Last rate change:50 seconds ago
Tried and tested

Best Crypto Savings Accounts of January 2023

Cryptocurrency investors are always looking for the best way to grow their crypto assets. While some people invest in individual coins and tokens, others are turning to crypto savings accounts. These accounts offer a way to grow your money while still being able to access it when you need it. Here is a look at some of the best crypto savings accounts available today. We'll also explain how crypto savings accounts work and why they can be much better than a traditional savings account.

1 min read

We may receive compensation if you visit partners we recommend. Read our advertiser disclosure for more information.

Cryptocurrencies can be risky investments. Please read our terms of service and risk warning for more information.

Also Consider: Best Crypto Staking Platforms -- Best Crypto Lending Platforms -- Best Stablecoin Interest Accounts

Best Crypto Savings Accounts Roundup

Here are some of the most popular cryptocurrency savings accounts on the market right now:

  1. Nexo: Our top pick for best crypto savings account that pays interest daily

  2. OKX: Best known brand in the space with attractive yields

  3. YouHodler: Lots of coins to choose from and great yield opportunities

  4. Binance: For those who want an all-in-one solution

  5. Finblox: Innovative products that take the guess work out of which cryptos to choose

Nexo

Nexo Savings Accounts

Best overall

A Crypto Savings Super App

Nexo offers what we think are the best crypto savings accounts. Clients can earn up to 36% annually on their savings accounts. What makes this our favourite is the fact that they have the highest number of licenses, they're regulated around the world, they have the highest insurance policies on wallets and they do daily third-party attestations to prove they have more than 1:1 reserves of client funds.

Nexo takes security seriously, with multiple layers of security, including cold storage for all crypto deposits.

They offer an exchange, loan services, and a credit card, making them a 360-degree crypto super app.

They are one of the most popular cryptocurrency lenders and has lent more than $400 million.

Pros & Cons

Regulated and licensed to operate across the world

There are many different cryptocurrencies to lend or borrow

High interest rates. Up to 36% APY

To get the greatest return on this crypto lending platform, you must stake NEXO tokens

Frequently asked questions

Stake NEXO for better rates

In order to get the most out of your Nexo Savings Account, you'll need to stake NEXO tokens to get the highest interest rates. Be mindful as these tokens can be more volatile than the asset you're earning interest on.

Never had liquidity issues

Even during the sharp downturn in 2022, Nexo never had any restrictions on withdrawals or any other issues.

Currently being investigated

Nexo are currently being investigated for fraud and other charges from Bulgarian authorities. Nexo representatives claim these charges are baseless. We will update this as news develops.

The Best Crypto Savings Account

Nexo offers a combination of a large range of cryptocurrencies, ease-of-use, platform features, regulation, insurance and high-interest rates that make it the best option for your crypto savings account.

Open Account

OKX

OKX Staking

Best brand

OKX is the largest, and most well-known brand in the space

OKX's goal is to help investors earn the maximum yield on their cryptocurrencies. The platform offers a variety of opportunities for those seeking greater returns, with interest rates up to 5% APY for Bitcoin holders and 5% APY for Ether.

Pros & Cons

OKX is the second largest exchange in volume and brand equity

OKX has a very large selection of coins to lend and they're adding more by the week

It's very easy to get up-and-running

Not available in the US or China

Frequently asked questions

No liquidity issues

Even during the sharp downturn in 2022, OKX never had any restrictions on withdrawals or other issues.

A compelling high-yield savings account

OKX has consistently offered some of the highest interest rates in the crypto savings industry. It's a well-known trusted brand that has never experienced any liquidity issues or hacking. If you're looking for a big brand that you can trust, this could be a good option for you.

Open Account

YouHodler

YouHodler

YouHodler Savings Accounts

YouHodler

Most Innovative

Innovative savings products that can help you earn more

YouHodler is an insured, regulated, and highly innovative crypto savings platform with a wide range of supported cryptocurrencies.

The company is based in Switzerland and offers crypto savings accounts, crypto-backed loans, an exchange, and innovative services offering additional yields like Multi HODL, Dual Asset, and Turbocharge.

YouHodler is regulated by the Financial Intelligence Unit of Estonia and is compliant with the 5th Anti-Money Laundering Directive. The company uses 2-factor authentication and stores all user funds in cold storage wallets.

Pros & Cons

YouHodler offers some of the most competitive interest rates in the industry

Registered and licensed to operate by Organismo Agenti e Mediatori (OAM) in Italy

It has a $150m insurance fund

It doesn't require staking a native token to get full benefits

It has a wide range of supported crypto assets

It is intuitive, making it easy for first-time users to get started

Some of the fees for using the platform can be much higher than competitors

It is not available to U.S. residents

Frequently asked questions

Never had liquidity issues

Unlike many of YouHodler's competitors, they have never suffered liquidity issues.

