A crypto savings account gives you access to the crypto market while allowing you to earn interest like you will on a traditional bank savings account. However, crypto savings accounts do not offer the same level of safety that a credit union or bank savings account can offer.
So, before you make up your mind to invest, it is important you understand how the crypto savings account you want to use works, as well as its pros and cons.
Top 5 Crypto Savings Account
If you are interested in long-term crypto investing, you may want to consider a crypto savings account. It can help you earn interest while keeping your coins safe. Below are the top 5 crypto-based savings accounts.
BlockFi – Best overall
Be sure to consider BlockFi if you are looking for the highest possible yield on your crypto savings account. BlockFi offers interest rates that range from 0.5% to 9.3%. There is no minimum deposit, and the interest is paid every month.
BlockFi boasts an impressive security repertoire. It employs current best practices like keeping users’ funds in cold storage, wallet address allowlisting to stop unwanted transfers, and two-factor authentication (2FA).
Click here to open a BlockFi account.
Gemini – Best security
Gemini is another popular crypto exchange that offers interest accounts. They’ve been known as a credible choice for trading and investing crypto for the past few years. Gemini priorities security, and employs practices like 2FA, bug bounty to put off potential hackers, etc.
Gemini became a crypto savings account not too long ago. Gemini Earn, which was recently launched, allows you to earn interest on your crypto holdings. When users transfer their crypto to Gemini Earn, they can receive up to 7.4 percent interest, including 2.05 percent on BTC.
Click here to open a Gemini account
Nexo – Best for daily interest
Consider Nexo if you want a quick payout from your crypto savings account. Nexo offers a short lockup time (less than 24 hours) and daily simple interest payment. Their interest accounts allow you to earn as much as 12% on stablecoins and 8% on crypto.
Nexo’s base rates may not be as high as other platforms, but users can earn bonuses based on factors like payout method and loyalty tier. Security measures offered by Nexo include login alerts and withdrawal confirmations, 2FA, and military-grade security.
Click here to open a Nexo account
Coinbase – Best for crypto beginners
Although popularly known as an exchange, Coinbase also serves as a crypto savings account for some customers. Coinbase eligible US-based account holders can earn up to 1.25 percent on USD coins they hold in their Coinbase wallet.
Coinbase differs from other crypto savings account providers in that they don’t loan out the USD coins you invest in. So, you have more control over the time of withdrawal with a Coinbase savings account.
Click here to open a Coinbase account
Crypto.com – Best for cryptocurrency choice
Unlike the majority of crypto savings account providers, Crypto.com allows you to earn interest on a variety of cryptocurrencies, ranging from the more volatile offers like Maker, Chainlink, Ethereum, Bitcoin, and more to stablecoins like TrueUSD and Tether.
Crypto.com yields are centered on simple daily interest. To get the highest yield, you’ll have to leave your investment for at least three (3) months.
Click here to open a crypto.com account
Other popular crypto savings accounts are:
Celsius – Best interest rate
YouHodler – Best for active trading + earning
Voyager – Best easy-to-use platform
Crypto savings accounts can give you returns on your investment, but the returns are not guaranteed. Make sure you understand how the crypto savings account you want to use works before investing in it.