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- 1. Compare the 6 best crypto savings accounts in 2023
- 2. The 6 best cryptocurrency savings accounts 2023
- 3. What are the best crypto savings accounts?
- 4. Top 6 crypto savings accounts reviewed
- 5. What is a crypto interest account?
- 6. How do cryptocurrency savings accounts work?
- 7. How to open a crypto savings account.
- 8. How should I choose a cryptocurrency savings account?
- 9. Should I use a crypto savings account?
- 10. Methodology: How did we choose the best cryptocurrency savings accounts?
- 11. FAQs
Compare the 6 best crypto savings accounts in 2023
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77% of retail CFD accounts lose money.
Our cryptocurrency experts have investigated many of the best savings accounts available in 2023. Read on to learn more about cryptocurrency savings accounts and find out which ones our experts recommend.
The 6 best cryptocurrency savings accounts 2023
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.
77% of retail CFD accounts lose money.
Top 6 crypto savings accounts reviewed
1. eToro. Best for beginners, copy-trading & demo-account
Pros & Cons
We love eToro because it makes it simple to trade crypto at home or on the go. If you’ve never bought cryptocurrency before, then eToro makes it simple to buy 75+ of the leading coins, including the likes of Bitcoin, Ethereum, and Dogecoin. Every crypto trade comes with a flat 1% fee, which makes it one of the cheapest crypto brokers on the market to boot.
As well as being a broker that offers lots of investor protection, eToro offers a very social trading experience. You can easily see what’s trending on the crypto market every day, browse the latest technical analysis about every one of those tokens, and copy other people’s trade suggestions from your desktop or the eToro app.
The fees: You will be charged a 1% fee every time you buy or sell crypto. The charge is included in the market price that’s displayed on eToro. CFD trades may be charged an overnight or weekend fee if you leave the position open.
77% of retail CFD accounts lose money.
2. Public. Best for sharing beginner trading ideas
Pros & Cons
We love Public because it’s a social platform where you can share trading tips and get ideas from other people. Public offers 9,000+ financial instruments, including cryptocurrencies and stocks from around the world.
Alongside a community of other investors all sharing their ideas, Public offers real time news and information so that you can see the full picture before you invest. And the assets don’t just include your run-of-the-mill assets; you can make alternative investments in things like handbags and comic books as well.
The fees: Cryptocurrency trades are charged a 2.5% fee per transaction.
3. Bitstamp. Best for professionals & trading with APIs
Pros & Cons
We love Bitstamp because it has a proud reputation for top performance over more than decade. Bitstamp offers trading on 75+ cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, while staking is available on Ethereum and Algorand.
Bitstamp was one of the first crypto platforms to set up shop in 2011 and has built up trust since. It’s designed with institutional traders in mind, so it prides itself on near 100% uptime. It stores 95% of assets in cold storage and offers a sliding scale of fees so that high volume traders get the best rates.
The fees: There are no trading fees if you trade less than $1,000 in a rolling 30-day period. Above that, fees start from 0.4% and decline the higher your trading volume is. There is a 15% charge for staking. Withdrawals are charged a flat €3 fee.
4. Uphold. Best for building long term wealth
Pros & Cons
We love Uphold because it’s a regulated and transparent digital asset platform. There are 160+ cryptocurrencies available to hold and trade, along with three fiat currencies; GBP, EUR, and USD.
Uphold’s key features include the ability to schedule transactions to avoid trying to time the market. With a focus on long term wealth building, Uphold also offers the ability to earn rewards of up to 25% on staked crypto, as well as 4% cashback paid in XRP for purchases made with the Uphold card.
The fees: Crypto spreads start from 0.9% and are usually lower than 1.3% for BTC and ETH. Other cryptocurrency spreads are higher. Average spreads on fiat currency are 0.2%. There is a $0.99 fee for transactions under $100 made with the Uphold card.
5. OKX. Best for futures and margin trading
Pros & Cons
We love OKX because it’s an adaptable and flexible exchange, with an app that’s available in three different versions depending on how you trade. Choose from the beginner-friendly Lite version, Web3 option for NFT traders, or the Pro version for a plethora of trading tools.
