Sign In
Sign Up
DeFinda Logo
Find & Compare DeFi Products
usd logo USD
Home Savings Accounts

Compare The Best Crypto Savings Accounts
September 2022

EARN UP TO 35% APY ON YOUR CRYPTO AND FIAT ASSETS. Earn passive income on your crypto assets by depositing them into a savings account and earning interest. Many accounts provide instant access to your funds and some offer loyalty programs that can increase your earning rate by investing in the platform's own token or by having your interest paid out in their token. Check out our table of DeFi savings rates below.
2,531 savings accounts monitored
Platform Reviews Advantages Interest Rate
Bulgaria
87%
Compare
$25 Free BTC When you deposit $100 or more in assets on the platform. View all Nexo deals
tickVery simple & easy to use
tickNo hidden fees
tickInterest paid daily
FROM
0.25%
APR
TO
34%
APR
Interest paid DAILY
Go To SiteGo
Estonia
89%
Compare
Earn 0.1% cashback on every exchange and loan + 0.05% monthly cashback on savings. View all Coinloan deals
tickHigh LTV of up to 70% available on loans
tickHigh savings account interest rates
tickDaily compound interest
FROM
3%
APY
TO
12.3%
APY
Interest paid MONTHLY
Go To SiteGo
United States
76%
Compare
Get $250 free BTC when you deposit $100,000. CodeClick to Reveal Code View all BlockFi deals
tickTransfers in and out of savings account are instant
tickGood customer support including phone support
tickOne of the only major platforms to be based in and fully regulated in the US
FROM
0.1%
APY
TO
15%
APY
Interest paid MONTHLY
Go To SiteGo
Switzerland
82%
Compare
tickVery high LTV up to 90% available on loans
tickInnovative Multi-HODL product allows market speculation with savings funds
tickTurbocharge allows highly leveraged speculation on crypto assets with multiple loans on one deposit of collateral
FROM
1.5%
APR
TO
30%
APR
Interest paid WEEKLY
Go To SiteGo
Canada
89%
Compare
$25 USDC cashback when you take out a loan. View all Ledn deals
tickUltra simple model
tickNo hidden fees
tickOnly one interest payment at end of 12 month term required on loans
FROM
2%
APY
TO
7.5%
APY
Interest paid MONTHLY
Go To SiteGo
Hong Kong
78%
Compare
$50 free CRO when you deposit $1,000 or more in CRO. CodeClick to Reveal Code View all Crypto.com deals
tickFully comprehensive suite of crypto services.
tickAutomatically buy cryptos on a fixed schedule - great for dollar cost averaging.
tickRegulated & trustworthy.
FROM
0.8%
APR
TO
64%
APR
Interest paid WEEKLY
Go To SiteGo
United Kingdom
75%
Compare
tickVery low loan rates available
tickNo origination or early redemption fees
tickInterest accrued every second
FROM
0.00052%
APY
TO
234%
APY
Interest paid DAILY
Go To SiteGo
Lithuania
94%
Compare
10% off fees 10% off trading fees. CodeClick to Reveal Code View all Binance deals
tickThe biggest crypto platform in the world
tickHuge array of innovative crypto related services
tickHigh liquidity exchange offers competitive rates
FROM
0.0997%
APY
TO
70%
APY
Interest paid DAILY
Go To SiteGo
United States
84%
Compare
Earn 20% referral fees Earn 20% on the trading fees for any friend that you refer to Kraken. View all Kraken deals
tickOne of the biggest crypto exchanges in the world
tickLarge selection of supported cryptocurrencies
tickVery competitive maker and taker fees
FROM
0.25%
APR
TO
23%
APR
Interest paid WEEKLY
Go To SiteGo
United States
90%
Compare
$10 free Bitcoin when you buy or sell more than $100. View all Coinbase deals
tickThe largest crypto exchange in the US
tickSimple, easy to understand interface
tickFully regulated in the US
FROM
2.83%
APY
TO
5%
APY
Interest paid DAILY
Go To SiteGo
Singapore
91%
Compare
Free 70 USDT When you deposit $11,000. CodeClick to Reveal Code View all Hodlnaut deals
tickVery simple easy to understand interface
tickInterest accrued daily and paid out weekly
tickEnhanced interest rates available for big depositors (over 100 BTC)
FROM
0.25%
APR
TO
7%
APR
Interest paid WEEKLY
Go To SiteGo
United Kingdom
82%
Compare
£10 Free BTC when you buy or sell £100 in crypto. CodeClick to Reveal Code View all Luno deals
tickEasy to use mobile and web apps
tickGreat for beginners
tickStrong support in a number of developing countries
FROM
1.5%
APR
TO
7.6%
APR
Interest paid MONTHLY
Go To SiteGo
United Kingdom
80%
Compare
$100 USDC free Get $100 free in USDC when you deposit $2,000. CodeClick to Reveal Code View all AQRU deals
tickSimple, easy to use interface.
tickCompetitive exchange rates.
tickCompetitive interest rates for large deposits.
FROM
1%
APY
TO
8%
APY
Interest paid EVERY SECOND
Go To SiteGo
Important Message Definda does not provide any financial advice. All information is provided for research purposes only. DeFi is a rapidly evolving industry. Most businesses in the sector are very young and it is possible that some of them could go out of business in the future. Such an event could result in the loss of your investment. You should do your own research or consult a financial advisor before investing any money. Please read and satisfy yourself with our terms before continuing to use our website. We offer a free impartial comparison service of savings, loans and other DeFi products. We may receive a small commission from some of the companies listed, but this never influences our rankings. If you spot any errors in the information listed then please contact us at info@definda.com.

