Several cryptocurrencies have proven to be great assets and investment options. Many individuals want to keep their investments in a savings account so that they can earn risk-free interest from them. However, many are unaware of the fact that there are crypto saving accounts that also yield the benefits of interest on the savings.
Earnings from the crypto account depend on various factors like the platform the user selects, the type of coin invested, and the kind of account that can be fixed or flexible. The benefits of a crypto savings account are that it acts like a passive income, it has no risks, and it can be a life saver during a crypto winter.
Some of the Crypto saving accounts are discussed below:
Coinbase
Coinbase is a major crypto exchange. It offers a staking service known as Coinbase Earn. This allows users to earn a yield on their digital assets by using them to secure their respective blockchain networks and earn rewards.
It offers a special USDC savings account that doesn’t involve lending or a staking service. USDC APY is up to 1.5%, ETH APY is up to 3.83%. Coinbase does not lend out its USDC. This is a way to earn interest while users wait to make trades on cryptocurrency.
Crypto(dot)com
Crypto(dot)com provides a good rate of interest rate on the market. Investors with a small amount of cryptocurrency will find better yields outside of Crypto(dot)com. It offers trading, staking, and metal visa cards with cashback benefits. Different interest rates depend on the locking period, membership status, and amount invested.
The platform provides interest in 15 traditional cryptocurrencies and 8 stablecoins. They provide simple daily interest and to gain the highest deal the minimum amount of keeping the investment is 3 months. It offers Bitcoin APY up to 2.4%, and USDC APY up to 5%.
NEXO
NEXO offers impressive cryptocurrency interest rates. The minimum lock-up period is 24-hours. It serves nearly 60 cryptocurrencies. Interest rates are as high as 11%.
Users have to create an account and deposit cryptocurrency. The user can choose the interest in the same cryptocurrency or native token of the platform. If the user selects the interest in the native token, then there is a 2% additional bonus. Interest is paid daily and users can take out the funds any time they wish.
Summary
Crypto savings accounts provide a way to earn a good passive income. However, it is recommended to select the platform that has a good reputation. Always go through the terms and conditions before opening the crypto account.
