If you’re looking to dip your toes into the world of cryptocurrency and increase your investment portfolio, a crypto savings account may just be what you should look into.
Even though crypto savings accounts are not as safe as bank savings accounts or credit union accounts, they’re still a fantastic way to significantly increase your rate of return.
However, before you dabble any further, it’s imperative that you fully understand how these accounts work, what are their pros and cons, and how you can get the best possible yields.
We’re going to break down the most important questions and provide a list of the top crypto savings accounts for 2022.
|Where to earn interest||Features||Score||Sign Up|
15% APY on USDC/USDT
☑️ Huge 15% APY available on USDC/USDT for new users, and free $15 USD bonus
☑️ Buy, sell and trade crypto, including leverage trading
☑️ Free Grid Trading bot included
High interest on 46 coins
☑️ High interest rates on 46 different coins (6.50% APY for BTC, 7.10% APY for USDT)
☑️ Registered with FinCen in the USA and ISO 27001 certified
☑️ 24/7 Customer Service for over 1 million+ users
☑️ High returns for Bitcoin: 4.08% APY
☑️ High returns for USDT & USDC: 7.25% APY
☑️ FREE 30 USDC sign-up bonus
Buy, sell and earn interest
☑️ Purchase cryptocurrency easily and earn interest within the same platform (3.5% APY for BTC, 8% APY for USDT)
☑️ User-friendly interface that is perfect for beginners
☑️ Used by over 1 million+ verified clients and 350 global institutions
Best wallet to earn interest
☑️ Nexo is a wallet where you can buy, store and earn interest on your crypto (5% APY for BTC, 8% APY for USDT when locked for 1 month)
☑️ High base rate of 8% for stablecoins and 4% for other cryptocurrencies
☑️ Receive bonus interest for 1-month fixed terms, choosing to earn interest in NEXO, or having NEXO staked
How can you earn interest on cryptocurrencies?
Staking is one of the best ways to earn on crypto but is only available on a certain number of coins. This is a process of placing your cryptocurrencies aside, which is then used for validating transactions conducted on the PoS blockchain.
Namely, when you lock your cryptocurrencies, you can then earn on that same crypto in the form of a reward as a contributor to that blockchain platform.
Lending platforms, on the other hand, pay you a specific amount of interest on the very cryptocurrency you own because they use it to loan it out to other users who are looking to borrow.
However, this does not mean that the borrower borrows the money directly from you, rather they borrow from the platform on which you’re lending your own crypto.
Where can you earn interest on crypto?
If you’re truly interested in earning crypto interest, you can start by buying crypto from a crypto exchange and then holding it in a crypto savings account. We know it can be hard to decide whether they are trustworthy or if their interest rates are genuine or misleading, which is why we reviewed and compiled a list of the top crypto interest accounts. At Marketplace Fairness we have personally used and tested these accounts and know that they are legitimate sites.
How to decide on a crypto savings account?
Before we dive into the list and delve deeper into each platform’s features and assets, let’s take a look at the factors you need to consider if you’re looking to earn interest.
Here’s a basic list of the top ones you need to take into consideration:
After you’ve examined and answered these questions, it’s high time to check out our compilation of the five best crypto savings accounts, with detailed information and pros & cons for each platform.
(Scroll across the table to see all 5)
Best crypto savings accounts: Individual Reviews
#1. Matrixport - Welcome offer: $15 USD + 15% APY on USDC/USDT
Matrixport is undoubtedly the #1 choice for crypto savings accounts, and they have an excellent welcome offer as well. If you sign up with this link, you will receive $15 free USD, as well as the introductory rate of 15% APY on USDC and USDT stablecoins.
Matrixport is more than a crypto savings account - you can also buy and sell crypto conveniently, as well as spot trade with 0% commission, and even margin trade with up to 5x leverage.
Although Matrixport is most widely known for its crypto savings account, there are also other investment options available where you can earn interest on your crypto. You can pool your money in investment products such as DeFi, Dual Currency, and crypto lending, if you want to diversify.
