and Exchange Commission (SEC). Also, there are multiple savings plans that cover your different lifestyle needs. <\/p>\n\n\n\n

Piggyvest has different savings features to choose from. Investment opportunities are open periodically and you have to be on the lookout to take advantage of them.<\/p>\n\n\n\n

Cowrywise vs Piggyvest: Savings Options<\/h2>\n\n\n\n
Cowrywise<\/strong><\/td>Piggyvest<\/strong><\/td><\/tr>
Regular savings<\/td>Piggybank<\/td><\/tr>
Emergency plan<\/td>Flex Naira<\/td><\/tr>
Saving circles<\/td>Flex Dollar<\/td><\/tr>
Halal savings<\/td>Safelock<\/td><\/tr>
Money Duo<\/td>Targets<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Cowrywise Savings Options<\/h2>\n\n\n\n
\"cowrywise<\/figure>\n\n\n\n

Currently, the savings options on Cowrywise are:<\/p>\n\n\n\n

    \n
  1. Regular Savings<\/a><\/li>\n\n\n\n
  2. Emergency Plan<\/a><\/li>\n\n\n\n
  3. Saving Circles<\/a> <\/li>\n\n\n\n
  4. Halal Savings<\/a><\/li>\n\n\n\n
  5. Money Duo<\/a><\/li>\n<\/ol>\n\n\n\n

    1. Regular savings <\/h3>\n\n\n\n

    Regular savings on Cowrywise are for a minimum of 3 months and you can create multiple regular savings plans which can be for rent, your car, etc. The first major difference between the regular savings plans on Cowrywise and those on Piggyvest is that Cowrywise was built to help you stay disciplined. That’s why you cannot break any savings plans till the maturity date<\/strong>. <\/p>\n\n\n\n

    We don\u2019t have to be smarter than the rest, we have to be more disciplined than the rest. – Warren Buffet<\/p>\n\n\n\n

    People often think they\u2019re able to stick to a goal, but how many people are able to stick to just New Year\u2019s resolutions? By February (and that\u2019s even a stretch), many have fallen off the radar. With the regular savings plans on Cowrywise, you have a system that ensures your financial goals<\/a> come to pass. <\/p>\n\n\n\n

    My best feature will be the fact that I can\u2019t move my maturity date earlier than the initial date, I can only extend it after maturity. It feels like with Cowrywise you must be disciplined with your savings. ?<\/p>\u2014 Gloria Onemegba<\/a><\/cite><\/blockquote><\/figure>\n\n\n\n

    My best Cowrywise feature is not being able to withdraw my money until the maturity date.<\/p>\u2014 Emmanuel Olatunji<\/a><\/cite><\/blockquote><\/figure>\n\n\n\n

    2. Emergency Plan<\/h3>\n\n\n\n

    We have a robust article<\/a> on this, but let\u2019s shine some light on this savings plan that everybody (yes, everybody!) needs.<\/p>\n\n\n\n

    When the pandemic hit in 2020, millions of people lost their jobs and only those who had an Emergency Plan could survive without depending on the government or loans. Universally, it is advised that you have at least 6 months of your regular expenses saved in an Emergency Plan. Therefore, if with budgeting over time, you\u2019ve come to find out that 150k covers all your expenses for one month, then your Emergency Plan should have at least 900k saved in it.<\/p>\n\n\n\n

    With this feature, you are saving for unforeseen circumstances (which are part of life). Also, you’re ensuring you\u2019re financially covered if anything ever happens unexpectedly. Unlike savings plans with a timeline of at least 3 months, you can remove cash from here anytime. You just need to be true to yourself that you\u2019re really withdrawing for an emergency. The emergency plans on Cowrywise earn returns derived from safe financial instruments. <\/p>\n\n\n\n

    3. Saving Circles<\/h3>\n\n\n\n

    Saving Circles is one special feature only available on Cowrywise. This feature has some variants under it like Challenges for saving with friends and family in a fun and motivational way. Learn more about Cowrywise Circles<\/a>.<\/p>\n\n\n\n

    4. Halal Savings<\/h3>\n\n\n\n

    Halal Savings are for the Muslim faithful who want to save with no interest. Everyone’s faith is respected and there’s an option for you to choose from, regardless of your beliefs. Additionally, as a Muslim, you can simply set your Cowrywise account as halal. Find out more about halal accounts<\/a>.<\/p>\n\n\n\n

    5. Money Duo<\/h3>\n\n\n\n

    Money Duo is a savings plan to build wealth with someone you love. It is perfect for lovers setting long-term financial goals together. Learn more about Money Duo<\/a>.<\/p>\n\n\n\n

    Piggyvest Savings Options<\/h2>\n\n\n\n
    \"piggyvest<\/figure>\n\n\n\n

    As of the time of writing this, the available savings options on Piggyvest are<\/p>\n\n\n\n

      \n
    1. Piggybank<\/li>\n\n\n\n
    2. Flex Naira<\/li>\n\n\n\n
    3. Flex Dollar<\/li>\n\n\n\n
    4. Safelock<\/li>\n\n\n\n
    5. Target Savings<\/li>\n<\/ol>\n\n\n\n

      1. Piggybank <\/h3>\n\n\n\n

      Piggybank is the feature that allows you to save daily, weekly or monthly. With this feature, you can turn on automated savings and can top up whenever you want. When you put money here, Piggyvest picks an automated withdrawal date for you. However, you\u2019re allowed to break this plan whenever you want and a small percentage of what you withdraw will be debited. <\/p>\n\n\n\n

      2. Flex Naira<\/h3>\n\n\n\n

      Flex Naira on the other hand is more flexible, just as the name implies. You can keep cash there without a set withdrawal date and you\u2019ll not be debited when you make a withdrawal as there\u2019s no strict withdrawal date set.<\/p>\n\n\n\n

      3. Flex Dollar<\/h3>\n\n\n\n

      Here, you can keep your cash in Dollars.<\/p>\n\n\n\n

      4. Safelock<\/h3>\n\n\n\n

      Safelock is a feature that\u2019s not breakable. You choose your withdrawal date yourself and no crying can unlock this feature once the padlock is set.<\/p>\n\n\n\n

      5. Target Savings <\/h3>\n\n\n\n

      Target Savings is a feature created to help you target different savings goals.<\/p>\n\n\n\n

      Cowrywise Investment Options<\/h2>\n\n\n\n
      \"Cowrywise<\/a><\/figure>\n\n\n\n

      Cowrywise has the largest collection of mutual funds in Nigeria<\/a>, and all the funds are registered with and regulated by the Securities and Exchange Commission (SEC). We are the first fintech company in Nigeria with an SEC license in the fund\/portfolio management category. If we were to compare, it will be \u201cthe CBN\u201d for investments. The SEC regulates the operations of investment companies, just as the Central Bank of Nigeria (CBN) regulates banks. As an investor, the SEC ensures your funds are safe. <\/p>\n\n\n\n

      Mutual Funds on Cowrywise<\/h3>\n\n\n\n

      Mutual funds are a mix of diverse types of assets, so investing in one mutual fund often means you\u2019re investing in many assets at once. They are excellent for first-time and retail investors in general. <\/p>\n\n\n\n

      \n

      I bought my first mutual fund at 19

      I'm soooo happy

      Thank you       @cowrywise<\/a> ,@themoneyafrica<\/a> ? pic.twitter.com\/HU7hdB7V5F<\/a><\/p>— chiagoziem? (@a_chiagoziem) June 18, 2021<\/a><\/blockquote>