May 31, 2021

Best Crypto Savings Accounts

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Crypto savings accounts let you earn interest on your crypto, just like a regular savings account. Find out who offers the highest rates and the best security.

Not too long ago, you could earn 10% or more from high-yield savings accounts at traditional banks. These days, you'll be lucky to keep up with inflation.

But with high-yield crypto savings accounts, you can still get those kinds of returns.

But you might have questions: Are crypto savings accounts safe? What currencies do they support? And most importantly, which ones offer the highest interest rates?

Find out the answers (and much more) in this review of the best crypto savings accounts.

BlockFi - Best Overall

BlockFi's Interest Accounts are available for 10 cryptocurrencies and stablecoins, including popular coins like Bitcoin and Ethereum.

Interest Rates
Interest rates range from 0.5% to 9.3%. They have no minimum deposit, and interest is paid every month.

Certain currencies, like Bitcoin and Ethereum, have decreasing interest rates as you deposit more:

BitcoinInterest RateEthereumInterest Rate
0 - 1 BTC6% APY0 - 100 ETH5.25% APY
> 1.0 - 20 BTC2% APY> 100 - 1000 ETHETH = 2% APY
> 20 BTC0.5% APY> 1000 ETH0.5% APY

They tend to offer the best rates for stablecoins, cryptocurrencies whose value is tied directly to that of a fiat currency like the USD. For example, USD Coin (USDC), GUSD, and PAX, all stablecoins, can earn 8.6%. Tether (USDT) can earn 9.3%.

You can view detailed, up-to-date interest rates at their site.

Security
As far as security, BlockFi employs many of the current best practices, including keeping user funds in cold storage, two-factor authentication, and wallet address allowlisting to prevent unwanted transfers.

They have insurance against theft of digital assets, and cash balances are FDIC insured for up to $250,000.[1]

Fees
The only fees relevant to their crypto savings accounts are their withdrawal fees, which vary by currency. Review the full list here; fees for popular coins are as follows:

BitcoinEthereumLitecoin
0.00075 BTC0.02 ETH0.0025 LTC

Additional Features
In addition to their interest accounts, BlockFi has a limited exchange and offers crypto-backed loans.

Read more: BlockFi Review

BlockFi

Get Up to $250 Bonus

DepositCrypto Bonus
$100 - $1,499$15
$1,500 - $19,999$20
$20,000 - $39,999$40
$40,000 - $74,999$75
$75,000 - $99,999$100
$100,000+$250

Nexo - Best for Daily Interest

Nexo's high yield interest accounts offer as much as 12% APY on 17 different cryptocurrencies, paid daily. The highest rates are only available to members of Nexo's loyalty program, which is based on holding their native coin, NEXO token.

Interest Rates
Cryptocurrencies like Bitcoin, Ethereum, and Ripple offer rates between 4%-8%. Stablecoins such as USDT, USDC, and DAI, and cash deposits of USD, GBP, and EUR earn from 10%-12%.

While their base rates are not always as high as other platforms, they offer bonuses based on a number of factors:

  • Fixed Term or Flex
    • 1% bonus to crypto and fiat rates with a fixed-term deposit.
    • Terms are one month for crypto, three for fiat currencies.
    • Fixed terms aren't currently available for stablecoins.

  • Payout Method
    • 2% bonus for those who take their earnings in the NEXO token rather than in the same currency they invested originally.

  • Loyalty Tier based on percent of user's holdings made up of the NEXO token:

Base
Up to 1% NEXO tokens in portfolio
Silver
1 - 5% NEXO tokens in portfolio
Gold
5 - 10% NEXO tokens in portfolio
Platinum
Over 10% NEXO tokens in portfolio
0.0% bonus on crypto0.25% bonus0.50% bonus1% bonus
0.0% bonus on stablecoins0.25% bonus on stablecoins1% bonus on stablecoins2% bonus on stablecoins
0.0% bonus on cash0.25% bonus on cash1% bonus on cash2% bonus on cash

Fees
Nexo charges withdrawal fees for crypto after users surpass a limited number of free withdrawals each month, which varies by loyalty tier.

