make money with the pennytree app

PennyTree Review 2024: Is Savings and Payment App Legit?

If you are in need to know all about Pennytree and its services, this post review on Pennytree helps you understand better.

Pennytree is a legit and secure saving and payment platform, approved by CBN. A user-friendly app which helps you save seamlessly, even as you spend and earn up to 10% interest. Also, withdrawal is fast and easy whenever you need your money.

Technology is disrupting the financial sector. Presently, in Nigeria, there are fintech apps that offer better financial services than banks in the area of saving. One of such apps is PennyTree.

Therefore, this review post looks at what is PennyTree app; its products and services; benefits and limitations; and also answer some related questions.

Let’s start.

About PennyTree

Pennytree is a fintech app that seeks to make savings and payments to individuals in a seamless and enjoyable manner.

Launched in 2021 by Ayo Ogunlowo and Adeleke Awotayo-Ayeni, the PennyTree aims to blend finance and lifestyle. To the company, the financial world should be simple, prompt and enjoyable, especially during this era of Artificial Intelligence.

This is why Penny Rules, a central feature of the PennyTree app, is about introducing a savings culture into your lifestyle. This automated exercise lets you build wealth without struggle.

PennyTree App Products and Features

  • Target Saving
  • Penn Rules
  • Personal Vaults
  • Wallet Transfer
  • Bill Payment
  • Airtime Purchase

How PennyTree App Works

PennyTree works as a savings and payment app, to enjoy these services, you need to download the app, create an account and get verified.

As a savings platform, PennyTree works by offering different savings plans and fixed deposits

Also as a payment app, PennyTree can be used to pay bills, buy airtime and transfer money for free to other Penn users.

Is PennyTree Legit and Safe?

PennyTree is a legit start-up company. It shares a license with a Microfinance Bank that is approved by CBN. Also, PennyTree is in partnership with Flutterwave and Verifyme.

Furthermore, PennyTree is a safe app. Your data, funds and transaction are secured and encrypted with PCIDSS level 1 to protect you against unauthorized activities.

However, keep your login details safe.

How to Download and sign up on PennyTree App

To download and sign up on PennyTree, follow these steps:

1. Download PennyTree App

Go to Google Playstore or App store depending on your phone. Search for the PennyTree app, download and install it

2. Tap Create Account and Enter your Personal Details

Open the PennyTree App and Tap Create Account.

Then, fill in your details. Full name, email address, Phone number and a strong password.

3. Enter 3C50E7AB in the Referral Code Box

Below the create account form, you will see where to enter the referral code. Enter 3C50E7AB in the box to get a 500 naira bonus. Then, tap Create Account

PennyTree referral bonus

4. Verify your PennyTree Account

Thereafter, proceed to verify your account. Enter your BVN number and PennyTree will verify it within minutes.

Also, PennyTree will send a verification link to your email address and a code to your phone number. Verify both of them.

Next, add your debit card and bank account details. You will fund your account with the debit card while you withdraw money to the bank account.

Congratulation. You’ve successfully created your PennyTree account. You will receive your referral bonus in Penn Wallet at the end of the month.

PennyTree Target savings

To save money and build wealth will likely be the reason why you create a PennyTree app account in the first place. PennyTree Target Savings lets you save daily, weekly, or monthly until you reach your target.

On its website, PennyTree promised up to 15% interest per annum for Target Savings however, my review showed it is an 8% interest rate.

Personal vault

PennyTree app Personal Vault let you lock a certain amount of money for a specific time period. This is another name for a fixed deposit account.

The personal Vaults interest rate is based on the duration you fix your funds and so, below are the personal vaults interests by duration.

DurationPersonal Vault Interest Rate
30 days6.5% p.a
60 days7% p.a
90 days7.5%
180 days8.5%
270 days9%
360 days10%
PennyTree Personal Vault Interest Rates

Penn Rules

PennyTree Penn Rules is like a standing order to improve your savings habit. When this feature is activated, it automatically saves a certain percentage or amount when you perform certain tasks.

Such tasks can be when you make payment, transfer or receive money.

