Compare 6 best crypto savings accounts to earn interest on crypto in 2023

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: Aug 4, 2023

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Our cryptocurrency experts have investigated many of the best savings accounts for cryptocurrencies available in 2023. Read on to learn more about cryptocurrency savings accounts and find out which ones our experts recommend.

The 5 best cryptocurrency savings accounts 2023

• 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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Top 5 crypto savings accounts reviewed

Binance. Best crypto savings account overall.

Binance is one of the largest crypto platforms and offers a feature called Binance Earn, allowing you to earn passive income through a savings account. With a wide range of investment options like flexible savings and locked savings, you can select the desired investment product and enjoy competitive rates on your crypto holdings. 

For instance, Binance offers up to 7.5% interest on flexible savings for popular cryptocurrencies like Bitcoin and Ethereum. You can earn interest by creating an account and depositing your preferred cryptocurrencies into the Earn section. You can then choose the investment product, review the yields, choose a period, and monitor your earnings, with the flexibility to withdraw funds when needed. 

Nexo. Best crypto savings account with daily payouts

Nexo is a reputable platform in the cryptocurrency industry that offers a savings account feature for you to earn passive income on your crypto holdings. It offers some of the most competitive interest rates, such as up to 12% interest on Bitcoin and even higher rates for other cryptocurrencies. 

Using Nexo’s savings account is simple – you create an account, complete the verification process and deposit funds. You can then select your desired investment product, review the associated interest rates, and earn passive income. Additionally, Nexo offers instant crypto loans as an added benefit.

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

Coinbase is a popular cryptocurrency exchange with an earn account feature that enables you to earn interest on your crypto assets. With competitive rates, like up to 4% APY on USD Coin (USDC), Coinbase provides an easy way to grow your crypto holdings. 

Once you’ve created a Coinbase account, you can access the earn feature, choose the cryptocurrency you want to earn interest on and explore options such as staking and lending. One advantage of using Coinbase’s earn account is the availability of educational content that lets you learn about various cryptocurrencies while earning interest.

KuCoin. Best crypto savings account for flexible interest rates.

Though the KuCoin earn feature, you can access the platform’s saving account that will pay interest on your crypto holdings. With rates such as up to 12% APY on USDT and up to 20% APY on POL, KuCoin is a top option for crypto investors. 

Getting started with KuCoin is simple – after creating an account, select the savings account option, choose your desired crypto, and customise the investment duration to maximise your earnings. The platform offers a user-friendly interface, ensuring a seamless experience for navigating and managing investments.

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. Getting started is easy – create an account, complete the verification process, and deposit your preferred cryptocurrencies. Then, access the earn feature, choose the cryptocurrency, and opt for a fixed-term or flexible savings plan to start earning interest on your holdings.

With competitive yields of up to 8.5% APY on stablecoins like USDT and USDC, Crypto.com provides some of the highest yields around. The platform boasts a user-friendly interface, making navigating and managing your investments easy.

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, 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 cypto 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. Although 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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