Explore our blog articles to learn how to increase your income and save money ⏩ Online brokers ⏩ Debit Cards ⏩ Crypto wallets.

Blog | Personal Finance Guides & Reviews

Increase your wealth with insights from the finance world. 

Blog 

Peerberry

Esketit

InRento

Crowdpear

Robocash

Fintown

Income

Capitalia

Lande

YouHodler

Profitus

Ledn

Afranga

Bondora

Swaper

Mintos

Crowdestate

CrowdedHero

Lonvest

GoParity

Heavy Finance

Viainvest

Iuvo Group

Bridgefund

Brickstarter

Neo Finance

Nordstreet

EvenFi

Civislend

EstateGuru

Twino

Debitum

Bondster

Bullride

Bulkestate

Crypto

Nibble

Crowdestor

Lendermarket

Max Crowdfund

Coinrabbit

Monefit

Wisefund

Reinvest24

Viventor

MyConstant

Nexo

Celsius

DoFinance

Haru Invest

Yield App

Rendity


Grupeer

Fast Invest

Envestio

Savings Account Alternatives

<article>
<h2>Best Savings Account Alternatives</h2>
<p>Savings account alternatives are becoming increasingly popular as people search for ways to protect their money. While traditional savings accounts offer government-backed protection, they often provide low returns and limited liquidity. Alternatives such as peer-to-peer lending platforms and crypto lending platforms provide higher returns but come with increased risk. In this article, we will compare the features of traditional savings accounts with popular savings account alternatives.</p>
<center>
<p><mark>Do you prefer to watch a video instead?</mark></p>
<div class="video"><iframe src="https://www.youtube.com/embed/RIIaoWu1xdE" frameborder="0"></iframe></div>
</center>
<h3>Savings Account Features</h3>
<p>Traditional savings accounts offer government-backed protection for your deposits, meaning your money is safe even if the bank goes bankrupt. However, savings accounts often have low-interest rates, meaning your money will not grow very fast. Additionally, savings accounts typically have withdrawal limits, meaning you cannot access your money whenever you want.</p>
<h3>Savings Account Alternative Features</h3>
<p>Peer-to-peer lending platforms and crypto lending platforms offer higher returns than traditional savings accounts but come with increased risk. These platforms are not government-backed, meaning your money is not protected if the platform goes bankrupt.</p>
<p>Besides the non-existent deposit protection scheme, savings account alternatives have the following features.</p>
<ul>
<li>Short or no lock-up period</li>
<li>Fast liquidity</li>
<li>High yield 9% - 14% p.a.</li>
<li>Backed by an experienced management</li>
<li>Available for EU and UK and Swiss residents with IBAN accounts (Youhodler, Robocash, Esketit)</li>
<li>Available Worldwide except in the U.S. (YouHodler)</li>
</ul>
<p>Let's have a look at the current best alternatives to savings accounts.</p>
<img class="lazy" src="https://p2pgallery.s3.eu-central-1.amazonaws.com/best-savings-account-alternatives.webp" border="0" alt="best-savings-account-alternatives" loading="lazy" data-src="https://p2pgallery.s3.eu-central-1.amazonaws.com/best-savings-account-alternatives.webp">
<h2>Esketit</h2>
<p><a href="https://p2pempire.com/en/review/esketit">Esketit</a> is a P2P lending platform launched by the founders of Creamfinance, a reputable and well-performing finance group in Europe.</p>
<p>The platform offers 10% and 14% interest on your investments, depending on the selected investment strategy.</p>
<div class="tips-box">
<h3>Available Investment Strategies</h3>
<ul>
<li>Earn 11% APY by investing in the Creamfinance strategy</li>
<li>Earn 14% APY by investing in the Jordan strategy</li>
</ul>
</div>
<p>Both suggested strategies come with an instant cash-out option, meaning you can withdraw your money during normal market conditions within a few hours. Remember that it may take up to three business days to receive the funds to your bank account.</p>
<p>Esketit is available for anyone with an EU bank account (IBAN). The platform accepts deposits in EUR and fiat-backed stablecoins USDT and USDC.</p>