Matrixport is safe and secure, and has great customer support, if you ever find yourself needing assistance.
- Huge 15% APY on USDT and USDC as a signup offer
- $15 free USD promotion
- Buy, sell and trade cryptocurrencies
- Leverage trading available (up to 5x)
- Low interest rates on BTC & ETH
- Only accessible using mobile app, not available on desktop
#2. Celsius - crypto savings account with 46 coins
Celsius is another amazing crypto savings account where you can earn high interest on 46 cryptocurrencies. It’s well-established with 24/7 customer support, and has amassed over one million users in 150+ countries worldwide. Celsius has an attractive welcome offer, where you receive $50 FREE Bitcoin when you sign up here and deposit $400 or more.
With a FinCEN certification, Celsius offers top-notch security, ensuring its users’ assets are protected at all times.
For the first 0.1 BTC deposited, Celsius offers 6.50% APY and 2.5% for between 1.5-3 BTC. Amounts over 3 BTC will give 1% APY. USDC and USDT stablecoins have 7.10% APY and experience no reduction in interest rate for larger amounts deposited.
With that in mind, it’s probably better to choose Celsius over Hodlnaut, if you plan to deposit more than 100,000 USDT.
However, if you pick Celsius then do keep in mind that you’ll have to regularly check interest rates, as this platform updates them on a weekly basis. This doesn’t mean that rates will change every week, it’s just important to always stay on top of how much interest you might earn each week.
- High interest rates on 46 different coins
- Registered with FinCEN in the USA
- 24/7 Customer Service
- Security ISO 27001 certified
- Weekly interest rate updates, meaning you’d have to check frequently to see if you still receive good rates
#3. Hodlnaut - high interest rates
Hodlnaut is an excellent option when it comes to cryptocurrency savings accounts. It offers high interest rates, the option to get paid on a weekly basis, and no requirements to lock your crypto for a specific period.
You can earn interest on the following 6 cryptocurrencies on this platform: BTC, ETH, USDT, USDC, DAI, WBTC.
If you deposit less than 0.1 BTC, you’ll get an interest rate of 4.08%, and for any amount between 0.1 and 1.0 BTC, you’ll earn 3.25%.
For those who are looking to earn interest on larger Bitcoin amounts, the interest rates drop significantly, to 1.61% for anything over 1 BTC.
It’s quite common that interest rates drop when larger amounts are in play, but Hodlnaut still has great rates, compared to other platforms.
Furthermore, if you wish to earn interest on USDT, you’ll get a 7.25% rate for up to 100,000 USDT.
Hodlnaut also offers the option to purchase Custody Cover from Nexus Mutual, if you’re concerned about whether Hodlnaut is a secure crypto savings account. This means that you’ll receive coverage if you lose more than 10% of your funds in the event Hodlnaut’s platform gets hacked or in case of seizure of all withdrawals for 90 days.
The only downside in using Hodlnaut is the support for only 6 cryptocurrencies, so for individuals with diverse portfolios there might be better options out there. If you are chasing high returns on a small range of coins, then this platform is the right choice.
- Highest returns of 4.08% APY for BTC and 4.60% for ETH, 7.25% APY for USDT & USDC
- No crypto locking requirements, withdrawal is available at any time
- Free sign-up bonus of 30 USDC
- Weekly interest payouts
- Optional custody cover by Nexus Mutual
- Only 6 cryptocurrencies supported
#4. BlockFi - buy and sell with this crypto savings account
BlockFi is by far the easiest crypto savings account to use because you can buy, sell, and earn interest on your cryptocurrencies at one place.
Even though the rates aren’t as high as Hodlnaut’s, you won’t need to get into the hassle of transferring cryptocurrency. Here, you can buy coins and start earning interest on them, which makes this a great platform for beginners.
BlockFi's unique Flex Payment option lets users decide which currency their interest will be paid in. As an example, if you plan to earn interest on BTC, ETH, and USDC, you can opt in to receive the interest in BTC instead of in all three currencies. The calculation for the interest occurs every month and you’ll get paid in the currency of your choice. However, the drawback is that there’s an administration fee if you opt for this feature of 1% of the total amount you’ve earned.
This crypto savings account is incredibly user-friendly and impeccably secure, employing the latest safety protocols, including two-factor authentication.
A huge downside that many users have noted is the interest rates which are not as high as their competitors’. For Bitcoin, you can earn 3.5% only if you have less than 0.1 BTC. If you deposit more than 0.1 BTC, then the interest drops down to 2%. For any amount over 0.35 BTC, the rate drops to just 2%.
It’s safe to say that beginners might enjoy this platform as they can start earning right off the bat. However, for more experienced or high-volume investors, Celsius or Hodlnaut are far better choices.
- Easy way to buy crypto and earn interest
- User-friendly interface is best for beginners
- Interest Flex Payment option to earn interest in your cryptocurrency of choice
- Used by over 1 million+ verified clients and 350 global institutions
- Low interest rates
- Only 23 different coins supported
#5. Nexo - best crypto savings account wallet
Being a cryptocurrency wallet, Nexo doesn’t just offer a safe place to store your coins but it also offers the options to buy crypto using a card, swap between various coins, and earn interest on 22 cryptocurrencies.
Nexo employs world-class security, including Class III storage vaults, ISO 27001:2013 compliance, 256-bit military-grade encryption, and last but not least, biometric identity verification.
Nexo’s interest rates aren’t as high as the competitors. It has a base rate of 8% on stablecoins and 4% on other cryptocurrencies, but the interest rates can be increased in a variety of ways.
The first option is to lock your coins for 1 month, upon which you’d receive a 1% bonus, increasing your cryptocurrency interest rate to 5%.
The second option is if you opt to receive the interest rate in NEXO, the platform’s native token. This way, you’ll receive an additional 2%, but the drawback is you’ll receive the interest in NEXO and not the currency you’ve deposited.
The next option to earn some additional interest is the loyalty level. This will primarily depend on the value of NEXO tokens you own compared to the other coins you have in your wallet. If your NEXO tokens comprise 1% to 5% of your wallet, then you’d earn 8.25% on stablecoins and 4.25% on other coins. At the highest loyalty level, if your NEXO value is more than 10% in the wallet, then you’d receive 10% on stablecoins and 5% on all other coins. Additional to this, you can also go one step further and add extra interest by locking in your coins for 30 days and receiving interest paid in NEXO tokens.
The downside of Nexo is that US residents are not allowed to earn interest on crypto using this wallet.
- Nexo is a wallet where you can buy, store and earn interest on 22 cryptocurrencies
- High base interest rate of 8% on stablecoins and 4% on other coins
- Receive an additional 1% extra interest for a 1-month fixed term, 2% extra interest if you choose to earn interest paid in NEXO token, and additional interest rates depending on the amount of NEXO you stake
- Easy way to swap coins within your wallet
- Earning interest not available for US citizens and residents
#6. Crypto.com - earn crypto cashback on Visa purchases
Crypto.com is one of the best crypto apps on the market. It enables its users to buy over 250+ coins while also having the option to earn interest on 47 of them.
It allows users to easily buy, sell, or swap between cryptocurrencies. The metal Visa debit card is a standout feature at Crypto.com, with various tiers of cards. They can be loaded with your base fiat currency, and used at any brick and mortar or online store that accepts Visa.
With every purchase you will receive a cashback percentage in the form of CRO coins. 5% cashback is the highest level possible, while the basic card allows for CRO cashback earning of 1% for every purchase made with it.
This way you’ll get a free cryptocurrency which you can then use to earn additional interest or convert it to a different cryptocurrency.
Interest rates vary considerably, depending on the coin and the option to fix it for 1 or 3 months, or if you leave it flexible.
