Smart Contract risk is the biggest risk associated with the SavingsCELO project. Deposited CELO can be potentially stolen or lost if there are unexpected bugs or exploits in the contract code. For more details, check out the documentation and source code itself: https://github.com/zviadm/savingscelo#readme
More minor risk is that sCELO tokens may not accrue as much rewards if SavingsCELO ends up voting for badly performing validator groups. This risk is fairly minimal since voted group can be easily changed in case of a slashing incident, and groups that don't get slashed have been earning roughly the same amount of voter rewards in the Celo network.
There are 2 main limitations that come with the SavingsCELO compared to using the native Locked CELO protocol directly:
As a SavingsCELO user you can not control which validators are receiving your votes. Election voting is controlled by the SavingsCELO Group Manager.
As a SavingsCELO user you can not participate in Governance voting.
While first limitation is fundamental in the design and will not change, second limitation can and will be removed in future by implementing additional mechanisms that will allow SavingsCELO users to participate in the Governance voting safely. See launch phases for more details on the timelines.