<p>Keep in mind that all of the investments on Esketit are listed in Euros, meaning if you deposit any other currency, Esketit will exchange this into Euro.</p>
<p>You can start earning interest on Esketit from just &euro;10, which is an excellent way to start building your portfolio without a large capital commitment upfront.</p>
<p>Esketit doesn't limit the amount of money you can deposit, nor does it charge any fees for investors.</p>
<div class="question">
<p>Signing up today will get a 1% bonus on top of your investments.</p>
</div>
<button class="redirect external_link_button promo" value="esketit">Get Your Bonus</button>
<div class="tips-box">
<h3>Pro tip - Opening an EU bank account</h3>
<p>If you don't have an EU bank account, we highly recommend opening a free bank account with <button class="redirect externaltext" value="wise">Wise.com</button> or <a href="https://p2pempire.com/en/revolut-review">Revolut</a> to deposit funds on one of the suggested platforms. It's essential to deposit EUR from a bank account in your name to avoid currency conversion fees.</p>
</div>
<h2>Robocash</h2>
<p><a href="https://p2pempire.com/en/review/robocash">Robocash</a> is a Croatian-based <a href="https://p2pempire.com/en/p2p-lending">P2P lending</a>&nbsp;platform that offers investment opportunities in loans from Spain, Kazakhstan, and Singapore.</p>
<p>Depending on the loan term, the platform currently offers returns between 9% and 13% per year.</p>
<div class="tips-box">
<h3>Returns on Robocash</h3>
<ul>
<li>9% for loans with a duration between 1 - 30 days</li>
<li>9.5% for loans with a period between 31 - 60 days</li>
<li>10% for loans with a period between 61 - 90 days</li>
<li>12% for loans with a period between 91 - 180 days</li>
<li>12.5% for loans with a period between 181 - 365 days</li>
<li>13% for loans with a period between 366 - 1460 days</li>
</ul>
</div>
<p>What's excellent about Robocash is its very liquid secondary market, meaning you can sell your investments within just a few days.</p>
<p>On average, it takes between three and seven days to liquidate your portfolio and request a withdrawal of your funds. The transaction to your bank account might take up to three business days.</p>
<p>The platform allows you to deposit up to &euro;25,000 per month, and you can start investing in profitable loans from just &euro;10, which makes Robocash a very beginner-friendly alternative to savings accounts.</p>
<p>On top of that, investing on Robocash is entirely free for investors.</p>
<div class="question">
<p>Ready to earn attractive yields? Get yourself an additional 1% cashback bonus!</p>
</div>
<button class="redirect external_link_button promo" value="robocash">Sign Up Now</button>
<h2>YouHodler</h2>
<p><a href="https://p2pempire.com/en/review/youhodler">YouHodler</a> is a slightly different alternative to savings accounts. The platform offers 10% and 10.3% interest on fiat-backed stablecoins such as USDC, USDT, or EURS.</p>
<p>To earn interest on YouHodler, you must deposit Euro, British Pound, Swiss Franc, or US Dollar to YouHodler's bank account in Switzerland or Lithuania.</p>
<p>To generate yield, you must convert your deposit into one of the available stablecoins. Click on the "convert" icon and swap your currency to start earning interest.</p>
<p>YouHodler offers instant liquidity, meaning you can withdraw your funds anytime. Swap your stablecoins back to your preferred currency and request a withdrawal. The withdrawal of your money can take between one and three business days, depending on the currency that you select to withdraw.</p>
<p>YouHodler is paying out interest on up to $25,000, which is good enough for most users.</p>
<p>If you decide to join YouHodler, you must deposit at least 100 EUR, 100 USD, or 300 GBP.</p>
<p><strong> There are also certain fees that you should be aware of: </strong></p>
<ul>
<li>Deposit Fees: EUR = 0, SWIFT = 25 USD or 20 GBP)</li>
<li>Deposit Fees for Stablecoins = FREE (min. Deposit 5 EUR)</li>
</ul>
<p><strong> Withdrawal Fees: </strong></p>
<ul>
<li>USD (SWIFT) - 1.5% (min 70 USD)</li>
<li>EUR (SEPA) - 5 EUR</li>
<li>EUR (SWIFT) - 55 EUR</li>
<li>GBP,CHF - 0.15% (55 GBP; 15 CHF min)</li>
</ul>
<p><strong> Conversion Fees</strong></p>
<ul>
<li>0.15%</li>
</ul>
<p>On top of the deposit and withdrawal fees, you should also pay attention to the withdrawal limits:</p>
<p><strong> Min withdrawal amount by bank wire:</strong></p>
<ul>
<li>500 for USD/EUR (SWIFT)/GBP</li>
<li>50 for EUR (SEPA)</li>
<li>100 for CHF</li>
</ul>
<p>YouHodler also shares the estimated time it will take to receive your funds in your personal bank account.</p>
<p><strong> Bank wire processing time:</strong></p>
<ul>
<li>USD, EUR (SWIFT) - up to business five days</li>
<li>EUR (SEPA) - up to two business days</li>
<li>GPB, CHF - up to business three days</li>
</ul>
<p>While earning yield on YouHodler is not entirely free, you can easily make money bank with the yield you receive when depositing funds on YouHodler.</p>
<div class="tips-box">
<h3>How to lower your fees on YouHodler</h3>
<p>Depositing EUR on YouHodler is the cheapest way to deposit FIAT currencies on the platform. You can do so from your EUR account (if you don't have one yet, use Wise.com or Revolut). If you are familiar with cryptocurrencies, you can deposit stablecoins for free.</p>
</div>
<div class="question">
<p>Are you ready to try this savings account alternative?</p>
</div>
<button class="redirect external_link_button promo" value="youhodler">Get Started</button>
<h2>Risks of Alternative Savings Accounts</h2>
<p>Using alternative savings accounts is not risk-free. Various risk factors can materialize, leading to the loss of your capital.</p>
<p>Experienced people with proven track records run the above-listed companies.</p>
<p>None of the mentioned platforms struggled to meet investors' expectations during market events such as the global pandemic or the current recession, which increased the trust in those companies.</p>
<p>Despite an excellent track record, we always encourage our readers to do their research before depositing funds in one of the savings account alternatives. Understanding the business model behind the platform is essential to evaluate the risk connected with every platform.</p>
<p>Here on P2P Empire, you can read in-depth reviews and listen to countless non-sponsored interviews with founders, CEOs, and CFOs for free. This gives you an excellent first impression of the people behind those companies.</p>
<p>We also recommend reviewing the financial statements, monitoring quarterly performance reports, and keeping an eye on the platforms' statistics page.</p>
<h3>No Deposit Protection Scheme</h3>
<p>The platforms mentioned above are not backed by a governmental protection scheme, which is the main difference between traditional and alternative savings accounts.</p>
<p>Your investments on Robocash and Esketit are protected by a reliable buyback guarantee, meaning the lending company will repurchase the loans, should the borrower be late with its payments. On YouHodler, your portfolio is backed by cryptocurrencies.</p>
<p>Despite not being protected by the deposit scheme, the yields on the mentioned alternative savings accounts are much higher.</p>
<p>The geopolitical risks in Europe have increased since Russia attacked Ukraine, which makes many people wonder how it can impact their savings if potential risks materialize.</p>
<p>In the scenario where the military conflict spreads into NATO countries, any deposit protection scheme won't be of much value. A run on the banks will create liquidity issues, and banks will introduce withdrawal limits which means that you won't be able to rely on the deposit protection scheme when you decide to withdraw your money from your bank account.</p>
<p>Having specific exposure of your liquid assets deposited on Esketit, Robocash or YouHodler will help you to mitigate the impact of inflation which is not the case with any traditional savings accounts.</p>
