Monefit SmartSaver Review – 7.25 – 9.96% and fast availability?

How do I deposit money?

After setting up your account, you can transfer the initial funds to a provided bank account. If you use bank accounts with instant transfers, such as Revolut* or Wise*, the money will be on the account often much faster.

It is crucial to provide the correct reference number when making the transfer; otherwise, your payment cannot be allocated. Additionally, there is an account limit of 500,000 EUR, so you cannot invest more than that amount.

Please also note that Monefit SmartSaver does not allow deposits from joint accounts if, for example, the account is registered to you but has two names on the transfer account.

This is what the bank account looks like to which you need to make the transfer.

How do I withdraw money?

In your dashboard, you will find the menu item “Withdraw.” Clicking on it allows you to withdraw funds to the bank account you used for depositing. If you want to register a new account, you need to make an initial transfer from that account.

The withdrawal form at Monefit SmartSaver.

Monefit states that your withdrawals will be processed within 10 days. I have tested this, and the withdrawal was initiated on the 9th day. During the time from your withdrawal request to the actual payout, interest continues to accrue. For the withdrawal, there is a minimum amount of 50 EUR. If your balance is generally below that amount, you can still withdraw your entire account.

How long does the deposit take?

The deposit into the investment account takes 1-2 business days. However, if you use services like Revolut* or Wise*, it is usually available on the same day.

How does Monefit SmartSaver work?

The beauty of the product and one of the reasons why it is appreciated by many is the fact that after the deposit, you don’t have to do anything at all. Monefit SmartSaver takes care of the entire management in the background! Deposit your money and that’s it. Your only task is to check your interest regularly because, just like with Bondora Go and Grow, the interest is credited daily.

My Monefit SmartSaver account in August 2023.

You can track your interest in a relaxed and convenient way in your account statements. Here you can also experience the compound interest effect! You can track the interest to the decimal place by hovering your mouse over the interest credited.

Interest accrues daily.

In what type of loans am I invested?

The Monefit SmartSaver portfolio consists exclusively of consumer loans. There are two types of loans:

1. Classic Instalment Loans: Customers have a fixed payment schedule until the loan is fully repaid.
2. Credit Line (Revolving Credit, Creditline): Customers have a limited credit limit that they can use, and the repayment frequency is variable.

You can also find out more about the portfolio directly on the Monefit website in a special blog article on the portfolio structure.

The different countries of deployment for the types of loans (Split indicates they are used simultaneously).

What costs are incurred for Monefit SmartSaver?

One of the fundamental principles of Monefit SmartSaver is not to impose any additional fees on investors and savers. Therefore, there are none. This counts as well for all deposits & withdrawals.

What is the return on investment with Monefit SmartSaver?

The yield of the product is currently 7.25 – 9.96% per annum. Due to the daily interest payment, which was implemented a few months after the launch, compound interest works strongly for you here.

Please note that this interest rate is subject to change. On the homepage, you can play around with the calculator to see how wealth accumulation behaves. Interest is credited daily.

What is the minimum investment amount for Monefit SmartSaver?

The minimum investment amount is 10 EUR. So, you can start with small sums, which makes the product perfect for beginners in this area.

The minimum amount for Monefit SmartSaver Vault is 100 EUR per vault.

How reputable is Monefit as a company?

Monefit is not an unknown brand; it has been providing credit line loans for many years, and that service is still available through the same platform. Additionally, now you can also invest your money as an investor through Monefit SmartSaver.

Behind all this is the team of the P2P platform Lendermarket, which in turn is backed by the Creditstar Group, a well-known player in the P2P universe. Creditstar has been in the market for 16 years, serving over 1.5 million customers, and operating in 8 different countries. Hence, you can expect that investing with Monefit is in a reputable company. As a lender, you are also regulated in each active country.

A lot of licenses, that provides security.

However, Creditstar’s payment behavior is known to be not the best. On the Lendermarket platform, they push pretty much every limit they have, and investors who had invested in Creditstar loans on Mintos were kept waiting for months, with the blame being shifted more or less to Mintos (see Creditstar Interim Business Report Q3 22, page 5).

That’s not the smart thing to do and also their own investors on the sister platform Lendermarket also had to wait months for stuck funds. All debts on Mintos have now been repaid (EUR 8 million). This is still pending for Lendermarket (amount unknown).

Is Monefit SmartSaver save?

Even though I have already been able to collect a lot of information for my Monefit SmartSaver review, the product is still very young. However, it has so far offered good growth and has a growing reputation in the community.

In the end, however, everything depends on the parent company, the Creditstar Group. It will only get exciting when many investors want to withdraw their funds from the platform at the same time.

According to the platform, however, it is prepared for this eventuality and has a corresponding buffer.

Even if many payouts are made at the same time, this should not be a problem at first.

Advantages and disadvantages of Monefit SmartSaver

Before we come to a final conclusion about the product, here is a summary of the advantages and disadvantages for this Monefit SmartSaver review.

Disadvantages ➖

• Relatively low return compared to general P2P competitors where I am invested.
• No deposit protection.
• Lack of transparency; you are not sure exactly what happens with your money in the background.
• Monefit SmartSaver is still a very young product.
• Creditstar in the background is a solid company, but known for poor payment behavior.

Advantages ➕

• With Creditstar, there is a company in the background that has been on the market for many years.
• High availability of your money.
• Good opportunity to park your money.
• Possibility to build passive income.
• Good interest rate compared to Bondora Go & Grow.

Conclusion of my Monefit SmartSaver review

Monefit SmartSaver was quite a surprising release for me. I did not expect Creditstar, along with Lendermarket, to come up with another financing option. Of course, the yield of 7.25 – 9.96% is significant, which is clearly above the Estonian competitor Bondora Go & Grow and can be understood as a clear declaration of war.

While Crowdestor Flex was merely a poor copy that could never compete with Bondora Go & Grow, Creditstar, with its solid track record, can provide a genuine alternative with Monefit SmartSaver. I welcome this development because otherwise, Bondora with its excellent product would be completely dominant in the market. As they say, competition enlivens the business.

I have personally invested my own money here to see how things unfold. In principle, I have no objections to withdrawing some funds from my significant Bondora account and investing them in Monefit SmartSaver. Provided you are aware of the risk of the Creditstar Group in the background.