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Home Savings Accounts Fiat Savings Accounts

Compare The Best Fiat Savings Accounts
May 2022

EARN UP TO 12.3% APY ON FIAT CURRENCIES. You don't need to own crypto to benefit from the high interest rates being offered by some of the crypto platforms. High yield instant access savings accounts are available for fiat currencies too. Just open an account on the platform and transfer your fiat currency across to the platform.
45 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
4%
APY
TO
8%
APR
Interest paid DAILY
Go To SiteGo
Estonia
90%
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
8.3%
APY
TO
12.3%
APY
Interest paid MONTHLY
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
0.1%
APY
TO
4.5%
APY
Interest paid DAILY
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.

What Is a Fiat Saving Account?

Fiat currencies are traditional currencies issued by central banks and backed by a government. United States Dollar, European Euro, British Pound, Japanese Yen, and Chinese Yuan are the most used and the leading currencies in the world.

Defi platforms offer fiat saving accounts besides crypto saving accounts. You can send fiat currencies to the DeFi and centralized crypto platforms and earn interest by holding them in a saving account.

Almost all major central banks printed and released more fiat currency to deal with hardships during the pandemic. Inflation is a big problem in most developed and emerging countries in post pandemic era. Cryptocurrencies are a good way to secure value against inflation.

Using Fiat currency as a Stable coin

There is also another way to use your fiat currencies to earn more interest. You can convert fiat funds to stable coins in a 1 to 1 ratio. Since the cryptocurrency market is fast growing, bullish market, there is a huge demand for funds to support new projects and leveraged trades. Crypto platforms offer very good rates on stable coin saving accounts.

You can use USDT, USDC, BUSD for USD

Traditional banks usually offer up to 1 or 2% APR in a fiat saving account. Crypto companies offer up to 10 - 12% APR on stablecoin saving accounts which is a great rate and protects you against inflation.

What are the requirements for Fiat Saving Account?

Different companies and platforms have different requirements. There can be a minimum and maximum amount requirement to avoid extra transaction fees. Before opening a fiat saving account, make sure that you are informed about the fees and costs. There can be sending or receiving fees. There is also an early withdrawal or notice requirement. If you chose a 3 months term and want to take your money back before the maturity date, you can face some extra fees.

Some centralized platforms require their users to complete a KYC process and verify their identities. You must use a traditional bank to send or receive fiat currencies from a crypto platform. Banks must be involved to be able to make transactions. That is why you will need all KYC and identity verification.

What are the Advantages of a Fiat Saving Account?

The good thing about the Fiat saving account is the price stability. You always have the same amount of Dollars or Euros. Real life price or a major fiat currency doesn’t fluctuate too much. Even the biggest market cap cryptocurrencies Bitcoin and Ethereum prices are too volatile and can change intensely. The value of cryptocurrencies may fall or increase sharply.

Fiat currencies are more stable and convenient. You can always send your fiat currencies to your debit card and withdraw some cash from the nearest ATM.

But of course, low risk brings a smaller yield. Make good research before deciding how you will use your savings.

Bitcoin price went up to 65k USD then fall to 30k USD and then bounced back to 69k USD in the same year. Having some fiat currency in a saving account can be helpful when crypto prices are in the dip. Buying dip is the main driving reason for the crypto markets.

Platform Comparisons

Article by Yunis
23 July 2021 (Updated 24 May 2022)

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