Learn how to save your money on cowrywise app and get interest on it daily
Do you have challenges trying to have savings for yourself? Or you want to know how to save towards a project or a particular goal and get interest on your money saving.
Cowrywise has made it easy by creating a platform for you to save towards a particular goal or project, whether it’s accommodation, academics, etc., according to whichever savings plan you choose and you get daily interest on it while saving your money.
What is Cowrywise?
Cowrywise is a financial organization that helps in bringing different savings plans for different purposes.
They help with your savings for any purpose for as little as N5000, and their savings interest is as low as 20% interest per total amount of your savings per day, till you cashout or stop saving or investment.
How does Cowrywise App works?
Cowrywise operates in the following ways: anyone interested in saving money for any reason makes an account on the platform and begins saving. You can save for a variety of reasons, including starting a business, paying school tuition, house rent, miscellaneous expenses, or anything else.
Start saving with just ₦100. There is no set limit on how much you can save. Cowrywise offers an annual interest rate of up to 15%. Saving ₦200,000 could yield up to ₦30,000 in interest. This is significantly higher than what banks pay in total interest. There are many tools to help you plan your savings.
If you want to know how much interest you will earn for saving a specific amount of money over a set length of time, there is a navigating tool that will help you do so. Aside from saving, you can invest and grow your money. There are numerous investing opportunities on the platform. Opportunity to invest in mutual funds. Every of your investment is carefully managed.
The good news is that if you don’t know how or what to invest in, you will be walked through the process. Their Systematic Investment Plan (SIP) allows you to set up automatic investments of a specified amount of money on a regular basis. If you’re unsure about where and how to invest, they provide a free advisory service!
How to save money on Cowrywise app
Follow the following steps to save money on Cowrywise app.
1. Get Cowrywise App
- Download Cowrywise app using your Playstore or AppStore
- Create an account
- The second step to start saving money on Cowrywise app is to create an account. Creating account is very easy with no stress. Simply click here to create an account.
- Create a savings plan: The next stage is to devise a savings plan. Once you’ve opened an account, you’ll see options for creating a savings plan. There are several alternatives saving plans to choose from.
Types of Cowrywise Savings Plan
- Regular Savings: This is a standard savings account where you can save money whenever you want. The least amount of time you can save is three months. You receive an interest rate of 14% per Annum for saving.
Emergency savings: This allows you to save money on your own terms for emergencies . You can withdraw at any time and do whatever you arises. With interest of 18.40% per annum.
Saving circles : Create a savings plan with your friends and family and get it when needed. It comes with 18.40% per annum.
Money duo: Create a savings plan with your partner and get it when needed. It comes with 18.40% per annum.
- Set up your savings programs
You will be asked a lot of questions to help you build up your savings strategy. First, you must assign a plan name. This is simple; let’s assume you’re saving for house rent; you can call it house rent. Whatever you want to call it, feel free.
2. Choose payment method
Once you have set up your savings plan, you will be asked to choose a payment method. This is simply how you want to put the money into your savings. There are many options.
Bank Transfer: You can choose to transfer money from your bank
New debit card: You can add your debit care (ATM card) to your account and from there put money into your savings
Stash: this is where your interest made and withdrawal is stored, for you to be able to withdraw it and get it sent to your bank account in Nigeria or usd account.
5. Start saving!
Congratulations! You are now ready to start saving!
Read Also: How to Create a Personal and Business Moniepoint Account in (2024)
How to invest with Cowrywise App
Follow these steps to invest in mutual funds using Cowrywise.com
1. Create an account or login to your account.
You need to create an account if you do not have one. If you have one then simply login. You can click here to create an account or login.
2. Click on invest in mutual funds
You will see an option to invest in mutual funds either in dollars or Naira once you login to your account. Click on it to get started.
3. Follow on screen instructions
Just follow the on-screen instruction. Make sure you read and answer the questions correctly. This will help you make the right investment.
Cowrywise interest rate
Interest rate on savings is about 12% per annum for short term savings but up to 18.40%per annum for long term savings. This means the longer you save, the possibility of getting a bigger interest rate.
Conclusion
Cowrywise has made it easy to save up for emergencies, projects and for different kinds of needs that arises. And you don’t only save but get interest on your savings daily, which is more better than keeping money in your bank without interest.
Enjoy saving without stress and fear with Cowrywise.
