Monefit SmartSaver Review
Quick Overview
Platform Age
Launch Year
Total Investments
Loan Volume
Active Investors
From 40+ Countries
Minimum Investment
Standard SmartSaver
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Investment Focus
Automated investing in Creditstar Group’s consumer loan portfolio across 7 European countries including Estonia, Finland, Sweden, Czech Republic, Denmark, Poland, and the UK.
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Expected Returns
7.25% annual return on the standard product, with up to 10.52% on 24-month fixed-term Vaults. All returns feature daily interest accrual.
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Safety Features
Backed by Creditstar Group (est. 2006), which reported net profit of €10.6 million in 2023 and equity of €58.2 million. No investor protection schemes.
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Liquidity Options
Standard investments can be withdrawn within 10 days. Vault investments are locked for the term selected (6, 12, 18, or 24 months).
Standout Features
Daily interest payments on all investments
Fixed-term Vaults with higher returns
No fees for deposits, withdrawals, or investing
Backed by established financial group (since 2006)
Investment Calculator
Total Investment Value
Recommended Strategy
Based on your inputs, consider using the 24-Month Vault for higher returns on your long-term investment, especially if you don’t need immediate access to the funds.
Our Experience with Monefit SmartSaver
We've been actively testing and investing with Monefit SmartSaver since May 2024, with a test portfolio of €3,500 spread across their different investment products. Here's our detailed experience:
Our Test Portfolio Results
What Impressed Us
- Daily interest accrual provides immediate visibility of earnings
- Extremely user-friendly interface with minimal learning curve
- Completely fee-free structure maximizes returns
- Quick and reliable withdrawal process
- Competitive rates on fixed-term Vaults
Room for Improvement
- Limited transparency on the underlying loan portfolio
- No diversification options across different loan originators
- No secondary market for fixed-term investments
- Relatively new platform with limited track record
- Creditstar's past liquidity challenges raise some concerns
Real-World Performance
During our eight-month testing period, we distributed our €3,500 investment across different products:
- Standard SmartSaver (€1,500): Achieved 7.25% annual return with daily interest payments. Withdrawals were processed within 7 days on average, providing good liquidity.
- 12-Month Vault (€1,000): Currently earning 9.42% annually, with interest still accruing daily despite the fixed term.
- 24-Month Vault (€1,000): Earning 10.52% annual return, providing the highest yield in our portfolio.
Key Observations
- Platform Stability: The platform has shown excellent technical stability with no downtime during our testing period.
- Investment Process: The "black box" investment model requires minimal effort but offers limited insight into the actual loans being funded.
- Interest Payments: Daily interest accrual is a standout feature, providing immediate visibility of earnings and enhancing the compounding effect.
- Customer Service: Average response time of 6 hours, with helpful and knowledgeable support staff.
- Fee Structure: The complete absence of fees for all operations enhances the investment returns compared to platforms with various charges.
Final Opinion
Monefit SmartSaver offers an exceptionally user-friendly approach to P2P investing, making it particularly suitable for beginners or investors who prefer a hands-off approach. The daily interest accrual and complete absence of fees are significant advantages. However, the platform's "black box" approach to loan allocation and concentration risk with a single loan originator are important considerations. The parent company's established track record provides some reassurance, though its past liquidity challenges during COVID-19 highlight potential risks during economic downturns.
Platform Safety Analysis
Key Risk Factors
- All investments dependent on Creditstar Group's financial health (concentration risk)
- No deposit protection or investor compensation schemes
- Limited transparency about the underlying loan portfolio
- Creditstar had previous liquidity issues during COVID-19 crisis
- Relatively new platform with limited operational track record
Company Background
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Backed by Creditstar Group, established in 2006
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€10.6 million net profit in 2023
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€58.2 million equity (25.3% equity ratio)
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Had liquidity issues during COVID-19 crisis
Investment Protection
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No dedicated buyback guarantee system
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Not covered by deposit guarantee schemes
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15-20% of funds held in cash for liquidity
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No segregation of investor funds from company assets
Regulatory Status
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Conflicting information about ECSP license status
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Parent company regulated as lender in multiple countries
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Complies with AML and KYC requirements
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Registered business entity in Estonia
Risk Mitigation Measures
Cash Reserve
15-20% of funds held in cash to ensure liquidity for withdrawals
Financial Performance
Parent company consistently profitable with solid equity ratio
Security Measures
Modern technical infrastructure with data protection and encryption
Geographical Diversification
Loan portfolio spread across 7 European countries
Platform Interface & Features
Main Dashboard
Clean, minimalist interface showing portfolio overview and daily interest accrual
SmartSaver Vaults
Fixed-term investment options with higher returns
Performance Analytics
Visual performance tracking with detailed interest history
Account Settings
Simple account management and deposit/withdrawal options
Payment Structure
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Daily interest accrual on all products
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Immediate visibility of earnings
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Enhanced compounding effect
Fee Structure
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No registration or account fees
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No deposit or withdrawal fees
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No investment or management fees
Portfolio Management
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Fully automated investment allocation
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Performance tracking dashboard
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Tax reporting tools
Investment Products
Standard SmartSaver
6-Month Vault
24-Month Vault
User Experience & Reviews
What Users Love
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Simple, intuitive interface with minimal learning curve
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Daily interest accrual visible in real-time
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No platform fees or hidden charges
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Reliable withdrawal process
Common Complaints
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Limited visibility into underlying loan portfolio
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Long lock-in periods for Vault products
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Limited diversification options across loan originators
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No dedicated mobile app
Recent User Reviews
"I've been using Monefit for almost a year now, and I'm extremely satisfied with the platform. The daily interest payments are a great feature, and I love seeing my returns grow day by day. The interface is simple and intuitive, making it perfect for beginners in P2P investing."
