There are too many financial apps on the internet and we’re not sure how much more we’ll have to deal with in a few years. The truth is there’s always a problem to solve in the ecosystem meaning there’ll always be more apps. 

With finance, however, it’s different because we’re dealing with money, your money. You need to be certain you’re selecting the right app; the one that not only helps you meet your financial goals but also keeps your money safe. 

Dealing with a lot of apps can get overwhelming, I can’t lie. It can be hard trying to figure out the right fit for you. The first question I ask myself before downloading an app is, “Is my money safe”? I want to be certain about this before anything else, it’s important I know.

This article aims to help you make the right decisions about money-saving apps so you don’t end up depositing your money in the wrong hands. 


The first question you may want to ask yourself is, “Is my money safe here”? This should be your number one priority before anything else. 

First things first, do detailed research about the company. Look through their website. What do they say they do? Is it different from what’s displayed on the app? Vet this information. 

Also, go through their social media and see if there’s a reachable phone number. Can you reach them through text, emails or even DMs? Do they even respond to customers in the comments? If you’re going to give a company your money, you need to be sure they can respond to your queries.

You may also want to make sure you’re downloading the actual app because there are a lot of lookalikes. One thing I do is make sure to always download an app from a company’s website. The company’s website should always include links to their mobile apps, along with details about the app’s features and how you can use it. You should also use a trusted platform when downloading and installing the app, like the App Store for iOS users or the Google Play Store for Android users. Lastly, make sure to go through reviews and related information about the app before downloading it to ensure it’s legitimate.

Ease of Use

Yes, you want to save money but no app should be stressing you or wasting your time because, at the end of the day, it’s your money. What’s the user experience like? You know those apps where you click on an icon and it hangs or takes forever to load? Please delete them. 

If the process isn’t as seamless, there’s no point in investing your time and energy in the app. 

Access to Funds

One thing that irks me about some banks is how it takes minimal effort to quickly debit my account but takes forever to process a withdrawal. You want to be certain you won’t hear stories that touch when it’s time to withdraw your money. 

I’ll advise starting by testing the waters with a little amount of money like urgent 2k. Set a target for a week and try to withdraw your money right after. See how easy it is to access your funds before putting in a large chunk of money. 

High-Interest Rate

You don’t want to diligently save money for a few months or even a year and get only 1% on your investment. After all the spending temptations you fought? You deserve luxury and premium enjoyment, please. Compare rates across different savings apps and invest your money in the one that suits you best. Moni Vault offers up to 21% on your savings, this is the highest you’ll come across. If you ask me, I’ll tell you this for free– It’s a steal!

However, be careful of companies with questionable interest rates that seem too good to be true. They’re usually all over the place and end up folding up. Unfortunately, if you’re not careful, they’ll fold up with your money and we don’t want that happening to you. You’ve worked hard for your money, don’t let anybody try to take advantage of you.

Multiple Savings Plans

You may want to save money for different reasons so you should definitely invest in a platform that meets your needs in that regard. Can you create multiple savings plans on the app? If you want to create separate plans for emergencies, partying, etc, can this app help you achieve your goals? 

You can create different plans on Moni Vault. While the reserve plan helps you save lump sums of money for a period of time, the safebox plan is tailored toward frequent savers. So if you like to save money daily, weekly, bi-weekly or even monthly, the safebox plan works perfectly for you. 

You can also create multiple plans according to your savings goals. A good example would be creating 3 different reserve/safebox plans. One for a new car, the other for travel to a new country, and the third can serve a completely different purpose.

Bank charges

If the aim is to save money, why should an app constantly make deductions from your funds in the name of bank charges? Saving apps usually have strict policies to help you stay committed to your goal and some deduct a withdrawal fee if you decide to withdraw your money before the due date. 

Asides from this, there shouldn’t be any other reason why a savings app should be doing the most. Also, look at the withdrawal fee, what percentage is it? Does it feel like exploitation to you? Ask questions and also make sure to go through the FAQ section on the website to fully understand how it works. 

On Moni Vault, every user is given a number of free withdrawals that let you withdraw your money whenever you feel like there’s an emergency you need to deal with. We understand that in the bid to save up money, you can’t predict certain situations and may need access to your funds. This gives you control over your finances. 

Once you go through all these steps, you can be sure to make a decision on the right saving app for you. It may look and sound like a lot of work but it’s really important to do proper research. Make intentional decisions for yourself and your money. It’s never a waste of time to put some effort into this process, it saves you from unexpected losses. 

Thank you for reading this, I’ll talk to you again, soon.

Community Finance For Africa

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