Most innovative savings account

If you're looking for a crypto savings account that offers regulation and insurance with more innovative options for higher yields, YouHodler is your best bet. They've never suffered from liquidity issues, and they support more coins than any other savings account. There's not much to dislike about YouHodler.

Open Account

Binance

Binance Staking

Beyond savings

Offerings beyond savings

Binance is a well-known brand in the crypto industry that offers yield on some of the most popular crypturrencies. It's a favourite amongst the crypto community for its breadth of features, usability, stability, low fees, and more.

Pros & Cons

It has a large selection of supported digital assets

Trading fees are relatively low. If you use BNB, you get a further 25% discount.

It has a growing insurance fund known as SAFU (Secure Asset Fund for Users) and is currently valued at over $1 billion

Their customer support is not always responsive

Frequently asked questions

An obvious choice

Binance was recently caught in the firestorm that was FTX. This shone a lot of light on Binance and put them under more stress than the exchange has ever been under. To many people's surprise, Binance handled these stress test without a blip. As a result, there's more confidence than ever in the exchange and we believe it's a great choice when looking for a reliable lender to earn yield on your cryptocurrency.

Open Account

Finblox

Finblox Savings Accounts

Best for Passive Earning

For Passive Earners

Finblox offers a range of earning features with a stablecoin-only vault and a crypto vault. You can stake up to 19 volatile digital assets and earn passive interest. They offer daily payouts. There is no minimum amount to deposit and they're secured by Fireblocks for extra security and peace of mind.

Liquidity issues

Finblox has suffered from liquidity issues in 2022, blocking some users from being able to withdraw their funds.

Pros & Cons

It's a very easy to use platform

Interest is compounded and distributed daily

No minimum deposit

Up to 90% APY on some crypto assets

It doesn't support many cryptocurrencies

Frequently asked questions

Simple options for earning yield

Finblox is backed by some of the best investors in the world like Sequoia. Unfortunately, this didn't stop them from being exposed to 3AC. As a result, they had liquidity issues which they're now recovering from. They stand out by offering simple options for earning yield based on your risk appetite.

Open Account

CoinLoan

CoinLoan

CoinLoan Savings Accounts

CoinLoan

Best user experience

A great choice for beginners

CoinLoan is a leading cryptocurrency savings account with competitive interest rates, a user-friendly web and mobile app, and a large range of supported coins. They're regulated in Estonia and have wallet insurance to protect against losses in the event of a hack. In addition to their savings account, CoinLoan offers borrowing services, and is soon to offer a crypto credit card.

CoinLoan supports 24 different assets, including fiat money, cryptocurrency, and stablecoins. The monthly compounded interest rate on Interest Accounts is up to 12.3 percent APY.

Pros & Cons

Wire transfer, SWIFT, SEPA, and AdvCash are all options

It doesn't charge fees for deposits and withdrawals, except for Ethereum and ERC-20 tokens

CoinLoan is a regulated financial institution licensed under Estonia Financial Authority

The platform is very user-friendly

You can lend both fiat and crypto to earn interest

You need to stake CLT to get the best interest rates and fees

Frequently asked questions

Stake CLT for best rates

In order to benefit from the best rates and features on the CoinLoan platform, you'll need to stake their CLT token. Be mindful that CLT tokens can be more volatile than stablecoins and established cryptocurrencies like Bitcoin.

Withdrawal limits

CoinLoan recently reduced their withdrawal limit to $5,000 indicating there could be liquidity issues.

A regulated and insured crypto savings account

Unlike some of CoinLoan's competitors, they prioritised insurance and regulation from the start. They offer a suite of services that are lower risk than many competitors that are also very easy to use. We highly recommend this platform as it combines safety with high yields.

Open Account

Methodology

We looked at more than 20 crypto savings accounts and performed an in-depth assessment to determine what we believed were the best platforms.

To do this assessment, we evaluated the following:

Basic features: These features include the ability to earn yield in a simple and intuitive way.

Advanced features: Whether they offer fixed savings accounts, dual lending, and other advanced features.

Availability: In which countries is the savings account available? Whether certain features are restricted in certain countries

Customer support: Whether accessing support simple, fast, easy, and accurate

Security: Do they use cold wallets? Are they insured? Do they offer whitelisting and two-factor authentication?

Reliability: Whether the exchange is buggy and goes offline. Whether they restrict logging in when the market is volatile

Other products: Do they offer crypto exchange, staking, credit cards, and other popular services?

We scored each exchange on these variables to determine its overall rank.

What are crypto savings accounts? How can it increase your crypto wealth?

A crypto savings account is a type of savings account that allows you to earn interest on your cryptocurrency holdings. Most of the time, you have to put a certain amount of cryptocurrency into these accounts, which is then used to earn interest. The interest rate on these accounts can be different depending on the cryptocurrency and the account's terms. However, some cryptocurrency savings accounts can offer annual percentage yields (APYs) of up to 27.45%, or more.