Fiat and credit line withdrawals are free, and so are all deposits.[2]

Security
In addition to security measures like 2FA, withdrawal confirmations and login alerts, Nexo has obtained $375 million worth of insurance for digital assets with companies like BitGo and Ledger Vault.[3]

Additional Features
Besides their interest accounts, they offer an exchange with no fees (but a relatively high spread), crypto-backed loans, and the Nexo Card, which allows you to borrow real time against your crypto credit line at retailers all over the world.

Celsius Network - Best for Highest Rates

Celsius offers some of the highest interest rates available, ranging from 2.02% to 17.78% on 14 different cryptocurrencies.

Interest Rates
Celsius's interest-earning accounts pay the highest rates to those who hold quantities of Celsius Token (CEL). Even their base rates, however, tend to be higher than average.

Their tiered loyalty program offers bonuses for CEL holders:

Bronze
5-10% CEL
Silver
10-15% CEL
Gold
15-25% CEL
Platinum
>25% CEL
Earnings Bonus: 5%Earnings Bonus: 10%Earnings Bonus: 15%Earnings Bonus: 25%

There are additional bonuses for taking interest payments in CEL, as opposed to in the currency you originally invested.

Unfortunately for U.S. investors, CEL is currently only available to international customers and accredited investors. In this case, rates top out at 13.99%. Like BlockFi, they offer decreasing returns on increasing quantities of Bitcoin.

Fees
If you choose to purchase coins through Celsius, their partners charge various fees, but they do not charge withdrawal fees.[4]

Security
Celsius offers security features like HODL Mode, which prevents withdrawals, 2FA, and address allowlisting. Coins out on loan earning interest can't be insured, but when they aren't on loan, they are insured by custodians Fireblocks and PrimeTrust.[5]

Additional Features
Celsius has an exchange, provides crypto-backed loans, and with CelPay, allows users to send and receive cryptocurrency quickly and easily through their app.

Read more: Celsius Review

Coinbase - Best for Crypto Beginners

Coinbase is typically known for their exchange rather than for their interest accounts, but it's still worth checking out.

With over 50 cryptocurrencies to choose from and a user-friendly interface, it's very popular with those new to the crypto space. They do have a few limited interest-earning options.

Interest Rates
Coinbase offers 1.25% APY on deposits of USD Coin (USDC).

And in April 2021, they started allowing select users to stake Ethereum, offering returns of up to 6%. The service isn't currently available to everyone, however, you can join their waitlist.

Fees
Coinbase charges a range of transaction and withdrawal fees, depending on quantity, method, and location, as well as a 0.50% spread.[6]

Security
Coinbase employs cold storage of user funds, two-factor authentication, and address allowlisting. In addition, they've acquired $250,000 in insurance for digital assets, and cash holdings are FDIC insured for up to $250,000, as well.[7]

Additional Features
They do offer crypto-backed loans on a limited basis, however, the service is currently invite-only.

Read more: Coinbase Review

Gemini - Best Security

Gemini is another well-known cryptocurrency exchange that has expanded to offer interest accounts.

Interest Rates
They have a wide range of currencies currently 28 offering rates ranging from 1.26% - 7.40%, compounded daily.

Their full rates, along with a helpful interest calculator, can be found here.

Fees
Gemini Earn charges Agent fees, which vary by coin and range from .04 - 4.3%. Gemini offers free crypto deposits. Withdrawals are free for up to 10 coins per month, and then vary by cryptocurrency.

BitcoinEthereumLitecoin
0.001 BTC0.001 ETH0.002 LTC

Find the full list here.

Security
While investments on Gemini Earn aren't insured, borrowers are vetted for risk management and go through accredited third-party borrowers like Genesis.

