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Cryptocurrency is gaining immense popularity, especially this year. The present year has been a significant year for Bitcoin and Ethereum adoption. Big corporations like Tesla want bitcoin on their balance sheet, exhibiting a major movement away from traditional finance. A growing number of people are witnessing the advantages of cryptocurrency savings accounts. A crypto savings account is a way for you to dramatically increase your rate of return. So, let's find out about the best 10 crypto savings accounts for 2021.
Coinbase is best known as a digital wallet. But it also serves as digital crypto savings account for some customers. Eligible US-based customers can earn up to 4.00% APY on US Dollar Coins. Unlike other companies on this list, Coinbase doesn't lend out its USDC. Instead, this is a way to earn a small amount of interest while you wait to make trades on cryptocurrency. Plus, if you deposit US$100 or more, you'll get a US$5 bonus.
Linus is the crypto-based savings account that looks and acts the most like a (very) high yield savings account. Investors deposit US dollars and earn interest in dollars. However, under the hood, Linus is lending out money to people buying Ethereum (it does not advertise any other pooling layers). This setup assumes a relatively stable price on Ethereum which investors need to understand before opening a savings account.
Gemini has been known as a solid choice for investing and trading crypto for the past few years, and their platform is the backbone for several others. However, Gemini was late to the cryptocurrency savings game. They just launched Gemini earn, where you can get interested in your crypto holdings. You can receive up to 7.4% interest, including 2.05% on BTC, by transferring your crypto to Gemini earn.
With no account minimums, BlockFi is making high yields accessible to many crypto investors. The exceptionally high yield on Bitcoin is intriguing for investors with less than 0.10 Bitcoin (which is likely most investors as even 0.10 Bitcoins is a lot of money). If you have stablecoins (USDC, USDT, BUSD, GUSD), you can earn up to 8.00% on your stablecoins up to 40,000.
Bonus Offer: Get up to a US$250 bonus when you make a US$25 deposit and maintain it for the specified period.
Crypto.com advertises some of the highest interest rates on the market. But the terms to get these rates are very specific. Investors with smaller amounts of cryptocurrency are likely to find better yields outside of Crypto.com. The platform pays interest on 15 traditional cryptocurrencies and 8 stablecoins. The yields are based on simple daily interest. And to get the highest yields you will have to keep your investment for at least 3 months.
YouHodler's crypto-based savings accounts are high-yield and also seem to offer a lot of protections for investors. They are currently not available in the United States, but they are available in the UK, EU, Eastern Europe, and Asia (China, Japan, Korea). The company allows savers to withdraw from the platform at any time. But the minimum investment is US$100.
Outlet Finance is an account that doesn't require a lot of knowledge about specific cryptocurrencies because it only pays interest in US dollars. Users deposit dollars and earn dollar-based interest. The only wrinkle is that your dollars are being lent out to buy Ethereum and other cryptocurrencies. Right now, the company advertises interest rates of up to 6% on US dollars.
Hodlnaut has some of the highest pay-outs to earn on your crypto. They only allow weekly withdrawals to your wallet, but they have no lock-in periods or minimum deposits. Right now, you earn up to 12.73% on your crypto.
Bonus: Right now, you can get a US$20 bonus when you deposit at least $1,000.
Nexo boasts minimal lock-up times (less than 24 hours), and third-party guarantees of its crypto assets. That makes it an appealing option with super high yields on US dollars and some of the highest rates on cryptocurrencies. Right now, you can get up to 12% on stablecoins and 8% on Bitcoin.
Ledn is a crypto-lending platform that brands itself as a crypto savings account. It has a few different options for earning interest on your cryptocurrency, and it has some promising rates.
Currently, you can get up to 9.5% on USDT and 6.10% on BTC.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
