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Nuri Review: The Bank Account to Grow your Money

Nuri is the new reality of banking, with easy access to cryptocurrencies, interest on your bitcoin and a full German bank account. Everything you need to build your financial future — all in one place. In this review, we'll cover everything you need to know before signing up.

  • Dean Fankhauser
    By
  • Posted
  • Read Time8 minutes
  • Our score
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Our take

4.0

Nuri (ex Bitwala) enables everyone to grow their money by giving them all the tools needed. Nuri is the gateway to Bitcoin and beyond.

So, where does the name come from? We are entering a New Reality - in fact, that’s part of the story behind the new name – Nu Ri. With Nuri, you can already get high interest rates and 24/7 access to cryptocurrencies.

With more than 250,000 users, Nuri offers a seamless banking experience with direct access to Bitcoin, Ethereum and the Bitcoin Interest Account that provides up to 5% interest per year Additionally, Nuri offers a completely free Visa debit card that can be used globally.

Nuri represents one of the most simple investing apps available, backed by reputed VCs across the globe such as Earlybird, Digital Currency Group, Alstin Capital, Global Brain, and HTGF.

In this review, we’ll break down everything you need to know about Nuri, including the mobile app, interest account, Visa card, trading fees, and more to help you decide why Nuri is the bank for you.

Promoted
InvictusUSD Margin Lending
  • Return rates optimized daily
  • Secure, stable investment growth
  • No minimum
  • No lock-up period, withdraw anytime

Nuri Main Features

Products Offered: Buy & sell Bitcoin, Ethereum, and Bitcoin Interest Account Number of supported cryptocurrencies: 2 Bitcoin Interest Rate: 5% APY Deposit Method: Wallet transfer, Wire, SEPA Two-Factor Authentication: Yes Insurance: €100,000 Deposit Guarantee Storage: Custody and Non-custody wallet

Nuri Pros and Cons

Nuri offers a limited selection of cryptocurrencies for now: Bitcoin and Ethereum, and offers a Bitcoin Interest Account that offers ~5% APY interest, and an easy to use investing platform.

Other advantages include worldwide card accessibility, free monthly withdrawals, and high trust. Account opening is also fast and intuitive.

Nuri Pros

  • Seamless Trading of Bitcoin and Ethereum
  • Easy to use platform - Mobile app and Web app
  • Fully Regulated 
  • Backed by reputed VCs across the world
  • High interest rates on Bitcoin
  • Available for 70+ nationalities across the world
  • Completely free VISA Debit card with unlimited monthly withdrawals at no additional cost
  • Great customer support

Nuri Cons

  • Available only for residents of EEA countries
  • Maximum trading limit of €30,000 per week

History of Nuri

2013 - Ben, Joerg and Jan, the three founders of Bitwala thought that Bitcoin had the potential to change the world. In 2013 they started a “crypto consultancy”, trying to get banks and large companies to see the benefits. They were laughed out of multiple offices and decided to take it upon themselves to make the change themselves.

2015 - In 2015, Bitwala first launched, allowing people to make bitcoin-powered bank transfers to 22 countries and a prepaid debit card. In 2018, Bitwala reimagined itself to become the world’s first crypto bank account. People had an easy and safe way to get started with cryptocurrency directly from their German bank account.

2021 - Bitwala, just like cryptocurrencies, has changed a lot in the last 8 years and it was time for a fresh new look. Nuri believes that everyone is empowered to build their financial future and Blockchain is at the heart of building that future.

History of Nuri

Nuri Bitcoin Interest Account

Nuri Interest

Nuri’s Bitcoin Interest Account is an alternative type of savings account that pays interest on your BTC deposits. It is a free account that can be opened by any Nuri customer. Interest is paid out weekly. You can deposit or withdraw bitcoin whenever you want, there’s no minimum investment period.

Nuri offers instant withdrawals of funds to your wallet, and they are settled almost instantly free of charge. The minimum investment to get started with a Nuri interest account is €10. Calculate how much interest you can earn with Nuri.

As a German fintech, Nuri has partnered with Celsius Network to offer the Nuri Interest Account.

Who is Celsius?

Celsius Network was founded in 2017 with the mission to harness blockchain technology to provide unprecedented financial freedom. They currently have more than $21 billion assets under management from over 700,000 users.

How can I create an interest account?

It's pretty simple: head to your Nuri app and tap on the "Wealth" menu item. If you scroll down you'll see the option: "Open Bitcoin Interest Account".

Why do the interest rates change?

Interest rates are based on market demand, if borrowing demand is high, Celsius are able to pay a higher rate on that coin. If demand is low, they will be paying a lower rate. Celsius dynamically changes these rates according to supply and demand. All interest earned on Bitcoin is compounded and paid out weekly.

How often are interest payments made?

