Posted by Savings accounts are a good way to keep money safe and flexible. The problem: traditional savings accounts offer very low interest rates, often even below the inflation rate. The result is an effective loss of capital and purchasing power.
Many investors are therefore looking for possible alternatives to savings accounts that offer similarly high liquidity but significantly more return potential. One option in this regard can be P2P lending platforms.
In this article, we take a look at the characteristics of classic savings accounts, why it may be worthwhile to consider alternatives from the P2P lending environment, and which platforms currently represent the best options for investors.
What is a Savings Account?
A savings account is a flexible form of saving with no fixed term, where funds are available on a daily basis and earn interest. The level of interest depends on two factors: the ECB key interest rate and the market interest rate. Interest rates on savings accounts typically range between 0.5% and 3%. Savings accounts are protected by the statutory deposit guarantee scheme up to EUR 100,000 per customer and bank.
The key characteristics of savings accounts at a glance:
- Interest Rate: Usually between 0.5% and 3%.
- Interest Accrual: Interest is calculated daily on the account balance.
- Liquidity: Daily availability with no notice period.
- Usage: No payment transactions possible (no direct debits or card payments).
- Security: Statutory deposit protection up to EUR 100,000 per customer and bank.
P2P Lending Investments as a Savings Account Alternative?
P2P platforms act as intermediaries between borrowers who need a loan and investors who provide capital in exchange for interest. This business model, which for decades was reserved for traditional banks and lending institutions, has become accessible to new fintech startups thanks to increasing digitalisation.
The main advantages for investors are greater transparency, significantly higher interest rates, and in some cases a level of flexibility comparable to that of savings accounts.
At the same time, investing in P2P loans involves substantially higher risks. There is no government-backed deposit guarantee, meaning that in the worst case a loss of capital can occur.
The key features of P2P platforms as a savings account alternative at a glance:
- Interest Rate: Between 6% and 12%.
- Security: No government-backed protection.
- Interest Accrual: Daily interest on invested funds.
- Usage: Diversification of an existing investment portfolio.
- Liquidity: Daily or short-term availability, without a notice period.
P2P lending investments offer a wide range of use cases as a savings account alternative: for beginners who want to gain practical and fast exposure to investing, for yield-focused investors with a higher risk tolerance, and for diversification enthusiasts looking beyond traditional investment options.
Comparison: Savings Account vs. P2P Investments
How do traditional savings accounts differ from P2P lending investments when used for the same purpose? Here is a direct comparison based on key criteria.
| Savings Account | P2P Investments | |
|---|---|---|
| Term | Open | Open |
| Notice Period | None | None |
| Liquidity | Daily | Daily or short-term (possibly with limitations) |
| Interest Rates | Between 0.5% and 3% | Between 6% and 12% |
| Interest Payment | Daily | Daily |
| Interest Adjustment | Daily adjustment possible | Daily adjustment possible |
| Deposit Protection | Up to 100,000 Euro (in Germany) | None |
| Min. Deposit | None | From EUR 1 |
| Risk | Low | High |
Characteristics such as term, notice period, and interest rate adjustments are identical. Daily availability is also comparable, although P2P lending investments may involve differences (up to 10 days) or restrictions (such as partial withdrawals during the COVID-19 pandemic).
In return, P2P products like Bondora Go & Grow or Monefit SmartSaver offer significantly higher interest rates of around 6% to 7.5% per year. However, these returns are not guaranteed.
While savings accounts in Germany are protected by a deposit insurance of up to EUR 100,000, this level of protection does not exist for P2P platforms.
Which P2P Platforms Are Suitable as a Savings Account Alternative?
Which P2P platforms are suitable as a savings account alternative? Below are two options that offer similarly high liquidity.
Bomdora Go & Grow
With a track record since 2008, Bondora is one of the pioneers in the P2P lending market. Here is a brief overview of the platform’s profile.
| Founded: | 2008 |
| Legal Name: | Bondora Capital OÜ (LINK) |
| Headquarter: | Tallinn, Estonia |
| Regulated: | No |
| CEO: | Pärtel Tomberg (December 2007) |
| Community Voting: | P10 out of 30 | See Voting |
| Assets Under Management: | EUR 500 Million (December 2024) |
| Number of Investors: | 550.000+ |
| Expected Return: | 6% |
| Primary Loan Type: | Consumer Loans |
| Collateral: | No |
| Bonus: | 5 Euro |
If you ask P2P investors about savings account alternatives, Bondora Go & Grow would likely rank first. This product was introduced in 2018 by the Estonian P2P lending platform Bondora and has always been one of the most popular and reliable options for investors looking for short-term investments.
Key features of Go & Grow: Annual interest of 6%, daily withdrawals, easy handling, broad diversification, and a withdrawal fee of 1 Euro.
The high liquidity, with the possibility of daily withdrawals, has been maintained almost without exception since 2018. The only exception was a period of about two and a half months after the outbreak of the COVID-19 pandemic, when only partial withdrawals were possible.
