In this article, we are going to compare two of the biggest fintech apps- PiggyVest vs Carbon.
Fintech companies are taking over for savings, investments, or mobile banking. The reasons are clear; it is fast, easy, and convenient as you can do all your transactions from your phone anytime, anywhere.
As a result, everyone now uses fintech companies for savings and mobile banking apps.
The problem here is that there are hundreds of these apps in the market and knowing the one to use might not be easy. This might be the reason why you are checking PiggyVest vs. Carbon.
Whether you want to learn about both platforms or make the right choice, you are still in the right place.
Let’s jump right in!
- PiggyVest Overview
- Carbon App Overview
- PiggyVest vs Carbon: Key Differences
- PiggyVest vs Carbon: Reviews
- PiggyVest Reviews
- Carbon App Reviews
- PiggyVest vs Carbon: Pros & Cons
- Frequently Asked Questions
- Final thoughts
PiggyVest is a savings and investment platform to help individuals achieve their financial goals.
The fintech company was introduced to the market in late 2016 by Joshua Chibueze. Its name then was PiggyBank because it aims to help individuals save money and make returns.
It was later rebranded as PiggyVest when other products were introduced, but PiggyBank remains the platform’s core feature since that is what it was built on.
Since its launch, the company has gained so much popularity because it offers many unique features.
PiggyVest savings are for everyone, either poor, middle-class, or wealthy. This is because, with as little as N500, you can begin your savings on PiggyVest.
It also offers an investment opportunity called “Investify” on the trading platform.
With the “Investify” option on the platform, you will be able to invest in business opportunities which are pre-vetted.
Pre-vetted means that the businesses have gone through verification before being listed. This is put in place to ensure your funds’ safety.
In addition, if you invest in a real estate business using the “Investify” option, you can own a piece of land or an apartment. When you own an apartment in a building, you are entitled to receive a yearly rental income which goes straight to your PiggyVest account.
This can be seen as a long time investment that can help you build wealth over time.
If you have been looking for how to tap into the real estate business without breaking the bank. Then, this is for you.
Let us go through the PiggyVest features.
1. Flex Dollar
The Flex Dollar account is designed to help you save money from inflation.
All transactions in a flex dollar account are done in dollars. With a Flex Dollar account, you can transfer money to the US, Canada, Australia, the UK, etc.
You are entitled to up to 10% annual returns for saving money in your flex dollar account.
If you are looking for a way to keep your money in dollars while abroad, having a Flex Dollar account on PiggyVest helps you to achieve that purpose.
This feature allows you to set a savings target for yourself. This product is designed to help you go to your dream country, buy your dream car, build your dream house, etc.
Here, you can either save individually or with a group of like-minded people.
You can also join a savings challenge to ensure you hit your savings target within a specific period. and are entitled to a 9% interest rate when you start saving on PiggyVest target savings.
3. Flex Naira
The Flex Naira is designed to help you receive and withdraw naira anytime.
With a Flex Naira account, you can save for emergency days and be able to withdraw at any point in time.
One of its advantages is that by allowing your money to sit down in your Flex Naira account, you will get up to an 8% interest rate annually.
When PiggyVest launched, it was called PiggyBank. Then, it was solely a savings mobile app built to mimic the old-fashioned piggy bank.
Fast forward a few years later, savings remains the core of PiggyVest; hence, the feature- PiggyBank still thrives on the app.
You can save and withdraw money at any point in time without any restrictions.
Safelock, as the name implies, is like a fixed deposit account that warrants you to save money in your savings account within a specific period.
The money that you save here isn’t withdrawable until the maturity date. If you need the money urgently and want to break your agreement, a penalty fee of 2% is applied to you.
You are entitled to an upfront 12.5% interest payment when you commit to a savings plan.
Carbon App Overview
Carbon is a digital banking that is designed for all forms of lifestyles. With Carbon, you will instantly get a free bank account number after sign-up.
The fintech app has been around for a decade now and has so many features that you will hardly get anywhere else.
Your Carbon account allows you to enjoy cheaper transactions, zero account fees, and an annual interest of 2% per annum.
Carbon makes it possible and easy to apply for loans, with no collaterals, long forms, and no guarantors.
You can easily unlock higher loan amounts and lower interest rates by repaying loans on time.
Carbon offer leading market returns on all of your savings plan. You earn up to 15.5% interest p.a. when you invest with the Carbon loan app.
With Carbon, you will enjoy seamless payments to little costs to none.
You can send money to anyone, pay all your bills, and recharge airtime with just a few taps on your smartphone – always at the lowest possible cost.
In addition, you will be able to keep a record of your credit history across financial institutions.
You will be notified of any issues you may have. The carbon loan app will help you stay on top of things.. and it’s completely free.
When you sign up with Carbon, you also are entitled to a debit card that rewards you for each time you spend.
The Carbon debit card puts you in greater control of your finances and security and offers access to offers unique to Visa card holders.
Carbon App Features
Here, we will be going through the Carbon app features.
1. Credit Report
Carbon loan apps allow you to track your credit history across all financial institutions – completely free.
You will be notified of issues you may be having. You can also contact the credit bureaus directly for complaints or clarification on issues.
