Looking to make money on your cryptocurrency? Earning interest from a crypto savings account could be a way for you to greatly increase your rate of return. Don’t let your crypto holdings sit idle. Check out my picks for the best crypto savings account!
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| Crypto Platform | Promotion | Link |
|---|---|---|
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 | $50 BTC Bonus | Link |
 | $100 Cash Bonus | Link |
 | $50 CRO Bonus | Link |
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 | $15 BTC | Link |
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I’m a big fan of earning interest on my crypto assets and make almost a thousand dollars doing so every month. But when I tell this to friends that aren’t in the cryptocurrency world, I’m usually met with, “How do you earn interest on crypto?“
It’s a fair question because casual observers know that one can buy and sell crypto, but earning interest from it is a relatively new concept.
Just like how customers of traditional banks get paid interest on their savings accounts, cryptocurrency platforms pay their customers interest on the coins and tokens they store in their crypto wallets.
And while the average savings accounts today offer interest rates less than 1% APY, digital currency platforms pay more interest – much more. You can see rates as high as 20% APY!
Additionally, some platforms offer an extra boost to the rates if you hold their native coins or tokens.
Of course, comparing interest earned at traditional banks versus crypto platforms isn’t apples to apples, and there are caveats to this which I’ll go over later. First, let’s start with what I view as the best crypto savings accounts.
9 Best Crypto Savings Accounts
1. Gemini – Up to 8.05%
Gemini is one of the best cryptocurrency exchanges to use if you want to earn interest on crypto. The company, founded by billionaire Winklevoss twins, is highly regulated and considered by many to be the safest choice to store your crypto.
Once you open a Gemini account, you can purchase or transfer any amount of cryptocurrency and immediately transfer it to Gemini Earn to start earning interest on your holdings.
Unlike other opportunities to earn interest on your crypto holdings, you can move your cryptocurrency back and forth between Gemini Earn and your Gemini trading account at any time, with no minimums, and no transfer or redemption fees.
There are over 40 cryptos that you can get paid interest on, including being paid an 6.9% APY on Gemini Dollar (GUSD), a crypto stablecoin pegged to and backed 1:1 by U.S. dollars held in FDIC-insured bank accounts.
Promo: New Gemini users can also get a BTC bonus of $10 or $50 for opening an account.
2. Hodlnaut – Up to 12.73% APY
Hodlnaut is a Singaporean fintech company that follows Singapore’s financial regulations. While it sits outside the United States, it deserves some attention as it pays an incredibly attractive 12.73% APY on USDC, another U.S. dollar-for-dollar pegged stablecoin.
Additionally, Hodlnaut accepts deposits and pays interest on Bitcoin (BTC), Ethereum (ETH), Dai (DAI), Tether (USDT), and Wrapped Bitcoin (WBTC).
Promo: You can join Hodlnaut for a $30 sign-up bonus paid in-kind and you’re provided with one free withdrawal per calendar month.
3. Voyager – Up to 12.0% APY
Voyager is a publicly traded cryptocurrency platform founded in the U.S. in 2018 and offers high interest rates on crypto and stablecoins. Storing cryptocurrencies on Voyager will earn interest back on those coins at a rate of between 0.50% and 12.0%.
Voyager has its own crypto token named Voyager Token (VGX). Customers that choose to hold VGX will earn 7% in interest. Plus, if one holds enough VGX, they can earn an additional reward boost to the rest of their crypto holdings.
Promo: New users can get a $25 BTC bonus using my Voyager referral code when they make a trade of $100 or more.
4. Celsius – Up to 14.05% APY
Holding Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies at Celsius can earn you up to a 14.05% APY interest.
For the most popular coins, Celsius pays 5.00% APY for Bitcoin (BTC), 5.35% APY for Ethereum (ETH), and 7.10% APY on Tether (USDT).
Promo: Right now, you can also get up to $1,540 in AVAX+LUNA bonuses (and a $50 BTC sign-up bonus to boot).
5. Abra – Up to 13.0% APY
Abra has paid out $15 million in interest so far. With Abra Earn, you can get up to 13% interest compounded daily and paid out every Monday.
There are 10 cryptocurrencies and stablecoins you can earn interest on:
| Crypto | APY |
| USDC | 8.00% |
| TUSD | 8.00% |
| BTC | 2.15% |
| ETH | 2.65% |
| LTC | 3.25% |
| ADA | 3.00% |
| BCH | 2.00% |
| USDP | 8.00% |
| USDT | 8.00% |
| XLM | 4.00% |
A bonus yield will be added to those base rates depending on what your Abra loyalty tier is, which is determined by how many CPRX tokens you own. The tiers and their bonuses are:
- Ignite (20 CPRX) = 1.10% bonus yield
- Launch (200 CPRX) = 1.25% bonus yield
- Cruise (500 CPRX) = 1.50% bonus yield
- Orbit (5,000 CPRX) = 2.00% bonus yield
- To The Moon (25,000 CPRX) = 5.00% bonus yield
So if your tier status is To The Moon and let’s say you hold USDC, you’ll get a 5.00% bonus yield on top of the 8.00% base rate, for a total interest rate of 13.00% APY.