Gemini makes security a priority, with most crypto stored offline, in geographically distributed facilities, top-of-the-line cyber-security, 2FA and allowlisting, along with a bug bounty to deter potential hackers. They have secured $200 million in insurance, the highest of any crypto custodian.[8]

Additional Features
In addition to Earn and their exchange, they offer Gemini Wallet, Gemini Pay, and Active Trader, an advanced trading platform.

Read more: Gemini Review

Crypto.com - Best for Long-term Holding

Crypto.com is a full-service crypto hub that offers several ways to earn interest on your crypto holdings. They have over 35 cryptocurrencies and stablecoins to choose from.

Interest Rates
Their Earn feature offers rates from 0.5% to 8.5% for cryptocurrencies like Bitcoin, and 14% for stablecoins like USDC. Rewards are paid weekly in USDC.

However, their highest rates aren't easy to achieve. They are based on:

  • Term: Flexible, 1 month, or 3 month
  • Staking CRO: For a period of 6 months
    • Stakes under $400 equivalent offer no bonus
    • Stakes greater than $4,000 will earn a bonus variable by term and currency
    • Stakes greater than $40,000 will earn the maximum bonus variable by term and currency

Without staking, three-month terms will get you as much as 4.5% returns on Bitcoin and Ethereum, and 10% on most stablecoins.

The most you can earn on a flexible term with no CRO stake is 6% on stablecoins.

You can find an interactive calculator here.

Because of the time and money investment required, Crypto.com is best for those intending to hold their assets for long periods, at least a year or more.

Fees
Crypto.com charges withdrawal fees based on cryptocurrency. Review the charges for popular coins below or reference the full list here.

BitcoinEthereumLitecoin
0.0004 BTC0.004 ETH0.001 LTC

Security
Crypto.com has security protocols similar to other sites, including 2FA, cold storage of assets, FDIC insurance for cash deposits, and a bug bounty.[9]

Additional Features
Crypto.com shines for being an all-in-one crypto service. In addition to their interest accounts, they offer an exchange, crypto-backed loans, a range of Visa Rewards cards, a mobile pay service, custodial and non-custodial wallets, and even a market for NFTs.

YouHodler - Best for Active Trading + Earning

YouHodler is another platform offering crypto banking services.

What sets YouHodler apart is the ability to continue trading with cryptocurrencies earning in their interest accounts, through their Multi HODL service, as well as collateral for their crypto-backed loans.

Interest Rates
They offer interest accounts on 25 cryptocurrencies with more to come, and rates starting at 2.5%, up to 8% for crypto and 12.7% for stablecoins.

Interest is compounded daily and paid weekly. YouHodler offers flat rates, meaning there are no tiered requirements for earning more.

Fees
Crypto deposits are free, but withdrawal fees vary by currency. Major coins like BTC, ETH, and LTC are free to withdraw, minus a blockchain fee, which will vary depending on blockchain workload and capacity.[10]

Security
They secure their assets with $150 million pooled crime insurance, 2FA, a mixture of hot and cold storage, and the ability to stop withdrawals.[11]

Additional Features
They also support NFTs, crypto-backed loans and an exchange with margin trading options.

Voyager - Best Easy-to-Use Platform

Voyager is a relatively simple platform that offers crypto interest accounts.

Interest Rates
Voyager offers rates from 1% - 9% on 24 cryptocurrencies and stablecoins, with minimum monthly balances depending on currency.

Interest is paid on the fifth day of each month. Interest-earning assets may take up to seven days to withdraw.

Fees
Voyager charges fees that vary by currency for withdrawals.

BitcoinEthereumLitecoin
0.0005 BTC0.008 ETH0.02 LTC

The full list can be found here by searching for "fees."

Security
Voyager requires 2FA, and cash funds are FDIC insured for up to $250,000.

Additional Features
Voyager also offers an exchange to residents of the U.S., with plans to expand internationally.

How do their rates compare?

Here's a sampling of rates offered by the platforms mentioned above. This table covers some of the most popular cryptocurrencies and stablecoins, but be sure to check with your platform of choice for the full list of rates they offer.

Bitcoin (BTC)Ethereum (ETH)Litecoin (LTC)Tether (USDT)USD Coin (USDC)
BlockFi0.5% - 5.0%0.5% - 4.5%5.5%9.3%8.6%
Nexo4.0 - 8.0%4.0 - 8.0%4.0 - 8.0%8.0 - 12.0%8.0 - 12.0%
Celsius3.51 - 6.20%5.05 - 6.35%4.08 - 5.33%13.19%10 - 13.19%
Coinbase 6.0% 0.15%
Gemini2.05%3.05%4.50%
Crypto.com1.5% - 8.5%2.5% - 7.5%0.5% - 5.0%6.0% - 14.0%6.0% - 14%
YouHodler4.8%5.5%5.5%12.7%12%
Voyager6.25%5.25%6.5% 9%

What to Look for in Crypto Savings Accounts

Interest Rates and Earning Requirements
These rates will tell you how much you'll earn on your cryptocurrency deposits. They often vary by cryptocurrency, and with the popular ones like Bitcoin and Ethereum, sometimes decrease with volume.

Some platforms, like Celsius, Nexo, and Crypto.com, will offer bonuses for holding their proprietary tokens, and you can often get better rates for longer, fixed-term deposits.

Coins
Not all platforms offer the same cryptocurrencies for interest accounts, and most of them don't let you earn interest on all of the ones they let you trade. Numbers range from around 10 on platforms like BlockFi at the low end (though Coinbase only offers 2) to more than 35 at Crypto.com.

If you're looking for a specific currency and can't find it, shop around. Doge, for example, is only available at Voyager, even though they don't have the highest number on the list.

Security and Insurance
Security is important in the world of crypto because hackers and bad actors might be lurking around any corner.

Cryptocurrency is not recognized by many governments and isn't FDIC or SIPC insured, but some platforms have managed to acquire independent insurance policies on digital assets.

Deposit and Withdrawal Fees
Interest rates aren't everything. Deposits are often free, but if it costs you an arm and a leg to get your coins off the platform, even a great rate of return may not be enough to tip the scales in a platform's favor.

Availability
There's a lot of regulatory work to be done with cryptocurrency, and platforms often struggle to get access to certain jurisdictions. Make sure to check whether they're available in your country or state.

Ease of Use
Investing in crypto has enough capacity for confusion on its own, without taking bad interface design into account. Look for platforms that are intuitive, with displays that make sense at a glance.

Bottom Line

There are a lot of platforms offering great interest rates on cryptocurrency right now—certainly better than the ridiculously low numbers banks are offering on their "high-yield" savings accounts. For lower risk and higher rates (but also less chance of appreciation), consider stablecoins tied to fiat currencies.

And remember, not everyone will get the best rates on every platform. What works best for you may depend on how much and how long you have to invest, which coins, where you are, and whether you have the ability to invest in proprietary tokens to boost your returns.

References

  1. ^ "Security": BlockFi, 2021.
  2. ^ "Fees": Nexo, 2021.
  3. ^ "Security and Insurance": Nexo, 2021.
  4. ^ "Do you charge fees?": Celsius, 2021.
  5. ^ "Security": Celsius, 2021.
  6. ^ "Coinbase pricing and fees disclosures": Coinbase, 2021.
  7. ^ "Privacy and security": Coinbase, 2021.
  8. ^ "Gemini Security": Gemini, 2021.
  9. ^ "Security": Crypto.com, 2021.
  10. ^ "YouHodler Fees": YouHolder, 2021.
  11. ^ "Is YouHodler Safe?": YouHodler, 2021.

Jeremy Harshman is a protector of art and writing at CreditDonkey, a personal finance comparison and reviews website. Write to Jeremy Harshman at jeremy.harshman@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

Read Next:

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Gemini Review

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