Dear Nairalanders, I was amazed when I see one Nairalander share the Amount he saved from January till date, but I am not discipline enough to save in piggy because I can break it any time. please which place is advisable to save money between banks and Insurance and state the reason.

I really what to start savings plan.

Lalasticlala
Seun
mynd44

mynd44

obembet:
Dear Nairalanders, I was amazed when I see one Nairalander share the Amount he saved from January till date, but I am not discipline enough to save in piggy because I can break it any time. please which place is advisable to save money between banks and Insurance and state the reason.

I really what to start savings plan.

Lalasticlala
Seun
mynd44

save in on an app

I think saving in Insurance is better. I now save with insurance companies

Lalasticlala

Both has its pros and cons

My sister, u can save with me, very trustworthy...u can get 50% of ur Money at anytime u so wish. 100% withdrawal should come with a two weeks notice though

Saving in banks is better

obembet:
Dear Nairalanders, I was amazed when I see one Nairalander share the Amount he saved from January till date, but I am not discipline enough to save in piggy because I can break it any time. please which place is advisable to save money between banks and Insurance and state the reason.

I really what to start savings plan.

Lalasticlala
Seun
mynd44

At this point you should be more concerned about where your money will be safer.

Saving in banks is much safer cos that's what they're designed for, besides that they face stricter regulations and monitoring by the CBN

For me insurance is better because
. If you save 1million in a bank for 2 years for instance. They charge you for keeping cash with them..meaning you can can end up having less than the 1 million in a bank

But for saving in insurance when you save some insurance company gives you 2 in 1 savings plan where there are long term and short term..the long term have interest with cover..and the short term is accessible anytime..

But the most safest is insurance savings because they have cover in the case of unforseen circumstances and also there's interest in your savings

If you need more financial advice let me know

Kenny ogunsona
Old mutual insurance company

I feel that learning from other people's mistakes helps one to learn faster and to avoid some risks.

Insurance companies will certainly disappoint u especially when it is time to redeem ur cash. They are fond of quoting big figures and at the end, leave u to ur fate. U really have to be careful when dealing with them,although some are reputable but many of them will frustrate u after keeping ur money with them for too long. U can do a finding on this.

For banks,just look at the ones paying good interest such as inet banking by Fcmb is 7% ,polaris is also given at 6%,i heard fidelity is also good.

My personal advice:
In all of this,just find a mutual fund account and save all ur money,that way it will be out of sight,out of reach until the day u will redeem all ur funds.