4 of the Best Crypto Savings Accounts

Best Crypto Savings Accounts

Best Crypto Savings Accounts


Nexo: Get $500

Crypto savings accounts have become a popular service among crypto holders as a way to earn passive income on their digital assets without doing much beyond depositing funds. These savings accounts offer an easy way to store cryptocurrency and earn interest on it.

What is a crypto savings account?

Crypto savings account are hosted cryptocurrency wallets, usually known as CeFi (centralized finance) services, that pay interest on your deposited assets. This is unlike exchanges, or normal crypto wallets that do not pay interest at all.

In this guide, we will be looking at the best crypto savings accounts available today.

Overview of Bake

βœ… Best for: Users interested in learning DeFi (with guard rails)

Cake DeFi Desktop View

Cake DeFi (now called Bake) is a crypto savings account platform that was launched in 2019. The platform is operated by Cake Technologies Inc., a fintech company based in Singapore. Bake offers its users a range of investment options, including fixed-term and flexible-term deposit accounts. The platform offers a variety of savings account-like products, including Staking, Earn, YieldVault and more.

One of the unique features of Bake is its “DeFiChain” and DeFi-like style products. The program allows users to interested in tipping their toes into DeFi without all the technical requirements or risks. Bake also offers a referral program that rewards users for referring new customers to the platform, which can help you boost your wallet.

β˜‘οΈ Full Bake review & interest rates

Overview of Nexo

βœ… Best for: Wide cryptocurrency support

Nexo Desktop View

Nexo is a crypto savings account platform that was launched in 2018. The platform is operated by Nexo Capital Inc., a fintech company based in Switzerland. Nexo offers its users a range of earning options, including fixed-term and flexible-term deposit accounts. The platform currently supports the most cryptocurrencies of those reviewed in this article.

See also:  3 Easy Ways to Earn Free Bitcoin

One of the unique features of Nexo is its “Nexo Earn” program, which offers users up to 12% annual interest on their crypto deposits. The program offers a range of investment options, including a flexible-term deposit account that allows users to withdraw their funds at any time without penalty. Nexo also offers a referral program that rewards users for referring new customers to the platform.

β˜‘οΈ Full Nexo review & interest rates

Industry Insights

The crypto savings account industry is still in its early stages, but it has already attracted a significant amount of attention from investors and depositors. According to a report by CoinTelegraph, the total value of crypto assets held in savings accounts is estimated to have reached $10 billion in 2021. This represents a significant increase compared to the $1 billion held in these accounts in 2020.

One of the reasons for the growth of the crypto savings account industry is the increasing demand for passive income among crypto investors. Many investors are looking for ways to earn a return on their digital assets without having to actively trade them. Crypto savings accounts offer a way to do this by allowing users to earn interest on their deposits.

Another factor driving the growth of the industry is the increasing availability of crypto savings account platforms. Presently, there are now 40+ platforms available, each offering its own unique features and benefits. This has created a competitive market, which has led to higher interest rates for users as they compete for users and deposits.

Average Interest Rates (APY)

The average interest rates offered by crypto savings account platforms vary depending on the platform and the type of account (such as term-based deposits). However, as of March 2023, the following are the average interest rates offered by the four platforms reviewed in this article:

  • Bake: 6% APY
  • Nexo: 6% APY
See also:  Lending risks in the current market

It is important to note that these rates are subject to change and may vary depending on market conditions.

Crypto Savings Account Interest Rates

Top Interest Platforms

EarnPark

BTC
15%

ETH
20%

Stables
25%

Maple Finance

BTC
7%

ETH
6%

Stables
20%

Wirex

BTC
3.5%

ETH
4%

Stables
11%

M2

BTC
3.1%

ETH
3%

Stables
5.2%

Nexo

BTC
3%

ETH
4%

Stables
9%

View all platforms

Wrapping up

Crypto savings accounts offer a new way to store cryptocurrency and earn interest on it. There are now dozens of platforms available, each offering its own unique features and benefits and we track and index them here at Coin Interest Rate. In this article, we looked at the best crypto savings account platforms available today. Each platform offers a range of investment options and competitive interest rates.

As the crypto savings account industry continues to grow, it is likely that we will see more platforms emerge, offering new and innovative ways for investors to earn passive income on their digital assets, like BTC, ETH and stablecoins.

Note that all investments and crypto savings accounts carry some degree of risk, and capital is not guaranteed. While we consider these savings accounts, they are not regulated or backed by any government or insurance (like FDIC) as you would find in traditional banking.


M2: Earn interest on Your Crypto