From an app or desktop you can trade 350+ crypto coins on one of the world’s top crypto exchanges. You can fund your account easily, through a variety of simple payment methods, and a sliding scale of fees that means you can access discounts by holding the OKB token or trading high volumes.
The fees: Regular users pay a 0.1% fee on spot crypto trades. OKB crypto holders are entitled to a discount, up to 0.02% off for holding more than 2,000 coins. High volume traders are also entitled to a discount, with the cheapest fees available for traders with a 30 day trading volume above $10,000,000,000.
6. Nexo. Best for earning interest & rewards
Pros & Cons
We love Nexo because you earn rewards every time you make a purchase. You can trade 60+ cryptocurrencies and earn rewards of up to 0.5% on every transaction, then store your coins on Nexo to build your wealth through passive interest payments.
You can trade on the go from a mobile app and Nexo is designed for simplicity. Every trade is locked in at the rate you see on your screen, so you won’t suffer from price slippage, and it has the added bonus that any crypto held in your account automatically starts to earn interest.
The fees: Nexo charges a 2% spread on buy and sell transactions. There are no fees for storing coins in your Nexo account. Depending on your loyalty tier, you receive a fixed number of free withdrawals, and any additional withdrawals will be charged a network fee.
What is a crypto interest account?
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 open a crypto savings account.
Follow the steps below to open a cryptocurrency savings account.
Step 1. Choose a crypto savings platform and create an account.
Many crypto savings accounts are available, and you can use our comparison guide above to find the best one for your needs. Once you’ve selected your platform, head to its website and create an account. You’ll need to provide your contact information and may require additional verification documents like a passport.
Step 2. Make your deposit.
You will now need to deposit money into your cryptocurrency savings account. Some platforms operate on a cryptocurrency only basis, so you may need to buy some beforehand and connect your wallet to deposit. Many of the best crypto savings accounts let you deposit in fiat, such as USD, GBP, or EUR.
Step 3. Start earning interest.
When your deposit has been confirmed, you’ll earn interest on your crypto balance. You will have to select the coins you wish to earn interest on and buy them if you already don’t own any. The rates and frequency of payouts can vary depending on the platform and type of coin.
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, it is important to use a platform that can cater to your requirements. 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 best crypto savings accounts offer discounts based on your account balance.
Should I use a crypto savings account?
Using a 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.
Crypto savings accounts offer significantly higher yields than traditional ones, 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 savings account is crucial before starting.
Crypto savings accounts vs crypto wallets
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 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.
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 crypto savings accounts.
- You can earn passive income on your crypto holdings
- Many platforms have low initial deposits
- The yields available are much higher than traditional savings accounts
- You can open a crypto savings account very easily
- Stablecoin savings accounts have less volatility
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.
Methodology: How did we choose the best cryptocurrency savings accounts?
Our team of cryptocurrency experts were tasked with reviewing the best cryptocurrency savings accounts and ranking them based on specific criteria.
Our experts ranked each platform for the signup process, the length of time the account is available and the features on offer. After carrying out a series of tasks, a final score was given to each platform which determined our list.
While no platform influenced our final rankings, we may earn a commission if you sign up for a platform on our list. Learn more about how we test, rank and review.
If you’re already invested and familiar with the crypto industry, then using a crypto savings platform could be a better option than a traditional savings account. You’ll generally earn higher yields from crypto than you will using a fiat bank. However, you should consider the risks before making your decision.
It depends on your location and the rules in your country or jurisdiction. Some countries have more favourable laws towards crypto, while others are still not yet accepting. Many banks do not allow crypto transactions, so it’s important to check if they do before choosing one.
The best Bitcoin savings account will depend on your own goals and you can use our comparison table above to find a selection of the best options.
There are lots of Ethereum savings accounts and if you want to find the best one, you can select a platform from our comparison table above.
Use our comparison table above to find the best cryptocurrency savings account with the highest APY. Many platforms, such as Nexo, often have limited-time deals where you can earn high yields for specific coins.
More of the best crypto rankings
Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >