No fee, on-demand access and high interest investment account makes money work harder
Monefit, part of leading consumer fintech company, Creditstar Group, has launched SmartSaver; an innovative new investment product designed to offer industry-leading interest rates to help people save money and generate extra income at this time of high inflation and living costs. Offering 7% annual interest and requiring no fees or lock-in periods for the withdrawal of funds, SmartSaver provides a hard-working option for anyone wanting to grow their savings or diversify their investment portfolio.
With double-digit inflation having a profound impact on the real value of cash and even the best easy-access savings accounts only paying around 3%, SmartSaver provides a compelling option to make financial assets work harder.
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SmartSaver is designed to be as accessible as possible – for anyone with no prior market knowledge and starting with any investment amount, through to experienced investors keen to diversify their portfolio. SmartSaver aims to minimise the interest fluctuations in the investment markets. Thanks to its fixed interest rate, investors know exactly how much they will earn. The annual percentage yield (APY), or effective annual rate, will always be higher than 7%, taking into account the effect of compounding interest. With no fees or hidden costs, funds are available within ten working business days of a withdrawal request. Early traction has been positive, with more than 30% of users investing again within the first two weeks of signing up.
“I have been saving to buy a property for a while now but became frustrated with the savings rates offered by banks, which, when taking inflation into account, mean I’m actually losing value daily. I find the stock markets too volatile right now, so a friend recommended SmartSaver. It gives me solid interest compared to banks and has a withdrawal option, so I can always take my money out whenever I feel like it. It was the best option for me,” commented UK SmartSaver customer Mr. G Tiwari.
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“Money sitting in bank accounts earning low levels of interest has been an issue for years. Current rates of inflation and the low interest rates mean that savings have become more devalued than ever,” said Monefit Chief Product Officer Kashyap Shah. “We are delighted to be offering anyone wishing to grow their financial assets the chance to make their money work much harder for them during this time of economic hardship. We hope that it will enable many people to achieve their financial goals, whether that be saving for a holiday, starting or growing a business, leaving a legacy or saving for children, enabling a career break, new house purchase, or just saving for a rainy day.”
With funding from SmartSaver, Creditstar Group lending companies have access to additional capital to expand their credit services, helping them grow their businesses within their eight operating markets; the UK, Denmark, Estonia, Finland, Spain, Sweden, Czech Republic and Poland. To date, Creditstar Group has paid investors €83 million in interest returns on investments of over €850 million.
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