"Good platform with competitive returns and daily interest accrual. The 24-month Vault offers attractive rates, but I wish there was more transparency about the underlying loans. Customer service is responsive and helpful. Overall, a solid choice if you're looking for a hands-off approach to P2P investing."
"The simplicity of Monefit is its biggest advantage. I can just deposit funds and watch them grow daily without having to manage individual loans. Withdrawals have been processed within 7 days for me. No hidden fees is a major plus compared to other platforms that nickel and dime you. Highly recommended for passive investors."
Getting Started
Create Your Account
Register with your email address and set a password. The initial signup process takes just a few minutes to complete.
Complete Verification
Verify your identity through the KYC process, which typically takes around 5 minutes to complete with automatic verification.
Fund Your Account
Deposit funds using bank transfer or credit/debit card, with a minimum investment of just €10 for the Standard SmartSaver.
Select Your Investment
Choose between the Standard SmartSaver for flexibility or one of the Vault options for higher fixed-term returns.
Account Verification
Personal Information
- ✓ Full legal name
- ✓ Date of birth
- ✓ Residential address
- ✓ Phone number and email
Required Documents
- ✓ Government ID or passport
- ✓ Selfie for identity verification
- ✓ Proof of address (utility bill/bank statement)
Deposit Methods
Bank Transfer
Credit/Debit Card
ℹ️ Important Information
- Verification is typically completed within minutes thanks to automated systems
- Standard SmartSaver has a minimum investment of €10, while Vaults require €100 minimum
- The maximum investment amount was increased to €500,000 in 2024
- Withdrawals from Standard SmartSaver take up to 10 days but are often processed faster
- Vault investments are locked for the entire term (6, 12, 18, or 24 months)
Market Comparison
Platform Comparison
| Feature | Monefit | Bondora Go & Grow | Mintos | PeerBerry |
|---|---|---|---|---|
| Maximum Returns | 10.52% | 6.75% | 12.00% | 12.50% |
| Minimum Investment | €10 | €1 | €50 | €10 |
| Daily Interest | ✓ | ✓ | ✗ | ✗ |
| Fee-Free Structure | ✓ | ✗ (1% withdrawal) | ✗ (0.85% secondary) | ✓ |
| Loan Selection | ✗ Black box | ✗ Black box | ✓ Manual + Auto | ✓ Manual + Auto |
| Sekundärmarkt | ✗ | ✗ | ✓ | ✗ |
| Originator Diversity | ✗ (Single group) | ✓ | ✓ (100+ originators) | ✓ |
| Regulation | Limited | EMI Licensed | ECSP Licensed | Parent Company |
Top Alternatives
Bondora Go & Grow Most Similar
- ✓ Similar hands-off "black box" approach
- ✓ Daily interest accrual
- ✓ EMI licensed platform
Mintos Most Regulated
- ✓ ECSP Licensed Platform
- ✓ 100+ Loan Originators
- ✓ Sekundärmarkt
PeerBerry Higher Returns
- ✓ Multiple loan originators
- ✓ Group guarantee protection
- ✓ Fee-free structure
🔍 Key Differentiators
- Daily interest accrual on all products, including fixed-term Vaults
- Completely fee-free structure for all operations
- Higher returns than Bondora Go & Grow (similar style platform)
- Single loan originator (Creditstar Group) vs. multiple originators on competitors
- Fixed-term Vaults option for higher returns with commitment period
Tax & Reporting
Tax Documents
Annual Statement
Comprehensive yearly summary of all interest earned and transactions, available for download in PDF format.
Transaction History
Detailed record of all account activities including deposits, withdrawals, and daily interest payments.
Tax Reports
Tax reports formatted to assist with your annual tax filing requirements, exportable in multiple formats.
Reporting Features
Performance Dashboard
Visual tracking of investment performance
Data Export
CSV and PDF formats available
Daily Updates
Real-time view of interest accrual
Mobile Access
Reports viewable on mobile devices
Tax Considerations by Region
European Union
- Interest income typically taxed as capital gains or investment income
- Tax rates vary significantly between countries
- No withholding tax applied by Monefit
- Self-declaration required in most jurisdictions
International Investors
- Tax treatment depends on local tax legislation
- Consult with a tax professional in your jurisdiction
- Keep records of all transactions and interest payments
- Consider currency conversion impacts in reporting
Important Considerations
- • Daily interest accrual may require more detailed record keeping
- • Tax treatment varies significantly by country
- • Platform does not withhold taxes
- • Consult a tax professional for personalized advice
Tips for Tax Efficiency
- • Download and save annual statements
- • Maintain records of daily interest payments
- • Set aside a portion of returns for expected taxes
- • Keep track of all deposits and withdrawals
Final Verdict
Key Takeaways
- Excellent user experience with intuitive interface and minimal learning curve
- Daily interest accrual provides immediate visibility of earnings
- Competitive returns (7.25-10.52%) with completely fee-free structure
- Concentration risk with all loans originating from Creditstar Group
- Limited transparency on underlying loan portfolio composition
Recommended For
- Beginners seeking a simplified investing experience
- Passive investors wanting hands-off approach
- Those who value daily interest accrual
- Investors seeking competitive returns with minimal fees
- Those comfortable with committing funds for longer terms (Vaults)
Consider Alternatives If
- You want to select individual loans manually
- You prefer diversification across multiple loan originators
- You need high liquidity or secondary market access
- You're highly risk-averse or prefer more regulated platforms
- You're uncomfortable with Creditstar's past liquidity challenges
Ready to Start Investing with Monefit?
🎁 Start With Just €10 Today
* Terms and conditions apply. Investment involves risk of capital loss. Past performance does not guarantee future returns. Always conduct your own due diligence before investing.
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