Bondora’s strong reliability is fundamentally due to the financial stability of the Estonian fintech company. Bondora has been consistently profitable since 2017, and its balance sheet metrics rank among the best in the entire industry.
| Loan Originator | Year | Audited | Profit | ROA | Equity Ratio | Debt | Liquidity | Impairments | Score |
|---|---|---|---|---|---|---|---|---|---|
| Bondora Group | 2024 | KPMG | EUR 1,22M | 4,5% | 71,3% | 0,4 | 3,45 | 3,3% | 94 |
The reward is consistently top ratings from investors. In my annual community voting, Bondora was even chosen twice as the most popular platform in the P2P market.
More information can be found in my Bondora Go & Grow review.
Monefit SmartSaver
Monefit SmartSaver is a platform established in 2022 by the Creditstar Group, which also shows strong similarities to traditional savings accounts. Below is a brief overview of the platform’s profile.
| Started: | November 2022 |
| Company: | Monefit Card OÜ (LINK) |
| Headquarter: | Tallinn, Estonia |
| Regulated: | No |
| Community Voting: | P14 out of 30 | See Voting |
| Assets Under Management: | Not Disclosed |
| Number of Investors: | 25.000+ |
| Expected Return: | Up to 10,52% |
| Primary Loan Type: | Consumer Loans |
| Collateral: | None |
| Bonus: | 0.25% Cashback (90 Days) |
Monefit SmartSaver is the first product modelled after Bondora Go & Grow that has managed to establish itself sustainably in recent years. Despite the many similarities, there are also some differences.
Key features of SmartSaver: Annual interest of 7.5%, high liquidity, easy handling, and the possibility of higher interest rates for longer-term commitments (SmartSaver Vaults).
Liquidity on Monefit SmartSaver can be considered very high. Currently, investors can withdraw up to EUR 1,000 per month on a daily basis. For amounts above this limit, a processing period of up to 10 days applies. To date, these withdrawal deadlines have always been met.
Monefit SmartSaver is backed by the Creditstar Group, a fintech company founded in 2006 and headquartered in Estonia, which includes a range of internationally operating lenders from across Europe. With the SmartSaver savings account alternative, Creditstar has created an additional financing source for its lending business.
So far, more than 25,000 investors have registered with Monefit. No information has yet been shared regarding managed investor assets or other performance-relevant data of the loan portfolio.
More information can be found in my Monefit SmartSaver review.
Comparison of Savings Account Alternatives
Let’s take a look at the two presented savings account alternatives in a direct comparison.
| Bondora Go & Grow | Monefit SmartSaver | |
|---|---|---|
| Track Record | 2018 | 2022 |
| Yield | 6% p.a. | 7,5% p.a. |
| Interest Credit | Daily | Daily |
| Liquidity | Daily | Daily (Up to EUR 1,000 per month); otherwise 10 business days |
| Deposit Guarantee | No | No |
| Min. Investment | EUR 1 | EUR 10 |
| Max. Investment | No Limit | EUR 500.000 |
| Fees | EUR 1 Withdrawal Fee | No |
My Conclusion: The Best Savings Account Alternatives
For those looking for savings account alternatives in the P2P lending space, Bondora Go & Grow and Monefit SmartSaver represent two strong options. The differences between the two products are minimal, and the choice primarily depends on the investor’s individual preferences.
Bondora Go & Grow is the slightly more conservative option. The product has been established for much longer and has already endured a real stress test during the COVID-19 pandemic, which showed that liquidity can be somewhat limited in extreme situations. Otherwise, Bondora stands out with superior liquidity, even for larger investment amounts, and also demonstrates stronger financial metrics.
Monefit SmartSaver, on the other hand, offers a slightly higher yield, which can be further increased with longer-term commitments via the SmartSaver Vaults. In terms of liquidity, SmartSaver is somewhat more limited. However, the payout period of up to 10 days – which has always been adhered to – is still very competitive. For investors who only want to withdraw up to EUR 1,000 per month, instant payouts can provide additional liquidity.
Both products have their merits, so investors don’t necessarily have to choose “either-or.” In my personal P2P portfolio, for example, I hold positions on both platforms. If you’re interested in higher returns in exchange for lower liquidity, check out my P2P Platform Reviews with other alternatives.
FAQ Savings Account Alternatives
P2P investments are not protected by European deposit guarantee schemes. Unlike traditional bank accounts, the invested funds are not insured or guaranteed by any national or European compensation system. Therefore, there is a real risk of losing the invested capital.
With Bondora Go & Grow, invested funds can be withdrawn daily without limitation. For Monefit SmartSaver, daily liquidity is limited to EUR 1,000 per month. In both cases, liquidity can still depend on market conditions.
Both investment options have different characteristics and can therefore be combined without issue to achieve better diversification within an investment portfolio.
I’m Denny Neidhardt, the founder of re:think P2P. On this blog, I help retail investors make smarter, well-informed investment decisions in the world of P2P lending. Since 2019, I’ve been publishing in-depth analyses, platform reviews, and risk assessments to bring more transparency to this investment space. My goal is to challenge marketing claims, question developments, and empower investors with honest, independent insights.