FairMoney Savings — review & details

In Savings & fixed deposits · By the Rateweb editorial team · How we rate · Details checked 1 Aug 2026

The savings side of FairMoney's lending-led app, run through a CBN-licensed microfinance bank with NDIC-insured deposits. Four plans — flexible (FairSave), locked (FairLock), goal-based (FairTarget) and a dollar option (FairDollar) — with some of the most aggressively advertised rates in the market.

Best for saving and borrowing in one app

FairMoney Savings

The savings side of FairMoney's lending-led app, run through a CBN-licensed microfinance bank with NDIC-insured deposits. Four plans — flexible (FairSave), locked (FairLock), goal-based (FairTarget) and a dollar option (FairDollar) — with some of the most aggressively advertised rates in the market.
★★★★☆
4.1/5 · How we rate
None for savings plans
Monthly Fee
CBN microfinance bank
Licence
NDIC-insured (to ₦2m, MFB tier)
Deposit Safety
Locked savings alongside quick loans
Best For
digital
Type
Pros
  • Flexible, locked, goal and dollar plans in one app
  • Deposits sit in a licensed microfinance bank with NDIC insurance
  • Advertised locked-savings rates are among the highest in the market
Cons
  • The brand is lending-first; the app pushes loan offers alongside savings
  • Headline rates apply to locked tenors — flexible savings earn much less
  • A microfinance bank, so NDIC cover is the lower ₦2m tier, not a commercial bank's ₦5m
Fees, eligibility & documents
Fees
Account/plan feeNone advertised
Early withdrawal from locked plansBreaks the plan's interest terms — check in-app before locking
Eligibility
  • Nigerian resident with a smartphone
  • Valid BVN
  • 18 or older
Documents needed
  • BVN and phone number
  • Valid government-issued ID for full verification
Visit FairMoney

How FairMoney Savings compares in savings & fixed deposits

FairMoney Savings scores 4.1/5 in our savings & fixed deposits rankings. Our current top pick is Cowrywise (4.3/5). Always compare a few before you decide — see the full savings & fixed deposits comparison.

FairMoney Savings
4.1/5 · this page
 Cowrywise
4.3/5
 PiggyVest
4.2/5
Monthly Fee None for savings plans — —
Licence CBN microfinance bank — —
Deposit Safety NDIC-insured (to ₦2m, MFB tier) Not NDIC-insured Not NDIC-insured
Best For Locked savings alongside quick loans Mutual funds, naira + dollar, Halal Saving discipline + auto-save
Visit FairMoney → Visit Cowrywise → Visit PiggyVest →

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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.