Not Sure Where to Start? Try Our Crypto Portfolio Optimiser

It can be difficult to know where to invest your money for the best possible return whilst also diversifying your portfolio so as to manage your risk. The DeFinda Crypto Portfolio Optimiser Advisor is an automatic tool that will use your investment preferences to develop an investment strategy that is bespoke to your requirements.

What Are Cryptocurrency Savings Accounts?

Cryptocurrency savings accounts are high yielding deposit accounts for cryptocurrencies such as Bitcoin, Ethereum and Monero. The accounts are provided by a growing range of crypto platforms. It's as simple as depositing your funds on the platform and in return immediately starting to earn interest.

High interest rates of over 5% are available on many platforms. These are very attractive compared to the rates on offer in most traditional high street banks savings accounts of 1% or even less!

The platforms are able to offer these high rates as they use the funds to over collateralise loans that they also provide. The loans are provided at a higher rate than the savings rate and the platform makes a profit on the difference.

Advantages and Disadvantages of Crypto Savings Accounts

Advantages

  • Earn income on your idle crypto assets
  • Release some of your crypto wealth without triggering a capital gains tax event
  • High yields of over 5% on most platforms
  • Even higher yields of 10% or more for stablecoins
  • Deposits are insured on most platforms
  • High interest rates available for fiat currencies too

Disadvantages

  • The world of DeFi is rapidly evolving and most of the businesses offering savings accounts are just startups
  • When you deposit funds on the loan platform there is a risk that you could lose your money

When to Use a Crypto Savings Account

Crypto savings accounts are a great way of earning passive income on your crypto assets. Many owners of crypto assets have their coins stored in private wallets and manage their own own private keys. Whilst this is an excellent way to secure your assets it does mean that your assets are not working as hard as they could be for you. Sure, the value of those crypto assets could go up, but you could also earn interest on those assets if you were to deposit some of them into an online savings account.

Many of the new crypto platforms offer excellent savings rates for your crypto assets and are very easy to use. Simply signup for an account, complete the Know Your Customer (KYC) and Anti Money Laundering (AML) checks and then transfer your funds. The KYC and AML checks are automated on many platforms and can often be completed in just a few minutes by using your camera and ID document (passport, driving license etc.).

Once you deposit your funds in the platform's savings account you will immediately start earning interest. Interest is accrued daily on most platforms and many platforms also offer instant access to your funds.

Enhanced Rates For Stablecoins

Many platforms offer substantially higher rates for deposits in stablecoins such as Tether (USDT), USD Coin (USDC), Paxos Standard (PAX) and TrueUSD (TUSD). These stablecoins help provide liquidity to the platform as many loans are provided in stablecoins. In return for this additional liquidity the platform is willing to pay a higher savings rate. Savings rates of 10% or more for stablecoins are available on some platforms.

More Than Just Crypto

Did you know that you could earn 10% or more on your Dollars, Euros and Pounds? Whilst the savings accounts are focused on crypto, many platforms also offering very high yielding accounts on regular fiat currencies such as US Dollars (USD), Euros (EUR) and Pounds Sterling (GBP).

You don't even need to own any crypto currencies to benefit. Just sign up for an account on the platform, complete the KYC/AML checks and then transfer your fiat currency from your regular bank account to the platform using a normal bank transfer. If you complete the transfer using a regular bank transfer (e.g. SWIFT, SEPA) then most platforms will not charge any fees, however transfers via VISA or Mastercard normally attract a substantial handling fee so are best avoided.

Loyalty Schemes

Loyalty Scheme Key Points
  • Earn up to 2% more by buying platform tokens
  • Earn interest in platform tokens for enhanced rates
  • Dividends payable on some platforms tokens
  • Invest in the future growth of the platform

Many platforms offer loyalty programmes that provide enhanced savings rates in return for buying or holding the platform's own house crypto currency. The increase in savings rates can be substantial, with up to 2% additional interest per year available at the top end of some of the loyalty programs.

In addition to enhanced savings rates for buying the platform's own cryptocurrency, some platforms also provide increased savings percentage rates if you are willing to accept your interest being paid out in the platform's own cryptocurrency rather than the currency you deposited. Many of these platforms are highly innovative companies that are operating within a very fast moving industry. There is certainly potential for the platform cryptocurrencies to increase substantially in value, although of course as always you should do your own research and make your own judgement on each platform.

Tax Considerations & Benefits

If you invested in crypto a few years ago then you may be sitting a substantial capital gain the value of your crypto assets. Having not sold the assets you have not yet triggered a capital gains tax event. Such an event would require a substantial proportion of your gain to be paid to the government in most jurisdictions.

Instead of selling your crypto assets you could invest them in a savings account and earn interest on them. The accrued interest would be subject to income tax in most jurisdictions, however you would still be realising some level of income from your crypto assets with being forced to sell them. As such you can still benefit from any potential future increase in the value of those crypto assets.

Please note that tax is an extremely complex subject with a wide range of different structures depending on the country you are tax resident in. We are in no way providing tax advice and you should always seek independent professional expert tax advice about your own specific situation.

How to Find the Best Crypto Savings Account

Comparing crypto savings accounts can be a little tricky. Each platform has a multitude of different savings rates available which vary according to the type of currency deposited, the type of currency your interest is paid in, your loyalty level and how long you deposit the money for. Platforms also express their savings rates in different formats, with some quoting Annual Percentage Rate (APR) and others quoting Annual Percentage Yield (APY).

Making sure that you are comparing like with like is no easy task. In addition understanding the cost and benefit of the various loyalty schemes can further affect the decision and make a substantial difference the total value of your income over the course of a year.

Thankfully here at Definda we've done all the hard work for you. We carefully monitor all the platform rates and arrange the data in an easy to use crypto savings calculator. Simply enter the amount and type of currency that you want to deposit and we search all the platforms that support that currency, compare the rates and show you the enhanced benefits available with their various loyalty schemes. The calculator is completely free to use and does not affect the savings rate that you obtain.

How to Signup For a Savings Account

Signing up for a savings account is really easy. Just find the best platform for your situation using our crypto savings calculator, click through to the platform and create an account with your username and password in the normal way. Most platforms allow you to sign up either via their mobile app or directly on their website.

As part of the account signup process, most platforms will offer 2 factor authentication (2FA) as a security option for your account. We highly recommend that you enable 2FA as it makes your account significantly more secure. 2FA works in a similar way to the physical security dongles that some traditional banks are now providing to customers. All you need to do is install a 2FA application on your phone such as Authy or Google Authenticator. You can then pair this authenticator with your platform account by using the authenticator app to scan a QR code provided by the platform. Once completed somebody can only access your account if they also have access to your authenticator.

Once you have signed up and setup your 2FA, then you will need to complete the platform's Know Your Customer (KYC) and Anti Money Laundering (AML) checks. Thankfully this process is highly automated on most platforms now. All you need to do is take pictures of your face and your ID document such as your passport and you'll have completed most of the process. The platform may also ask you what the source of the funds that you are depositing is. Some platforms may manually review your application before providing you with access, whilst others may provide you with limited access until your application is formally approved.

Finally once your account is approved you simply need to transfer your funds to the platform. This can be via a regular crypto transfer or if you are depositing fiat currency (e.g. Dollars or Euros) then a regular bank transfer.

Safety and Security Considerations

Key Security Points
  • Research platforms carefully before investing
  • Always use 2 factor authentication for your account
  • Most platforms outsource crypto security to third party custodians
  • Custodians use cold storage, multi-signature wallets for crypto assets
  • Custodians offer substantial insurance against loss
  • Only transfer a small amount to the platform to start with
  • Be skeptical about any unexpected messages

The world of cryptocurrency and decentralised finance is extremely fast moving and you should always act with caution when dealing with any company operating in the space. There is inevitably a certain level of risk involved in any new industry and if you are not comfortable with taking some level of financial risk then cryptocurrencies and decentralised finance platforms may not be the right choice for you.

Whilst all of the platforms offering crypto savings accounts are very young companies, they are operating within a highly regulated industry. The KYC and AML checks when you signup to these platforms are annoying, but they also provide some level of confidence that these companies are legitimate and are following the appropriate regulatory procedures and protocols.

We provide significant background information on the platforms that we list including the company location, legal status, licenses and certificates held, key individual bios, insurance levels and much more. It is worth reviewing this information carefully before deciding to proceed with signing up. Also carefully check recent reviews for the platform. It's best to check a number of different review sources in case the reviews on one review site have been manipulated in some way.

When you deposit funds on the platform, the platform then needs to act with extreme caution to ensure that those funds are not lost for example by the platform being hacked. Many platforms have opted to outsource this function to a third party crypto security custodian such as Bitgo. By taking this approach the crypto assets are held separately to the platform software, so even if the platform was hacked, the amount of crypto currency that could be stolen would be limited. The third party crypto custodians offer substantial protection of the crypto assets such as storing the assets in cold storage wallets (wallets that are not network connected), using multi-signature wallets (more than one person required to authorise transfers), and using discrete geographical locations for storage of wallets. In addition the custodian will provide substantial insurance against theft of the assets.

As new businesses, there is a risk that they could go bankrupt due to mismanagement or a collapse in crypto prices. Check the background of the business carefully to decide whether you feel it is well managed before deciding to proceed.

When transferring money to and from the platform always ensure that you are dealing directly with the platform (i.e. you are using the platform's mobile app or you are definitely on the platforms website and have a secure connection). It is sensible to transfer a small amount of money to the platform first and once that has been received then transfer a larger amount.

Treat any received messages, emails or calls from the platform with extreme skepticism. Any messages requesting money, suggesting a change in your account or saying you need to act urgently should be handled very cautiously. It is always best to contact the platform directly and speak to their customer service team if you have any doubt about the legitimacy of the message.

