In this article, we’re going to learn about Cowrywise interest rate.
Everyone wants to make money, right? Cowrywise knows this, and that’s why you earn additional money when you save or invest your money with Cowrywise for some time.
This is usually added to the initial sum of money you saved or invested. This extra money you earn is what we refer to as Cowrywise interest.
This interest earned is determined by the rate used to save or invest and the amount of money invested or saved.
Do you want to know more about Cowrywise interest rates? I’m sure you do, so ensure you stay till the end.
- Cowrywise Interest Rates
- How Cowrywise determines its interest rate
- How to calculate the interest rate on your savings
- Frequently asked questions
- Final thoughts on Cowrywise interest rates
Cowrywise Interest Rates
As I said earlier, Cowrywise knows its customers expect to earn interest when they save or invest their money.
In this section, I will walk through the interest rates of Cowrywise saving and Investment plans.
Savings Interest Rates
Cowrywise has three major savings plans, and each has its interest rate.
1. Regular savings:
This savings plan allows you to save a minimum of N1000 for at least three months before withdrawing it. Regular savings offer interest rates ranging between 8.00% per annum and 12.00% per annum.
2. Savings Circle:
The savings circle plan on Cowrywise allows you to save with others, be it your friends or family. It is similar to a bank’s joint savings account. Interest rates on this plan range from 6.00% and 8.50% per annum.
3. Emergency savings:
This savings plan on Cowrywise is designed for when urgent financial needs arise. It is the only savings plan where your monthly income and expenditure are used to determine how much you can save under this plan. It has a standard interest rate of 11.10%
Investment Interest Rates
Cowrywise has one major investment program, which is mutual funds. With Cowrywise, you can invest in mutual funds in Naira or Dollars. The interest rates when you invest in Naira differ from the interest you get from investing in Dollars.
Let’s examine each of them;
1. Naira Mutual Funds:
The Naira mutual funds on Cowrywise which is a mix of Nigerian stocks, bonds, treasury bills, and other financial instruments. Naira mutual funds are divided into three:
- Conservative funds: They are usually low-risk investments. The interest rates are as low as 9.77% and as high as 13.65%
- Moderate funds: They are medium-risk investments. The interest rates are as low as 2.12% and as high as 12.84%.
- Aggressive funds: These are high-risk investments. The interest rates are as low as 0.57% and as high as 8.43%.
2. USD Mutual Funds:
This investment plan allows users to invest in Eurobonds and other USD assets. Returns are earned in dollars, an excellent platform to protect your money from naira devaluation. The interest rates here are as low as 1.15% and as high as 4.97%.
How Cowrywise determines its interest rate
Cowrywise aims to ensure all its customers can access legitimate investments and earn interest from them. However, one of the most significant determinants of the interest rates used by Cowrywise is the market’s economy.
Cowrywise invests your savings in treasury bills, high-quality commercial papers, and government bonds, in line with their Investment Policy Statement (IPS). These investments, though mostly low risks, are vulnerable to market fluctuations; hence the interest rates used today may not be the same tomorrow.
How to calculate the interest rate on your savings
As stated earlier in the article, Cowrywise interest rates depend on the current market rates. Using the Cowrywise calculator tool, it is now easy to calculate the interest on your savings easy. All you need to do is go on the Cowrywise app.
Select how much you would like to start saving and also your saving routine, either daily, weekly, monthly, or one-time saving.
Simply put, choose how often you would like to be saving, and this amount will be automatically debited from your bank account to save you the stress of remembering to do it yourself.
Select the duration you want to save for, either eight or nine months. The Cowrywise calculator automatically provides you with the interest rate and calculates the amount you will receive on the maturity date.
Frequently asked questions
In this section, I will answer some of the most frequently asked questions about Cowrywise.
1. Is Cowrywise approved by the CBN?
Yes, Cowrywise is approved by CBN. Cowrywise is a fund manager duly registered with and regulated by Nigeria’s Securities and Exchange Commission (SEC). This means they have the legal right to carry out activities related to savings and investments.
2. Is Cowrywise safe?
Yes, Cowrywise is safe. Cowrywise is a legit financial institution regulated by the CBN and the NDIC (Nigeria Deposit Insurance Company). The NDIC is the body that insures bank deposits. Cowrywise is also registered and licensed by Nigeria’s Securities and Exchange Commission (SEC).
3. What is the minimum amount of money to invest in Cowrywise?
On the Cowrywise app, the minimum amount of money to invest is N1,000.00 (One thousand naira only)
4. How much can I save on Cowrywise?
You can save as much as you want on Cowrywise. Cowrywise does not limit the amount of money you can save with them.
5. How frequently can I save?
Cowrywise has different savings routines; you can save daily, monthly, weekly, or just a one-time saving.
6. How long can I keep my savings with Cowrywise?
Cowrywise has a minimum of 90 days (ninety days) which you must stick to but how long you want to keep it after that is entirely up to you. Remember, the longer you keep your savings with Cowrywise, the more interest you earn.
7. When does my saving start to earn a return?
Your savings with Cowrywise starts to earn returns at midnight after 24 hours of your first saving on Cowrywise. Your daily returns are credited to your Cowrywise account at midnight each day. Isn’t that great?
Final thoughts on Cowrywise interest rates
Cowrywise, interest rates are one of the best in the financial markets. Your money is wisely invested and strategically managed by their professionals, so you never have to worry about where your money is or what is happening to your investments.
Cowrywise is here to stay. They have shown their wits and grits in the financial market.
With Cowrywise, you can invest and save safely. Many people who have yet to have a healthy savings habit can do it easily with Cowrywise. If you want to check out other mobile savings app interest rates, you can read our article on PiggyVest interest rates.
I also want you to know that Cowrywise interest rates won’t make you wealthy. To create wealth you need to create businesses that prints money on demand. Learn how you can create a steady cashflow from an affiliate marketing blog.
This brings us to the end of this article. What are your thoughts? Would you save and invest using Cowrywise?