Cowrywise — review & details

In Savings & fixed deposits · By the Rateweb editorial team · How we rate · Details checked 18 Jul 2026

SEC-licensed platform with the widest access to mutual funds (naira + dollar), plus automated and Halal savings. Not a bank — not NDIC-insured.

Best for mutual funds

Cowrywise

SEC-licensed platform with the widest access to mutual funds (naira + dollar), plus automated and Halal savings. Not a bank — not NDIC-insured.
★★★★☆
4.3/5 · How we rate
SEC-licensed platform (not a bank)
Regulation
Not NDIC-insured
Deposit Safety
~7–20%/yr (fund-dependent)
Typical Return
Mutual funds, naira + dollar, Halal
Best For
instant
Access
Pros
  • SEC-licensed; largest pool of mutual funds
  • Naira + dollar funds, plus Halal options
  • Strong automation and transparency
Cons
  • Not a bank — NOT NDIC-insured
  • Returns vary with the fund and are not guaranteed
  • Locked plans limit access before maturity
Fees, eligibility & documents
Fees
Account/monthly feeNone
Fund management feeApplies (varies by fund)
Early withdrawalLocked plans forfeit interest before maturity
Eligibility
  • 18+ Nigerian resident
  • Active BVN
  • A Nigerian bank account to fund and withdraw
Documents needed
  • BVN
  • Valid ID (NIN, passport or driver's licence)
  • Phone number / selfie for KYC
Visit Cowrywise
Want the full picture?
Our in-depth, independent review of Cowrywise — how it works, the risks, and the fine print.
Read the full Cowrywise review →

How Cowrywise compares in savings & fixed deposits

Cowrywise scores 4.3/5 in our savings & fixed deposits rankings. It's our current top pick in this category. Always compare a few before you decide — see the full savings & fixed deposits comparison.

Cowrywise
4.3/5 · this page
 PiggyVest
4.2/5
 ARM Money Market Fund (ARM One)
4.2/5
Regulation SEC-licensed platform (not a bank) SEC-registered (not a bank) —
Deposit Safety Not NDIC-insured Not NDIC-insured Mutual fund — capital at risk, not an NDIC-insured deposit
Typical Return ~7–20%/yr (fund-dependent) ~5–20%/yr savings; up to ~35% invest —
Best For Mutual funds, naira + dollar, Halal Saving discipline + auto-save Parking cash at money-market yields
Visit Cowrywise → Visit PiggyVest → Visit ARM →

← Compare all savings & fixed deposits

Related comparisons

Bank accounts
17 compared →

Details last checked: July 2026

Ratings are Rateweb's editorial opinion. Product details are checked periodically but can change — confirm current terms with the provider before acting. We may earn a commission from some links, at no cost to you.