Compare 6 Best Crypto Savings Accounts to Earn Interest on Crypto in 2024

By:

Prash Raval

Prash is a financial writer for Invezz covering FX, the stock market and investing. For over a decade he has traded spot FX full time while... read more.

Updated:  Sep 26, 2024

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If you’re looking to earn passive income from your crypto holdings, a crypto savings account might be the perfect solution. Unlike traditional bank accounts, the best crypto savings accounts offer significantly higher interest rates, often ranging from 3% to 12% or more, depending on the platform and asset.

However, finding the best crypto saving accounts can be a tough task, especially with the myriad of options available, each promising attractive returns. At Invezz, we understand this challenge because our team has been involved in the crypto space for years.

We’ve personally used and tested a range of crypto savings accounts—from mainstream platforms to niche services—gaining firsthand experience of what works and what doesn’t.

Combining our knowledge with customer reviews and extensive hands-on testing, we’ve put together a list of the best crypto savings accounts to help you make informed decisions. Whether you’re looking for the highest yields, the best security features, or a simple and user-friendly experience, this guide will provide everything you need to know to maximize your crypto earnings safely and effectively in 2024.

The 5 best cryptocurrency savings accounts 2024

• Binance. Best crypto savings account overall.
• Nexo. Best crypto savings account with daily payouts.
• Coinbase. Best way to earn interest on small crypto holdings.
• KuCoin. Best crypto savings account for flexible interest rates.
• Crypto.com. Best crypto savings account for beginners.

What are the best crypto savings accounts?

Below is a selection of our expertly recommended crypto savings accounts. These platforms pay some of the highest yields and are perfect for beginners and experienced crypto enthusiasts. Click on any of the links to register an account, or keep scrolling to learn more about each platform. 

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CySEC, FCA

Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Invezz.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB.

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Full Regulations:

Cryptocurrency is not regulated by the UK Financial Conduct Authority and is not subject to protection under the UK Financial Services Compensation Scheme or within the scope of jurisdiction of the UK Financial Ombudsman Service. Investing in cryptocurrency comes with risk and cryptocurrency may gain in value, or lose some or all value. Capital gains tax may be applicable to profits from cryptocurrency sales.

Top 5 crypto savings accounts reviewed

Binance. Best crypto savings account overall.

Binance is the best overall crypto savings account thanks to its versatility, robust platform, and a range of savings options catering to both beginners and seasoned crypto investors.

From our team’s extensive experience using Binance, we’ve found its Flexible and Locked Savings products offer a perfect balance of convenience and higher yields.

For example, you can earn interest on stablecoins like USDT or BUSD with rates up to 6% APY, or opt for longer lock-up periods on specific altcoins, potentially reaching 8-10% APY.

Binance offers seamless integration of savings with other services like staking, lending, and liquidity farming. This is especially valuable if you’re looking to diversify your crypto earnings.

One feature that stands out most is the Auto-Invest option, which allows you to reinvest your interest automatically, something we found particularly beneficial for compounding returns without having to manually hit the buy button.

In our experience, one of the best ways to maximize a savings account with Binance is to consider a diversified strategy. You can use Flexible Savings for short-term liquidity and Locked Savings for higher returns on assets you plan to hold long-term.

Nexo. Best crypto savings account with daily payouts

If you want to see your earnings grow every day, then Nexo’s daily payout feature is your best option when it comes to choosing a crypto savings account. Our team at Invezz has been using Nexo since it first launched, and the daily compounding effect has significantly boosted overall returns over time.

For example, Nexo offers up to 12% APY on stablecoins like USDT, USDC, and EURx, with interest paid out daily and compounded automatically. This means that you don’t just earn interest on your principal; you also earn interest on your interest, which can lead to significantly higher returns compared to accounts with monthly payouts.

We found Nexo’s platform intuitive and easy to use, with a range of crypto savings options suited to different risk appetites. If you want the highest return you can Earn in NEXO, which pays higher rates when opting to receive interest in NEXO tokens.

Nexo also uses military-grade encryption and insurance on custodial assets which means your money is better protected compared to other accounts. Nexo’s zero-fee withdrawals also make it more flexible compared to competitors who may charge hefty fees, especially on larger transactions.

The best way to earn while you save with Nexo is to use its daily payout feature to benefit from compounding. Consider holding some of your assets in NEXO tokens to take advantage of the platform’s loyalty program, which can boost your interest rates by up to 2%.

Coinbase. Best way to earn interest on small crypto holdings.

KuCoin. Best crypto savings account for flexible interest rates.

KuCoin has a wide range of savings options with flexible interest rates, making it ideal if you want to actively manage your crypto savings and optimize returns. 

The flexibility of Earn allows you to switch strategies based on your risk tolerance and market sentiment. 

From our testing, we found that using KuCoin’s Flexible Savings is a good strategy during volatile markets while locking up assets in Fixed-Term Savings or lending them out can significantly boost returns during more stable periods.

The best way to take advantage of KuCoin’s flexibility is to consider using its Auto-Invest feature to build a diversified portfolio while earning interest. 

You can actively monitor the KuCoin Earn section to switch between Flexible and Fixed-Term Savings based on market conditions for optimal yields.

Crypto.com. Best crypto savings account for beginners.

Crypto.com is one of the best known cryptocurrency platforms that offers a savings account feature for you to earn interest on your crypto assets. It is ideal for beginners looking to start earning interest on crypto holdings without complex steps.

From our extensive use of the platform, we found that its Earn program offers competitive interest rates, up to 12% APY on stablecoins like USDC, while providing a user-friendly interface and an excellent mobile experience.

Crypto.com operates a tiered interest rate system based on the amount of CRO (Crypto.com’s native token) you hold. Staking can further enhance your earnings.

The ability to choose from Flexible, 1 month, or 3 month terms for different assets is one of the top features of the platform. This range allows you to start with a flexible term, and then lock in for longer periods as you grow more confident.

The Crypto.com Visa Card is another top feature, our team found that it provides additional benefits such as cashback, which can be reinvested into your savings account for compounded growth.

More about the best crypto savings accounts

Which savings account has the best crypto interest rates?

Nexo pays the best interest, with a variety of fixed and flexible savings terms available. Here is a look at the crypto interest rates available with a few of the biggest savings accounts.

What is the best crypto savings account with flexible interest rates?

Kucoin has a wide range of crypto coins offering flexible interest rates, with some rates as high as 45% on smaller, more volatile coins.

What is the best crypto savings account for fixed-term rates?

Nexo has the best fixed term accounts, with different time frames available for each different coin. Nexo also secures deposits and insures them up to $775 million for additional security, a crucial factor in fixed term crypto savings.

What is the best savings account for stablecoins?

Kucoin offers extremely high rates of interest on USDT, if you’re prepared to take more of a risk with its dual investment feature. Otherwise, Nexo pays up 14-16% on all stablecoins, which offers a more stable and reliable rate.

What is the best Bitcoin savings account?

Nexo pays the best rates of interest on Bitcoin, with up to 7% available if you lock it up in a fixed-term contract and receive your payouts in the NEXO token.

What is the best altcoin savings account?

Kucoin offers a crypto earn feature on 500+ cryptocurrencies, making it by far the best place to earn money on your altcoins. You may be able to find better rates on some coins elsewhere, but the overall range is unmatched.

What is the best high yield crypto savings account?

Kucoin offers up to 100% yield on some fixed term contracts that use its dual investment feature. Nexo offers up to 36% on some coins.

What is the best crypto savings account with daily payouts?

Nexo provides daily payouts and some of the best crypto interest rates around. It’s available in 200+ markets and throws in a bonus if you get paid in the NEXO token.

What are crypto interest accounts?