The concept of high-yield savings accounts is similar to that of traditional savings accounts at a bank or credit union. However, there are some key differences between the two. For one, banks and credit unions are regulated by governments, whereas crypto savings accounts are not. This means that there is more risk involved with investing in a crypto savings account. However, it also means that you have the potential to earn higher returns on your investment.

Another big difference is that most banks and credit unions offer FDIC insurance, which protects your deposit if the institution fails. Crypto accounts do not offer this type of protection; however, they often offer private insurance.

What to look for when choosing the best crypto savings accounts

There are a few things you should look for when choosing a crypto savings account:

  1. The interest rate: Make sure to compare the interest rates of different accounts before choosing one.

  2. The fees: Some accounts may have higher fees than others. Again, make sure to compare before choosing an account and make sure there are no hidden fees.

  3. The security features: This is especially important if you're planning on storing large amounts of money in your account. Look for features like multi-factor authentication and cold storage.

  4. Customer support: In case you ever need help with your account, it's good to know that there is someone you can contact for assistance.

  5. The ease of use: Choose an account that is easy to use and understand.

These are just a few things to keep in mind when choosing a crypto savings account. Do your research and compare different accounts before making a decision.

Pros and cons of crypto savings accounts

As we all know, a crypto savings account has its pros and cons.

Some people believe that a crypto savings account is a great way to save money, while others think that it is not secure enough. Let us take a look at both sides of the argument so that you can decide for yourself whether or not a crypto savings account is right for you.

Pros

A crypto savings account offers a higher interest rate than a traditional savings account. This means that you can earn more money by saving in a crypto savings account.
Some argue that a crypto savings account is more secure than a traditional savings account. This is because your money is stored in a decentralized network which makes it less likely to be hacked. This is only true for DeFi.
A crypto savings account is a great way to diversify your portfolio. This is because you can invest in different types of cryptocurrencies which can offer you different returns.

Cons

A crypto savings account is not insured by the FDIC. This means that if something happens to the exchange where you are storing your money, you may not be able to get it back.
A crypto savings account is a new concept and there are not many exchanges offering this service. This means that it may be hard to find an exchange that offers a good interest rate and is also secure.
Crypto savings accounts may be subject to volatility. This means that the value of your money may go up and down depending on the market conditions.

So, these are some of the pros and cons of crypto interest accounts. You need to decide for yourself whether or not this is the right option for you. If you are looking for a safe and secure way to save your money, then a crypto savings account may be a good option for you. However, if you are looking for a way to earn more money, then you may want to look into other options.

Is it safe to use crypto savings accounts and do they have FDIC insurance?

When it comes to saving accounts, most people are used to the idea of keeping their money in a bank account. After all, banks are insured by the FDIC, so your money is safe if the bank fails. But what about crypto savings accounts? Are they safe?

The short answer is that the FDIC does not cover crypto savings accounts at this time. This means that if the exchange where you hold your account were to fail, you could lose all of your savings. For this reason, it's important to only keep as much money in a crypto savings account as you're comfortable losing.

Of course, this doesn't mean that crypto savings accounts are completely unsafe. Many platforms have robust security measures in place to protect your crypto savings. And if you keep your account balance low, the risk of losing everything is much smaller.

So if you're looking for a safe place to save your money, a bank account is still the best option. But if you're comfortable with the risks, a cryptocurrency savings account could be a good way to grow your wealth.

When choosing a platform, look at their insurance policies and whether they're regulated. It's also worth checking to see if they've ever suffered from liquidity issues. This can indicate whether this is a trustworthy platform to place your cryptocurrency. Nexo, CoinLoan, and YouHodler are regulated and have private insurance to keep crypto savings accounts safe.

All three of these platforms offer best-in-class, user-friendly interfaces and a wide range of features that make them perfect for first-time crypto users. None of these platforms has ever suffered from hacking or liquidity issues.

How to open a crypto savings account

In order to open a crypto savings account, users will need to take the following steps:

  1. Choose a reputable crypto savings account provider. There are many different providers to choose from, so it is important to do some research to find one that best suits your needs.

  2. Create an account with the chosen provider. This will usually involve providing some personal information and verifying your identity.

  3. Deposit funds into your account. You can do this using traditional fiat currency or cryptocurrency.

  4. Start saving in your new crypto savings account! Your account will automatically earn interest on your crypto savings, which you can withdraw at any time.

With a crypto savings account, you can easily and safely save your money without having to worry about the volatile nature of the cryptocurrency markets, particularly with Stablecoins. It's similar to a traditional savings account but completely digital. So why not start saving today?

Summary

If you're looking for the best crypto savings accounts, take a look at some of the options we've highlighted above. Each of these crypto savings platforms offers unique benefits and features, so be sure to do your research before making a decision. And if you need a quick infusion of cash, don't forget that many of these platforms also offer loans against your crypto assets.