Promo: Get $70 worth of CPRX when you sign up through this Abra promotion.
6. Crypto.com – Up to 14.5% APY
Crypto.com offers 40+ cryptocurrencies and stablecoins you can earn interest on, with rates as high as 14.5% APY. The exact rate depends on three factors.
First is how much of Crypto.com’s native token you hold. They have three tiers with better interest rates offered the higher tier you’re on:
| Tier | 1st Tier | 2nd Tier | 3rd Tier |
| CRO Stake | $400 or less | $4,000 | $40,000 or more |
The second variable is how long you’re willing to lock up your cryptocurrency. You’ll get lower interest rates if you want the flexibility to withdraw your assets at any time and get slightly higher interest rates if you’re willing to lock it up for one month or three months.
The third factor is what coin or token you’re holding. Rates offered for Bitcoin (BTC) is lower compared to a stablecoin like USD Coin (USDC).
Promo: Join Crypto.com now for a $25 CRO bonus when you stake at least $400.
7. Binance.US – Up to 6.5% APY
Binance.US (for US customers) shouldn’t be confused with Binance, which is available to non-US customers only. While Binance lets you earn compound interest on your crypto with a Binance Savings account, Binance.US doesn’t have this feature.
Instead, you can still earn through staking. Staking is the process of locking up cryptocurrency for a period of time on the blockchain to earn rewards, while Binance Savings can be withdrawn at any time and isn’t conducted on the blockchain.
You can stake Vechain, XYZ, ATOM, and ALGO on Binance.US and earn between 1% to 6.5% depending on what you’re staking.
8. Nexo – Up to 20.0% APR
Nexo offers high interest rates, paid out daily, for storing crypto or stable coins on its platform. Your digital assets can earn up to an 18% APR when you elect to be paid in-kind and up to a 20% APR when you choose to earn in NEXO tokens.
Promo: New customers can grab a $25 BTC bonus when you buy $100 worth of crypto.
Ninja Update 2/21/22: Nexo announced that it will no longer offer interest-bearing accounts for new U.S. customers. It will register a new “Earn Interest Product 2.0” with the SEC and will be available as soon as possible. Existing customers will still continue to receive interest while non-US customers are unaffected.
9. BlockFi – Up to 7.25% APY
BlockFi was the first cryptocurrency platform I used to earn interest on crypto assets and posted about my experience investing $50,000 in the BlockFi Interest Account (BIA). At the time, I was getting 8.60% on my GUSD and USDC stablecoins.
BlockFi is no longer opening new BlockFi Interest Accounts (BIAs) per this SEC resolution. Existing customers with existing funds will continue to earn up to 8.75% in their BIAs. It’s expected that a new product, called BlockFi Yield, will be available later this year that will allow customers to continue to earn interest with BlockFi.
Promo: You can still get a sign-up bonus up to $250. The bonus will be credited into the BlockFi Wallet account instead of BIA based on the amount you deposit:
| Deposit Amount | BTC Bonus |
| $100 – $1,499 | $15 BTC |
| $1,499 – $19,999 | $20 BTC |
| $20,000 – $39,999 | $40 BTC |
| $40,000 – $74,999 | $75 BTC |
| $75,000 – $99,999 | $100 BTC |
| $100,000+ | $250 BTC |
FAQs
What is a crypto savings account?
A crypto interest account is an account from a crypto platform that lets you earn interest on digital assets that you hold. You agree to lend out your cryptocurrency (Bitcoin, stablecoins, or altcoins) in exchange for interest.
It’s similar to how savings accounts work at banks. You deposit money that the bank then lends it out and pays you back plus interest.
You’re free to withdraw your cryptocurrency whenever you want, unless you agree to lock up your assets for a period of time in exchange for a higher rate (comparable to a bank CD).
What is the best crypto savings account?
The top crypto savings accounts are Gemini and Hodlnaut. While all nine crypto savings account listed in this post are great, those are my top two picks.
Gemini is one of the safest crypto exchanges out there that provides a competitive interest rate. Hodlnaut, while not located in the United States, appears to manage their risks well and offer super-high rates.
Is it safe to earn interest with crypto?
There are two main risks when it comes to earning interest with crypto:
- Volatility of the cryptocurrency asset
- Safety of the crypto platform or exchange one is earning with
Earning a high interest rate sounds good, but if the underlying asset you’re holding goes down, you have the potential to lose money. For those who can’t stomach the wild price fluctuations of digital currencies like Bitcoin or Ethereum, I recommend using stablecoins like GUSD or USDC instead.
