Looking to grow your crypto investments? Then a crypto savings account is all you need. A crypto savings account helps you to earn interest on your holdings. And all you have to do is keep your assets on a crypto lending platform for a certain period of time.
There are quite a lot of crypto savings accounts available out there. So the question is, what are the best crypto savings accounts for UK residents?
Well, to help you out with this question, I am going to talk about some of the well-known crypto lending platforms. So here we go:
Best UK Crypto Savings Account
BlockFi is one of the best crypto savings accounts that you can try out. It is a cryptocurrency exchange that offers you interest-bearing accounts and low-interest rate loans worldwide.
The platform doesn’t charge any transaction fees on your trades. Also, there are no hidden charges or minimum balances.
With a BlockFi Interest account, you will be able to earn between 3% and 8.6% compounding interest on your cryptocurrency holdings. The interest rate varies from one cryptocurrency to another and fluctuates with market values.
Many crypto platforms including The Money Mongers, ranks BlockFi as the best crypto savings account in the market as the interest with BlockFi accrues daily and gets added to your account each month. So you will earn interest on a monthly basis.
Moreover, BlockFi also offers you a Bitcoin rewards credit card, and it is the first company to do so. With the credit card, you can earn 1.5% back in Bitcoin on purchases. Also, the rewards will get added to your BlockFi interest account. So it will also start earning interest.
2. Celsius Network
Celsius Network is another popular platform that offers a crypto savings account. It is primarily a decentralized finance or DeFi platform that focuses on crypto lending, borrowing, and earning. The platform is an ideal solution for anyone looking to earn passive income in the crypto space.
With Celsius Network, you will be able to earn top rates on any amount of crypto and get paid every Monday to keep HODLing your assets. Also, you can earn up to 25% more rewards when you choose to earn in the CEL (native token of Celsius) token.
The good part is that there is an on-site calculator where you can calculate how much you could be earning over a certain period of time.
Using Celsius Network is also extremely easy, and it comes with some unique features. One such feature is the CelPay which allows you to send and receive payments directly from the app.
Gemini is one of the popular crypto exchanges available out there, which also offers you a crypto savings account.
Its savings account is known as Gemini Earn, and with this, you can receive up to 8.05% APY on your cryptocurrencies and stablecoins.
It is extremely easy to get started with Gemini Earn, All you have to do is open an account on the platform and exchange any amount of crypto, and transfer it to Gemini Earn. That’s it, and Now you will start earning interest on your crypto assets.
The good part is that, unlike other platforms, you are allowed to redeem and move your crypto assets back to your trading account with interest at any time. In addition, there are no minimums, transfers, or redemption fees.
It lets you earn interest on a daily basis. Also, you can deposit and receive more than 110x the average national interest rate, with high-yield crypto returns. Also, you can check the interest rate over here.
YouHodler is another popular DeFi platform that lets you earn interest on your crypto holdings. With this platform, you can turn your cold assets into hot profit.
YouHodler allows you to earn up to 12% APR along with compounding interest. For this, all you have to do is deposit your crypto assets into savings accounts.
It allows you to earn interest in coins like Bitcoin (BTC), Pax Gold (PAXG), and a bunch of other stablecoins. Moreover, YouHodler deposits crypto interest earnings directly into your wallet every week.
It also comes with a tool named Multi HODL. This tool helps you capitalize on market volatility. So you can boost your savings and keep your daily interest. Also, you can stimulate your crypto and find the right balance.
Hodlnaut is another popular platform that offers you a crypto savings account. Using Hodlnaut you will be able to earn up to 12.73% APY. The good part is that there are no lock-in periods or minimum deposits like most other platforms.
You can deposit and withdraw cryptocurrency at any time. Also, as of now, it supports only six cryptocurrencies which include BTC, ETH, DAI, USDC, USDT, and WBTC. You can also use its on-site calculator to know how much you could be earning.
Moreover, Hodlnaut’s preferred interest payout feature allows you to earn interest in your preferred crypto asset. As a result, you will enjoy flexibility and freedom of earning interest in the cryptocurrency of your choice and maximize your profits.
Along with that, it also comes with a token swap feature. You can use this to swap tokens easily and rebalance your portfolio without moving your funds from the platform.
6. Outlet Finance
Outlet Finance is also one of the best savings accounts for UK residents. It is a savings app that allows you to earn over 50x interest compared to a traditional savings account.
It is basically an automation system built on top of a P2P lending platform built on blockchain technology. The money you invest gets converted into stablecoins. So it will not fluctuate as most other cryptocurrencies do. And then the platform lent out your funds to borrowers.
The platform makes it super easy to save money at the highest rate possible. So you can earn passive income while holding your coins.
Nexo is another excellent platform that allows you to earn passive interest on your crypto holdings. With this, you can start earning up to 20%, which is paid out daily.
The platform supports more than 31 digital assets, which include USDT, USDC, USDP, USDX, GPX, BTC, ETH, NEXO, and more.
Also, depending on your selection of tokens, the interest rate will vary. For instance, with USDT, you can earn up to 12% APR, but with BTC or ETH, you can earn up to 8% APR. You can use their onsite calculator to calculate how much you could be earning with Nexo.
The platform also offers you a Nexo Card. The card is accepted by 40M+ merchants worldwide, and you can earn up to 2% instant cashback on all your purchases, and you can make payments in local currencies. Plus, it has no minimum monthly repayments.
So those were some of the best Best crypto savings accounts for UK residents. Now go ahead and check these platforms out, play around with their onsite calculator to know how much you could be earning with your crypto assets. Also, make sure to be aware of the risks and rewards with a crypto savings account. So you can safely invest your money.