For example, if you lock Bitcoin for 3 months, you’ll receive a 3% APY, if you lock it for 1 month, you’ll receive half of that, or 1.5%, and if you leave it unlocked, then you’ll receive only 0.2%.
A 3-month fix for USDT and USDC will result in 6% APY, 3% for 1 month, and 0.4% if you leave it flexible.
To access higher interest rates, you’ll need to stake a certain amount of CRO. For example, if you stake over $4000 CRO, then you’ll get 8% interest on USDT.
If you’re a person who uses a debit card frequently then Crypto.com is the perfect choice for you. The cashback offer on each purchase is too good to pass up. It also offers a Supercharger feature allowing you to earn interest on your CRO, that is paid in the coin they’re offering at that particular time, which changes every two weeks.
- You can buy, sell and swap over 250+ different coins
- Earn interest on 47 cryptocurrencies with the option to lock for 1 or 3 months to access higher rates
- Cashback of up to 5% on every Visa debit card purchase
- Earn new coins with the Supercharger feature
- To gain higher interest rates you need to lock your cryptocurrency for 3 months
#7. Binance - widest range of interest-earning opportunities
Serious and seasoned traders love this platform primarily due to the sheer volume of cryptocurrencies utilized, as well as advanced options for trading.
Interest rates on Binance aren’t as high as other platforms, but they can get incredibly competitive if you lock them for 90 days. Bitcoin’s interest rate, for example, is 1.2% with a flexible option but it can increase up to 8.19% if you lock it for 60 days.
One drawback is that US citizens aren’t able to register and trade on Binance. To be able to use this platform, you’ll need to visit the related exchange Binance.US. However, do note that they only have a limited amount of features and coins.
- 600+ cryptocurrencies to buy, sell or trade
- Interest-earning options on 70+ cryptocurrencies
- Higher interest rates if you lock coins for 90 days
- Largest cryptocurrency exchange in terms of trading volume
- Earning interest on popular coins is often sold out
- Not available in the USA
Which crypto savings account has the highest rates?
Celsius is the best place to register if you’re looking to get high interest rates on a wide range of cryptocurrencies. However, if you want to earn interest on stablecoins, Matrixport is the clear winner, with 30% APY on USDT and USDC.
Are crypto savings accounts safe?
There is always a certain amount of risk involved, with any investment. The high interest rates of crypto savings accounts are attracting, however, you don’t have total control of your coins and the risk levels vary depending on the site you choose for deposits.
With that in mind, you should always take note of the platform’s security levels and infrastructure, as well as fail-safe plans. A crypto savings account with an excellent security system in place is less likely to be hacked, and therefore less likely you will lose your assets.
As an example, Hodlnaut uses Fireblock's multiparty computation wallet infrastructure to keep funds secure. If you place utmost importance on safety, you can also purchase their optional Custody Cover provided by Nexus Mutual. In the unlikely event that Hodlnaut is hacked, you will be covered if you lose more than 10% of your assets. The cover also protects you if Hodlnaut prevents withdrawals from their account for over 90 days.
Remember to carefully research any crypto savings account that you decide to use, and weigh up the risks before deposting your cryptocurrency. It is also a great idea to spread out your crypto across various crypto savings accounts, in case anything goes sour.
Do you need to pay taxes on earnings from crypto savings accounts?
In most cases, you’ll need to pay taxes on interest you earned from crypto savings accounts. However, you’ll need to check in with local laws and authorities on this matter.
For further info, please seek the advice of a tax accountant and work out the specific details for your geographical location and personal situation.
Where can you buy cryptocurrency?
Cryptocurrency exchanges (see article) are some of the best places to acquire crypto, especially if you don’t own any as of yet. Some of these platforms, such as Crypto.com offer a variety of different cryptocurrencies and also allow users to earn interest on them, from their site.
In our article, we covered the basic and advanced features, as well as pros and cons, of the top crypto savings accounts, allowing you to decide where to invest and then sit back and earn a passive income through these crypto investments.
Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us.