Whilst cryptocurrency and DeFi platforms certainly are not for the faint of heart it is worth keeping in mind that traditional banks can and do go bust, and in some countries suffering financial collapse assets have been seized from private banks by governments. There is always some level of risk involved no matter where you store your money and it is important to find the right level of risk for your own personal circumstances.

Frequently Asked Questions

A

You will see that some platforms quote their interest rate as APR (Annual Percentage Rate) and others quote their rate as APY (Annual Percentage Yield). Whilst they sound similar, there are important differences between them.

The APR is the rate over one year excluding the effect of compound interest. The Annual Percantage Rate is simply the monthly percentage rate multiplied by 12. If you deposit 1,200 USD in an account with an APR of 10% then the monthly interest you can expect would be 1200 x 10% / 12 = 10 USD.

The APY includes the effect of compound interest. Compound interest is when the interest you earn in one period is itself reinvested to earn even more interest. If you deposit 1,200 USD in an account with an APY of 10% then the interest you can expect in the first month would be 1200 x (((1+10%)^(1/12)) - 1) = 9.57 USD. However the interest the next month would increase to 9.65 USD, with the interest continuing to increase every month to provide a total amount of interest over the course of one year of 10%.

Due to the effect of compounding, the APY will be higher than the APR. For this reason many platforms prefer to quote their interest rates as APY.

You can further helpful information on the difference between APR and APY at Investopedia.

A

Fiat currency is currency that is issued by a government, for example US Dollars or Euros. Fiat currency is not back by any physical commodity that may limit its supply.

A

Yield farming is the process of investing your crypto assets in order to generate a return. There are various levels of sophistication, complexity and risk to generating thse returns.

The simplest and lowest risk approach is to invest your currency on one of the large crypto platforms such as those listed on this page. Many of these platforms offer high levels of security and insurance to protect your funds.

More advanced methods of yield farming include staking your funds on a decentralised exchange or leveraging your existing funds by borrowing against them and then investing the loaned funds. These are advanced techniques and require a good level of technical competance and financial analysis.

A

Cumulative interest is when the interest over one period (say one month) gets reinvested the next month to earn even more interest. Savings accounts that generate compound interest normally express their rate as an Annual Percentage Yield (APY) which includes the compounding affect of these interest payments to determine a total income rate for the year.

It is worth paying attention the interest calculation and payment frequency of different platforms. Some platforms will calculate and pay out interest daily. Others calculate interest daily but pay out monthly. In some cases the interest calculated daily is still compounded daily even though it is actually paid out monthly.

A

The frequency at which interest is paid varies by platform. Some platforms payout monthly, others daily. Some will calculate interest daily but only pay it out monthly. Our comparison tables include information on how frequently interest is paid by each platform.

A

Many platforms have their cryptocurrency which is also known as the platform token. By buying the platform's own token you are rewarded with higher interest rates on some platforms. You can also elect to have your interest paid out in the platform's own token in return for higher rates. Some platforms are similar to shares in the platform and payout a proportion of the company's profits as dividends and even confer some voting rights.

A

Some platforms will grant you a significantly higher savings rate if you are prepared to have your interest paid out in the platform's own token. The platform token may well be more volatile than the base currency that you have deposited, so there is a greater chance of both significant increases and significant decreases in the ultimate value of the interest that you have earned.

As an additional benefit of being paid in the platform tokens, some platforms then pay a dividend on those tokens thereby further increasing your total earnings.

By accepting your interest in the platform token you are in effect indicating your support for the platform and are looking to share in the success of the platform as it grows.

Platform Comparisons

Matt logo
Article by Matt
1 February 2021 (Updated 28 September 2022)

Why Compare With Definda?

tick Completely Impartial

We always rank and compare products objectively and impartially.

tick Careful Research

We carefully research products for legitimacy before adding them to the platform.

tick We Never Sell Your Data

We never sell or disclose your data to anyone.

© DeFinda 2022