A crypto savings account lets you earn interest on your cryptocurrency holdings. Similar to how traditional bank savings accounts work for fiat currencies like Dollars or Euros, crypto savings accounts allow you to deposit your digital assets into an account, and the provider will pay interest on your balance. 

While cryptocurrency savings accounts are similar to traditional ones, there are a few differences, the main one being the amount of interest paid. The interest rates on Bitcoin savings accounts are often higher due to the higher volatility and potential for greater returns in the cryptocurrency market. 

How do cryptocurrency savings accounts work?

A cryptocurrency savings account allows you to deposit crypto into an account provided by a third party and earn interest. Once you have deposited your crypto, the account provider will pay you interest on your balance. Crypto savings accounts come in all shapes and sizes and some platforms offer stablecoins alongside a wide range of other coins like Bitcoin, Ethereum, and Litecoin. 

Like traditional savings accounts, digital asset saving accounts lend out your money and pay you some of the interest earned. Generally, the yields for stablecoins are lower and predictable, while for volatile coins like Bitcoin or Ethereum, interest rates can be higher but also more variable. Some crypto investment account platforms offer tiered interest rates whereby higher balances can earn higher interest. 

How to earn interest on crypto

Follow the steps below to open a cryptocurrency savings account and start earning interest today.

Is a crypto savings account better than a regular savings account?’

Some of the features available when using a crypto savings account are better than a regular savings account. Both types of accounts have their pros and cons and depending on your goals, one may be more suitable than the other. 

Regular savings accounts typically offer insurance[1], ensuring the safety of your funds. In contrast, crypto savings accounts generally lack this insurance feature and it is possible to lose all of your money. If safety of funds is high on your list of importance, then a traditional savings account is a better choice. 

Crypto interest accounts provide greater flexibility and yields. While traditional bank savings accounts may offer an average interest rate of around 3%, with companies like Nexo, you can earn up to 12% interest on Bitcoin and even higher rates for other cryptocurrencies. This makes the best crypto interest accounts a better option. 

As mentioned above, the best type of account will largely depend on your goals and risk appetite. If you’re concerned about safety, then a traditional savings account with a bank is the best choice. If you want high returns, crypto savings accounts are considerably better.

How should I choose a cryptocurrency savings account?

There are many different crypto savings accounts available and you should take the time to choose the right one for you. Here are a few tips you can follow to help when choosing the best crypto savings account. 

• Check the yields available. Take the time to compare the interest rates different crypto investment platforms offer. Consider whether the yields are fixed or variable and how often you’ll be paid. You should also check if the platform provides tiered rates based on your account balance. 
• Make sure the platform offers the cryptocurrency you require. The best cryptocurrency savings accounts have a wide range of coins available. So, if you’re looking to earn interest on various tokens, using a platform that can cater to your requirements is important. Some platforms offer just one or two options, such as a Bitcoin savings account or an Ethereum savings account. 
• Use a platform that takes security seriously. In recent years, there have been a few reported cases of crypto savings account platforms suffering security breaches. You should take the time to find out what security measures your platform has in place so that your crypto savings are as protected as possible. 
• Understand the fees before signing up. Some high-yield crypto savings accounts charge fees, so be sure to read the fine print being depositing funds. Some of the most common fees included deposits, withdrawals, and other services. Some of the top crypto savings accounts offer discounts based on your account balance. 

Should I use a crypto savings account?

Using a digital crypto savings account is a good way to earn interest on your cryptocurrency holdings, although whether or not you use one will depend on your financial goals and appetite towards risk. 

Most crypto savings accounts offer significantly higher interest payments compared to traditional ones like a bank account, with some platforms offering double-digit rates. A digital money savings account is a top option if you want to earn passive income from your cryptocurrency. 

However, it is important to remember that crypto savings accounts come with a few unique risks. The crypto market is generally volatile, which can lead to significant losses if you’re not careful. Some crypto platforms have also gone bankrupt, so choosing the best crypto based savings account is crucial before starting. 

What are the risks of using a cryptocurrency savings platform?

