Piggybank and ALAT are…errr… I’m honestly trying to think up a way to start this article but my mind is racing faster than my hands. I feel like jumping right into it.
Piggybank and Alat are two Fintech companies that let you save money and carry out other transactions on the platform from the comfort of your home. Alat is more of a bank than Piggybank as it gives you a bank card and the opportunity to get a loan and also send money to other banks. But it’s not that easy, especially the “Loan” part.
In this post, I will break down the differences and similarities between these two and get you to answer the big question; Which should I be using?
They are both free. They both let you save, connect your bank card and refer other people who might be interested in saving on the platforms as well. You make some money (or get a commission) when you refer other users, of course. They both have Android and iOS Apps and also serve as a great alternative to an actual bank.
You can set up on both platforms in 5 minutes. But ALAT requires more details than PiggyBank. I think I remember ALAT asking for my BVN before I completed my registration. I am also required to add my International passport for some reason… identification… Identification.
PiggyBank only lets you save and earn points and interests as you do so but does not give loans. ALAT, on the other hand, gives loans but you’d have to upgrade your ALAT account to either Flexi Plan, Fixed Plan or Stash to get a loan. These plans come with extra features or benefits, you can withdraw your interests on the Stash plan for example.
Piggybank gives interests if your money is Safelocked. The Safelock feature lets you lock any of your savings ahead of time. You get 0.99% interest (in 34 days) for any amount of money safelocked. ALAT gives you interests based on the duration of your goal. But to create a goal, you’d have to upgrade your ALAT account. ALAT gives up to 10% interest in 12 months by the way.
Banking & Withdrawal
ALAT is a digital bank. You can literally bank with it. Piggy Bank is more like a… well, a Piggy bank. PiggyBank also lets you accept payments. I talked about it earlier here.
Since ALAT is like an actual bank that gives you a bank card for withdrawals, you can withdraw physical cash, pay bills and make transfers with it. Piggy Bank, on the other hand, lets you accept payments and withdraw your money to an actual bank account before cashing out.
You can buy airtime and pay your bills on ALAT. PiggyBank, on the other hand, doesn’t have this particular feature because they want you to save, obviously.
User Experience & Customer Service
“They both have Amazing UIs”, according to Sam who is a UI expert. I referred two people to Piggybank but they couldn’t add their bank cards (to save with) for some reason. PiggyBank is very active on Instagram if you’re interested in speaking with them. I became interested in using ALAT at TEDx Ikeja 2017 when a representative talked about it. I haven’t really contacted their customer service but their card delivery was on time and also FREE.
So that’s all folks. ALAT is more of a bank than PiggyBank. PiggyBank is more of a… Piggy Bank or a fixed deposit account. Piggybank helps you save more if you’re the type that just can’t follow the budget.
Which would you use and why? Don’t forget to use my referral code (4RFRB6) if you’re registering on ALAT for the first time or Click here to get a free PiggyBank account. Ciao!
Magnus is a Freshdesk Certified Product Expert and Product Manager with over 5 years of Customer Service and manual testing experience.
He loves fintech and writes about tools that help you save money and time.