In December 2022, Monefit, a consumer fintech company under the Creditstar Group, launched an innovative investment product called SmartSaver, offering industry-leading interest rates to help people save money and generate extra income. This product aims to provide a hard-working option for anyone wanting to grow their savings or diversify their investment portfolio, with a fixed annual interest rate of 7% and no fees or lock-in periods for fund withdrawal.
Description of SmartSaver Product
SmartSaver is designed to be accessible to everyone, regardless of prior market knowledge or investment amount, and it aims to minimise interest fluctuations in the investment markets. The annual percentage yield (APY), or effective annual rate, will always be higher than 7%, considering the effect of compounding interest. With no hidden costs, funds are available within ten working business days of a withdrawal request.
In a time of high inflation and living costs, SmartSaver provides a compelling option to make financial assets work harder, compared to bank savings accounts that earn low levels of interest. This product has received positive feedback from early users, with more than 30% investing again within the first two months of signing up.
Additional Product Offered by Monefit
Apart from enabling people to achieve their financial goals, SmartSaver also provides funding for Creditstar Group lending companies to expand their credit services in their eight operating markets, namely the UK, Denmark, Estonia, Finland, Spain, Sweden, Czech Republic, and Poland.
SmartSaver is easy to sign up for and available to investors from 74 countries that have a bank account in European Economic Area (EEA) countries. Monefit also offers CreditLine, another financial product designed to fast-track savings and allow borrowing on better terms.
Creditstar Group, a well-established fintech group that has been offering responsible credit solutions and innovative financial services since 2006, is regulated by the relevant authorities in each of the markets it serves. Its mission is to improve people’s lives by using technology to provide seamless financial services.
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