<h2>Use Cases for Alternative Savings Accounts</h2>
<p>If you are still reading this guide about the best alternatives for savings accounts, you might wonder, what's the safest approach to those alternative platforms?</p>
<p>If you are new to P2P lending, we suggest targeting a savings period of 3 to 12 months. During this time, you will get familiar with the selected platforms, and it will also give you an idea about the performance of their loans.</p>
<p>In case you are saving up for a more significant expense, it makes sense to use some platforms to limit inflation's impact and benefit from the currently available interest rates.</p>
<p>Monitoring the performance of your portfolio every month is essential. We also suggest reviewing our in-depth reviews and reading the latest news to be updated about the development of every platform.</p>
<p>We have over &euro;27,000 invested on the three mentioned platforms, meaning it's also in our interest to monitor the performance and make sure we can access those funds when needed.</p>
<p>Another excellent benefit of the mentioned alternatives is the platform's support. Both Robocash and YouHodler offer some of the most helpful support in the industry. You can reach a competent person within a few minutes with the live chat feature directly on the website.</p>
<h2>Comparison between Traditional and Alternative Savings Accounts</h2>
<p>The main differences between traditional savings accounts and the presented alternatives are summarized in the table below.</p>
<table class="comparison3">
<tbody>
<tr>
<th>&nbsp;</th>
<th>Traditional Savings Account</th>
<th>Alternative Savings Account</th>
</tr>
<tr>
<td><strong>Yield</strong></td>
<td>0.01 - 1.5% p.a.</td>
<td>9% - 13% p.a.</td>
</tr>
<tr>
<td><strong>Yield Limits</strong></td>
<td>Moderate</td>
<td>Moderate, None</td>
</tr>
<tr>
<td><strong>Fees</strong></td>
<td>Some fees</td>
<td>Some fees, None</td>
</tr>
<tr>
<td><strong>Deposit Insurance</strong></td>
<td>Yes</td>
<td>No</td>
</tr>
<tr>
<td><strong>Liquidity</strong></td>
<td>1 - 2 days or after the lock-up period</td>
<td>2 - 7 days on average</td>
</tr>
<tr>
<td><strong>Support</strong></td>
<td>Moderate</td>
<td>Excellent</td>
</tr>
</tbody>
</table>
<h2>Savings Account Alternatives Pros and Cons</h2>
<p>The main advantage of savings account alternatives is the higher interest rates offered. Peer-to-peer lending platforms and crypto lending platforms can offer returns of up to 14% per year, which is much higher than the average savings account interest rate of around 1% per year.</p>
<p>The main disadvantage of savings account alternatives is the increased risk. These platforms are not government-backed, so your money is at risk if the platform goes bankrupt. Additionally, these platforms can be more volatile than traditional savings accounts, meaning that your returns may not be as stable during turbulent market conditions.</p>
<h3>Which is Better?</h3>
<p>The answer to this question depends on your circumstances. A traditional savings account is probably the better option if you are looking for a safe investment with low risk. However, a savings account alternative might be a better option if you are willing to take on more risk in exchange for higher returns. Ultimately, the decision comes down to your personal preferences and risk tolerance.</p>
</article>

9 Best P2P Platforms in 2024

Is Peer-to-Peer Lending Safe? A Must-Read Guide

Ready to earn 9% to 14% interest? ⏩ Here are the best Savings Account Alternatives in 2024 ⭐ Earn passive income with almost instant liquidity. We show you how!

Best Savings Account Alternatives in 2024 🎖️ Earn 9% - 14% APY

Looking for a suitable alternative to traditional savings accounts? We have got you covered.

Best Savings Account Alternatives

Savings Account Alternatives

Table of contents

Top Platforms

Latest Guides

About us

P2P LENDING

MEDIA

About us

P2P LENDING