The key risk of using a crypto savings platform is losing money. As previously mentioned, the crypto market is volatile in nature and large price swings can quickly impact your investments. Here are a few pros and cons of using a crypto based savings account. 

Quick answers to key questions

What are the fees for using a crypto investment account?

Crypto savings platforms have their own fee structure, so what you will pay varies depending on the provider. Typically you may pay a fee for depositing and withdrawing funds. Some platforms also charge account maintenance fees. It is important to check any fees before opening an account.

How often will I receive payouts?

It will depend on the crypto savings account you use. Generally, you’ll be paid interest every month, quarter, or year. With some platforms, such as Nexo, you will be paid interest on a daily basis. Many of the best crypto savings accounts let you choose between fixed and variable terms. If you opt for a fixed term, your crypto will be locked for a certain amount of time, but the interest you earn will be higher. 

Should I use a fixed term savings account?

A fixed term savings account is the best way to increase your crypto savings interest rates. Lots of cryptocurrency savings account providers let you earn higher yields for simply locking your funds for a set amount of time. The most common fixed terms usually run between 3 months and a year. 

For example, with Nexo, if you save Bitcoin you’ll earn an average yield of 3%. If you choose to save Bitcoin for a fixed amount of time, you’ll be able to earn an additional 1% – 2 %. For other cryptocurrencies, the fixed term rates are considerably higher. 

Crypto savings accounts Vs. crypto wallets – What is the difference?

Crypto savings accounts and crypto wallets share many similar features; depending on your requirements, one may be more suitable. Here are a few features of each to help you understand the difference. 

• Digital money savings accounts and wallets serve different purposes. Wallets are mainly used for storing and managing cryptocurrency, while crypto savings accounts are designed to help you earn interest on your holdings. A wallet is the best option if you’re just looking for somewhere secure to keep your coins. 

• Crypto wallets can be used to send and receive crypto. When you use a crypto wallet, you can send and receive coins to any address. When using a cryptocurrency savings account, sending and receiving funds is generally not possible. 

• Crypto based savings accounts typically have higher yields. You can hold your cryptocurrency in a wallet or an exchange and earn interest; however, what you make will typically be much lower than what a savings account offers. However when using a savings account, you have the additional risk of market volatility. 

• Saving platforms have additional features. The best crypto savings accounts usually offer additional features, such as the ability to compound interest automatically. Other features include being able to set up recurring deposits and some even offer insurance for added security. 

Is saving money in crypto safe?

Using a crypto based savings account carries some risks, mainly due to the cryptocurrency market’s volatility and lack of regulation. While you can earn high-interest rates saving in crypto, exercising caution, diversifying, and only investing what you can afford to lose is important. 

Unfortunately, several crypto savings platforms have gone out of business. Doing thorough research, using secure platforms, and implementing proper security measures can help mitigate risks and enhance the safety of your crypto savings.

Methodology: How did we choose the best cryptocurrency savings accounts?

Helping people make better financial decisions is at the heart of our mission at Invezz. 

We periodically test more than 67 savings accounts to provide our users with clear, accessible guidance on the investing options available. All testing is carried out by our panel of crypto experts, analysts, and active traders who sign up to each account, conduct research, and score each service.

Our tests are designed to find savings platforms that offer a beginner-friendly, secure crypto experience at a fair price. To supplement our practical testing and experience, we research each crypto interest account to gather any further relevant information. We read online customer reviews, savings account reviews on the Play Store and App Store, and conduct user surveys to get feedback from real people about what works, and what doesn’t.

Each cryptocurrency savings account is awarded a final score based on 130+ data points across 8 ranking categories: cost, reliability, user experience, deposit & withdrawals, investing options, range of products/markets, research & analysis tools, and the availability of educational & learning resources.

We work closely with individual crypto brands to ensure all factual information displayed here is accurate. All data is then fact-checked by an independent reviewer. You can learn more about our expert panel and how we test, rate, and review platforms in our review process. 

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