Some of the Penn Rules you can activate are:

  • Penn Rules Pay and Save: This lets you save automatically when you pay bills on PennyTree App. You can save by percentage or amount. Also, you can specify the bill type or choose all the available bills.
  • Transfer and Save: This lets you save automatically when you made a transfer on PennyTree App. You can save by percentage or amount.
  • Receive and Save: This lets you save automatically when you receive money from a Penn user on PennyTree App. You can save by percentage or amount.

These Penn Rules below are still a work in progress:

  • Instagram: Save automatically when you spend more than a specified time on Instagram. Another Instagram rule is that you save when you like a picture on your Instagram.
  • Youtube: Save anytime you like a video on youtube
  • Uber: You save anytime you order an Uber ride
  • Facebook: You save anytime you upload a picture or video on Facebook

Free Wallet Transfers

PennyTree app offers free wallet transfer to other Penn users. To transfer, you need the recipient Penn tag (user ID).

On the flip side, if you want to receive money from another Penn user, you also have to send the person your own Penn tag.

To copy your PennyTree Penn tag, tap the gear icon on the app, tap on profile and copy the PennTag

Buy Airtime and Pay Bills with PennyTree

PennyTree app also offers bill payment and airtime and data purchase. You can buy airtime and data of MTN, Glo, Airtel and 9mobile on the app.

Also, pay for DSTV, GOTV and Startimes subscriptions.

The following prepaid and postpaid electricity bills can be paid using PennyTree: EKEDC, IKEDC, IBEDC, ENUGU DISCO, BENIN DISCO, and KANO DISCO.

PennyTree Savings Interest Rate

Below are the interest rates from all PennyTree savings plan

PennyTree Savings planInterest Rate
Target Savings8%
Personal Vault6.5% – 10%
PennyTree Savings Interest Rate

Benefits and Drawbacks of PennyTree

The review so far has shown some obvious benefits of the PennyTree platform. However, there are drawbacks you need to be aware of.

Benefits of PennyTree App

  • Automatic Saving
  • Free Wallet Transfers
  • Zero charges on bill payments

Drawbacks of PennyTree

  • Free transfer is limited to Penn users
  • No transfer to other bank accounts
  • A low-interest rate on savings

PennyTree App Alternatives

There are some PennyTree App alternatives that offer similar financial services. Such as:

1. Branch App vs PennyTree Review

The Branch app is a fintech app that offers financial services such as loans, free bank transfers, investments and payments of bills, airtime and data to its millions of users.

The branch app offers free transfers to local bank accounts. On the other hand, the PennyTree only offers wallet transfers between Penn users and not bank accounts.

Also, the branch app offers a higher interest rate of 20% compared to PennyTree. However, there is no automatic saving on Branch app unlike PennyTree app

Piggyvest App vs PennyTree Review

Piggyvest has different savings accounts plus investment opportunities but no bill payment feature like PennyTree.

Also, Piggyvest gives a higher sign-up bonus and interest rate compared to PennyTree.

Reaprite App vs PennyTree Review

Reaprite is like PennyTree but it offers more savings accounts. Also, the Reaprite app gives a 1000 Naira sign-bonus and has a better interest rate than PennyTree.


What is Penn Tag?

Penn tag is the unique user ID you get when you create an account with the PennyTree app. Every user has one. To transfer money to another Penn user, you need the recipient Penn tag or user ID

Can I transfer money to other bank accounts on PennyTree App?

On PennyTree, you can only withdraw money to your own bank account but not to someone else bank account. To transfer money to other bank accounts for free, use apps like the Branch app or Barter app

Final Thoughts on PennyTree Review

PennyTree is a trusted savings app by many Nigerians. The ease, high interests, AI, and security are reasons why PennyTree is one of the best savings and investment apps in Nigeria.

It blends payment lifestyle and savings together which is the main benefit of the PennyTree app.

With Penn rules, you can be saving money unknowingly and effortlessly. This is what makes PennyTree one of the best savings and investments apps though it offers a lower interest rate.

Therefore, try it and let me know your experience.

Let me know your opinion by dropping comments below.

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