GUSD and USDC are pegged to the dollar 1:1 and are backed by dollar reserves, making stablecoins much more stable (pun intended) than other cryptocurrencies.
The other thing to consider is the risk of using a particular platform. What if they get hacked? What if they go bankrupt? There’s no FDIC insurance like one would have with traditional banks.
That’s why I prefer crypto platforms that are transparent, regulated, and have operations that are more conservative (in the context of crypto).
Should you save money in a crypto savings account?
A crypto savings account allows you to dramatically increase your returns, but they’re actually not “savings” – these accounts are actually investments and the returns aren’t guaranteed.
You should save money with this method if you’re comfortable with and understand the risks involved. I decided this was a good way to earn interest from crypto after doing my due diligence. It may or may not be the same for you.
If you believe in the future of cryptocurrency, then opening a crypto savings account is a great way to diversify your investing portfolio.
Is there a crypto savings account you DON’T recommend?
Avoid shady crypto platforms that offer interest rates too good to be true or ones that appear out of nowhere. One that’s suspicious to me is Midas.Investments. The rates are extremely high – they’re offering 17% on Bitcoin and 23% on Ethereum.
I’m not sure how that can be sustainable. I can only guess that they’re either engaging in aggressive lending practices to chase yield, leveraging riskier DeFi projects, or planning to pull the rug later on customers.
There are also random Reddit accounts promoting spamming Midas.Investments on various cryptocurrency subreddits.
I’m not comfortable based on those reasons, but this is my own personal opinion. There are other alternatives that at least state what they offer, like Phemex.
The Bottom Line
Earning interest on crypto is one of the ways to earn a passive income stream and an option to diversify your investments. They offer much higher rates compared to traditional financial accounts.
At the same time, invest only what you’re comfortable with. I recommend putting your cryptocurrencies in different accounts and spread your risks out.
Interested in more cryptocurrency posts? Check out my list of the best cryptocurrency promos and other options to earn free cryptocurrency.
Did I miss something? Maybe you’re lending your cryptocurrency in another exchange. Let me know what crypto interest accounts you’re using by commenting below.
I received an email from Nexo on 02/28/2022 informing their upcoming changes. It looks like their interest earning wallets will no longer generate interest for “new fund / tops”, whether for newly registered clients, or existing, while they are restructuring the interest earning product under the much apprehended SEC regulations and other regulatory bodies regarding crypto currencies. I am pasting the relevant part of email here, as it is an informative, rather than personal, email. It affects US clients only, new and existing.
“To this effect, we would like to inform you that Nexo has voluntarily determined to implement significant changes to its Earn Interest Product in the U.S. in order to be in compliance with the newly-announced guidance.
All assets entrusted to Nexo are safe and accessible to all clients as always. Details of Armanino’s real-time audit of Nexo’s reserves can be found here.
We believe these changes, effective immediately, reflect a sustainable path forward for our Earn Interest Product in the U.S.
Key Takeaways:
The current changes only affect the Earn Interest Product for U.S. citizens and residents, while non-U.S. clients are not affected by any of these changes.
U.S. clients will continue to enjoy uninterrupted access to all other Nexo products.1
Existing U.S. Clients: You will continue to earn interest on your current Savings Wallet balances only. New top-ups to your Savings Wallet as of today will not earn interest until the restructuring of the Earn Interest Product and the registration process with the relevant regulatory bodies are finalized, as per the recently announced guidance. Once complete, eligible U.S. clients will be migrated to the Earn Interest Product 2.0 and new top-ups will earn interest.
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Please note that any assets withdrawn from your Savings Wallet, even if returned later, will be treated as new top-ups and will not earn you interest.
New U.S. Clients: The Earn Interest Product in its current form will not be available for new U.S. clients until the restructuring into Earn Interest Product 2.0 and the registration process with the relevant regulatory bodies are finalized, as per the recently received guidance. Once complete, the Earn Interest Product 2.0 will become available for all eligible clients.
Earn Interest Product 2.0: Our team and legal advisers are working around the clock to develop solutions for our U.S. clients that will make the Earn Interest Product 2.0 as widely accessible as possible and compliant with the new regulatory realities. We will provide more details as soon as possible.”
On 02/18/2022, sorry for the typo.
I expect more will follow this after BlockFi’s settlement with the SEC. As you pointed out, Nexo announced they’re already pausing the interest from accruing and Ledn has stated they will pause it at some point in the near future. The revised products will be registered as a security with the SEC – I’m guessing this will take several months before new users can earn interest on them again.
Which one of these has the lowest crypto purchasing fees?
Gemini when you trade using their free Active Trader platform. The taker fee (buying) is 0.35% and maker fee (selling) is 0.25%.