Carbon wants every customer to know where they stand when applying for loans with them or anywhere else. This is why they provide you with a credit report at no extra cost.
This feature alone is worth a lot of funds on its own, which is one of the reasons I am using Carbon.
2. Carbon Bank Account
Carbon offers all users a free bank account when they sign up for the first time. The bank account can be used and have the ability to perform all of the transactions your regular bank account can do.
You can transfer funds and receive funds within minutes.
Carbon offers a 2% interest on your Carbon Bank account which is spread monthly. Your profits are disbursed on the last day of each month.
Whether you’re receiving cash gifts from family and friends or getting paid for work done for clients, you can receive money directly in your Carbon account for free.
3. Carbon Cards
Carbon loan apps offer debit cards to all users that can be used to make online and offline payments.
The card can perform all your regular local bank card can do because it is optimized for that.
Your Carbon app and debit card are the perfect duos that work in sync with each other. From card freezes to set spending limits, you’re entirely in charge.
In addition, as a security measure, Carbon sends you an instant notification whenever money enters or leaves your account. This ensures that you will always control your funds at all times.
4. Carbon Savings
With Carbon savings, you can earn more returns on your savings than the way you are currently doing.
You can quickly build wealth with high-yield savings in your rewarding savings account.
This is possible because Carbon offers up to 15.5% off your savings.
5. Carbon Loans
With Carbon loans, you can easily get instant loans whenever needed.
The loan is designed to help you grow your small business or fix your emergencies that come knocking on your door unplanned.
You can get the loans without doing any paperwork, collateral, or bringing any guarantors.
One of the exciting parts is that you can get up to N1,000,000 when applying for a loan for a small business.
You must download the app, sign up, and apply for your desired loan amount to get a loan.
And before you know it, the money is credited to your account within 24 hours.
PiggyVest vs Carbon: Key Differences
Here, we will go over the differences between PiggyVest and Carbon so you know where you belong precisely.
- PiggyVest is a savings and investment platform, while Carbon is a digital mobile banking app.
- PiggyVest offers higher returns on savings and investments than the Carbon loan app.
- Carbon issues a debit card to the users of its platform, while PiggyVest doesn’t.
- You can pay utility bills on Carbon, but you can’t pay on PiggyVest.
PiggyVest vs Carbon: Reviews
Here, we will go through PiggyVest and Carbon reviews by checking what existing users say on the Google play store.
At the time of writing, PiggyVest has an overall rating of 4.1 out of 5 and over 43,000 reviews.
Carbon App Reviews
Carbon has an overall rating of 4.4 out of 5 and over 134,000 reviews.
PiggyVest vs Carbon: Pros & Cons
Here, we will go through PiggyVest and Carbon’s pros and cons.
PiggyVest Pros & Cons
We will be looking at PiggyVest’s pros and cons. The pros first and cons later.
- Flexible and easy savings for all categories of people.
- You can quickly become addicted to savings which is a great idea.
- Access your money anytime on some of PiggyVest products.
- Excellent and reliable investment opportunities.
- Earn good returns on all of your savings.
- You can quickly grow wealth over time.
- Customer service is poor.
- A 5% service charge is applied when you break your savings before maturity.
Carbon App Pros & Cons
We will be looking at Carbon Pros and Cons here. The Pros first and the Cons later.
- Easily carry out all your banking activities within the mobile app.
- Pay all your utility bills within minutes.
- You are automatically eligible for a Carbon account number when you sign up.
- Easily make online and offline payments with a Carbon card.
- Easily track your credit report on the go.
- Instant loans whenever you want them.
- It has been around for a decade now.
- Customer service is slow in responding to customers.
- You are entitled to a small loan if you’re a new user.
Frequently Asked Questions
Let’s quickly go through PiggyVest vs. Carbon frequently asked questions we do get from our blog users.
1. PiggyVest vs. Carbon: Which is Better?
PiggyVest is better regarding savings and investment opportunities, while Carbon is better as a mobile banking app.
2. Can I Trust PiggyVest with my Money?
Yes, you can save your money with PiggyVest and still be able to sleep with your two eyes. PiggyVest is regulated by the CBN and has excellent sources we can trace them to.
3. Is Carbon Good for Mobile Banking?
Yes, the Carbon loan app is perfect for mobile banking, and I recommend it to anyone looking for a safe and reliable mobile banking app.
4. PiggyVest vs. Carbon: Are they Regulated by CBN?
Yes, PiggyVest and Carbon are regulated and licensed by the CBN, which makes you be on the safe side.
If you have gone through the entire article, from the beginning to the very last end, you would know the one that best fits you.
PiggyVest is excellent for those looking for online platforms to save and invest money.
Carbon, on the other hand, is much of a digital banking mobile app that can perform all your local bank account can perform and even more.
As explained earlier in this post, the Carbon loan app also offers savings features, but you can’t compare it to PiggyVest.
PiggyVest is designed to collect savings from individuals and help them achieve their financial goals while the Carbon loan app is purely designed as digital banking.
So, which one should you use? The answer is left with you as I have stated the apparent differences between both apps.
We have reached the end of “PiggyVest vs. Carbon”; please let me know your thoughts in the comments section below.