Interest will be deposited in Bitcoin directly into your Bitcoin Interest account. It is calculated from Friday 05:00:00 UTC to Friday 04:59:59 UTC and distributed on Mondays. This means if your first deposit is on Friday, Saturday, or Sunday your first interest distribution will be the following Monday (you will not receive interest the first Monday).

How is my bitcoin secured?

Celsius lends out responsibly from their community’s pool of assets. This means that Celsius only does collateralized loans, and your coins are never “locked up” and you can withdraw at any time.

Platforms

Nuri’s web app and mobile app are both simple and easy to use even for beginners. On the other hand, both the platforms are available in both English and German.

Web App

The web platform is user-friendly and easy to navigate. The main dashboard gives a clear overview of your total balance and shows the latest transactions in your account. Your crypto balances and portfolio distribution are clearly presented. You can also see how much interest you have earned and accrued.

Pros:

  • User-friendly interface
  • 2-step verification
  • Clear Account Summary in EUR and Crypto
  • Downloadable Tax Report

Cons:

  • Web App is glitchy sometimes during peak volatility

Nuri’s web app reflects its simple suite of products with no other clutter. Unfortunately, it is not well optimized for international usage, as it can only translate your account value into EUR, USD, with no support for other major world denominations like the GBP, YEN, or INR. Customer support is available in English and German.

Mobile App

Nuri Mobile App

Pros:

  • Extremely easy to navigate
  • Two-step verification
  • Biometric authentication
  • Seamless EUR to Crypto and Crypto to EUR conversion in a single app
  • Get interest on Bitcoin directly into your Bank account

Cons:

  • App is glitchy during some peak volatile times
  • No live chat support

Nuri Visa Debit Card

Nuri Card

Nuri’s Visa debit card stands out among the crowd of crypto debit card providers. A key feature of Nuri Visa debit card is the unlimited free ATM withdrawals wherever you go. Lock and unlock your card via the mobile app at any time to stay safe.

Nuri Savings Plan

A great feature of the platform is Nuri’s Savings Plan, which allows you to set up recurring Bitcoin purchases on a schedule that works for you, an effective way to reduce the impact of volatility by spreading out your crypto purchases over time so you're not buying at a high point for prices (aka cost-averaging).

Safety

Nuri is a fully compliant German fintech, and all of its accounts are hosted by partner bank - SolarisBank AG.

Pros

  • Regulated by German
  • Solid leadership team
  • Backed by reputed venture capital

Cons

  • Safety of funds ultimately depends on the platform and its partners
  • Interest accounts are not covered by insurance

Ultimately, cryptocurrencies are speculative instruments and involve significant risk of loss. There is no absolute guarantee of investment protection and you should do a complete risk assessment before making any investment decision.

Customer service

Phone and email support are available for clients, but there is no live chat service. Support for international customers is not well optimized, as you can only call within German business hours.

Pros:

  • Relevant answers
  • Fast support within business hours
  • Friendly support

Cons:

  • No live chat
  • Urgent support missing
  • Not available 24 hours a day

Account opening

Nuri’s account opening is easy and available to 70+ nationalities residing in the EEA. Here’s the list of nationalities supported. Account onboarding is fast and fully digital.

Pros:

  • Fast onboarding
  • Identity verification call available only in English and German

Cons:

  • Verification can sometimes take longer as the verification partner has long wait times.

Drawbacks of Nuri

While our impression of Nuri has been positive so far, this would hardly qualify as a Nuri review without criticism. There are a few significant shortcomings that prospective adopters need to consider.

Master of None

Nuri does everything you'd expect from a cryptocurrency bank, but you're going to pay for the convenience that it has to offer. Trading fees, compound interest rates, and similar features are worse than dedicated platforms such as BlockFi. To some extent, this is predictable due to the challenges involved in inventing a new business model. Additionally, Nuri beats these competitors on convenience, consistency, and security.

European Union Only

When you sign up for a Nuri account, you need to be a resident of the European Union. Otherwise, your application will be invalid and dismissed out of hand. This is unfortunate for the global community of crypto enthusiasts, as Nuri isn't available to the majority of them. Since a collaboration with Solarisbank powers Nuri, Nuri is subject to German and EU laws in this regard.

Hopefully, more startups will soon follow Nuri's lead and we'll see cryptocurrency banks pop up in markets around the world. One silver lining is that if you fulfill this requirement, then it's remarkably easy to open your Nuri account. If you're over 18 with a valid ID and proof of address, you can sign up for a Nuri account easily.

Compare with Nuri alternatives

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Nuri Review: Effective Merger of Crypto and Fiat Currency

While some hardliners may not be interested in Nuri for investment, others will recognize that time has a value of its own. Investors who don't specialize in cryptocurrency and people interested in using crypto in their day-to-day life, rather than fiat should love Nuri. While it's not perfect, the cryptocurrency bank does a lot right and it's made us optimistic about the future of crypto banking. As a result, the final verdict of our Nuri review is 4/5.

Get started with Nuri ›

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