What is Monefit SmartSaver?

Monefit SmartSaver is a service that offers a fixed annual return for investors, just like a savings account at a traditional bank. Moneyfit SmartSaver itself is relatively new, however it is worth noticing that is a product of Creditstar group, which is a large lending company in Europe with a very good track record. For example, they are also the company behind Lendermarket, a Peer-to-Peer lending platform that I also have in my portfolio.

What I really like about this platform is that they offer high yields (more about that in a moment), and in a completely passive way. Behind the scenes, they basically invest the investors money in consumer loans (as part of the Creditstar Group), and give the interests back to investor via this fixed annual rate. Compared to a classical Peer-to-Peer lending platform, it means you as an investor have basically nothing to do like setting up your investing preferences, choosing loans to invest in, or monitoring your portfolio. Just deposit money, and you're all set.

It's also worth noting that just like a savings account, investors can withdraw money at any time. This is for example a huge advantage compared to Peer-to-Peer lending platforms where your investment is not liquid. 

So far they already returned over 83 million Euros back to investors.

What returns can I expect from investing with Monefit SmartSaver?

The returns you can expect on Monefit SmartSaver are really simple to understand: 7% fixed yearly interest rate.

As it's basically as easy as using a savings account as your bank, this is definitely a great rate as even now, yields on savings in most banks in Europe are in the 2-3% range. Of course, it's lower than if you invested directly on a Peer-to-Peer lending platform (where you can get 10% and more), but here it's really completely passive and simplified for you. 

Is it safe to invest on Monefit SmartSaver?

The question of the safety of the investors funds is central when investing on a financial platform, as they will be managing all the money that you deposit on the platform and invest it for you. When reviewing a new platform before adding it to my portfolio, I look at three things: what the platforms offers in terms of guarantees, the company itself (and their team), and finally the source of the projects or loans present on the platform.

Risks & guarantees on Monefit SmartSaver

On Monefit SmartSaver, all the underlying investments are coming from Creditstar Group, so it makes sense to have a closer look at this company to understand the underlying risks with Monefit SmartSaver.

Creditstar is a large group operating in the lending business, and they have an excellent track record with over 16 years of experience in the field and 150+ employees in the group.

I also always check the regulations & licenses about a given lending company, and Creditstar definitely doesn't disappoint on this field, as it's regulated by the local financial authorities in all the countries where it is required.

Therefore, it's safe to say that the platform behind Monefit SmartSaver is definitely very solid and with an excellent track record.

The company & the team

As I mentioned earlier, Monefit SmartSaver is powered by Creditstar, and as for all the companies I invest in I checked that they are actually a registered company, and indeed they are.

It was also very easy to find information about their team, which is something I really like to see on such a platform.

As for all the platforms I invest on, I checked the profiles of the management team of the platform to see their experience in the field. Here I checked for example the profile of their CEO - and he indeed has a lot of experience in the field of lending & economics. Therefore, it's safe to say that a very competent team is behind Creditstar and therefore also behind Monefit.

Loan originators

I always checked where the loans are coming from on a platform, as this is really important for the security of your investments.

Whereas we don't know as investors on Monefit SmartSmaver what type of loans are in the portfolio that produces the returns for the platform, I am for example a user of the Peer-to-Peer lending platform which also uses Credistar as its main loan originator (Lendermarket), and never had issues with the platform. Also, you can withdraw money at anytime on the platform.

Also, they are quite some room between the returns of the loans themselves and the fixed rate given by Monefit SmartSaver, so it's also safe to say that they will have no problem to maintain this interest rate for investors on the platform in the future.

Getting started with Monefit 

It is actually really easy to get started with Monefit SmartSaver and have your money start generating interests on the platform.

The first step is to open an account and get verified. This was done really quickly, and including the ID verification part it was all done in under 5 minutes.

Next, you will have to deposit funds in your account to start generating interests. This is also really to do on Monefit, as you can do it via a bank transfer.

Once this is done, well ... that's it! The funds deposited will start to generate interests immediately without you having to do anything, just like a savings account, and will you see interests being paid on your account. They are actually paid daily, which is also a really cool feature as you can immediately see the interests that have been generated by the platform.

As for all the platforms I review, I also tried to withdraw money, and the money was back on my account in just 1 day.

To Sum Up

So to conclude, what do I think about Monefit SmartSaver? What I really like about this product is that it makes high-yield investing accessible to everyone. Peer-to-Peer lending has better yield yes, but all the setup around setting up your account and then monitoring your portfolio can be daunting for many people. Here, it's just as easy as using a savings account at a bank, but with much higher yields. 

And as it's powered by a group with a long track record in the field (Creditstar Group), it also passes all my safety checks when I evaluate a platform. Therefore, definitely a great platform for investors that are just getting started, or for any investor that want to keep complexity out of their portfolio and just have completely passive investments.