Get More for Your Crypto: The Best High-Yield Savings Accounts for 2023

It’s funny how so many people are concerned about inflation and yet they continue to save money in a bank account. The paltry interest rate banks offer won’t even cover a full gas tank let alone beat inflation.

We all know that inflation has been well above 2% for nearly two years now; at least in the United States alone (peaked at over 9%). But it is actually much worse than any talking heads would like you to think.

When it comes to inflation, we don’t need the “experts” to tell us what is driving up costs. We all know this when we go to the grocery store, look at home listings, and fill up the gas tank or oil burner.

And we’ve discussed the reasons for this on many occasions.

There are extremely inflationary forces at work that didn’t exist for decades.

For example, the world has been in a state of relative peace for quite some time. For decades there were no major wars, and most countries were happy to trade and get along.

But that’s no longer the case. The US is involved in a proxy war in Ukraine, and China has ramped up its divisive rhetoric.

Conflict is inflationary. Conflict makes it harder to trade among nations. It means countries become insular and impose sanctions and tariffs instead of opening up for business.

You don’t need a PhD in economics to understand that that will lead to higher costs.

Fortunately, today we can all simply open a cryptocurrency savings account and start earning higher interest rates.

Now let’s take a quick look at some of them…

Here are some of the best high-yield cryptocurrency savings accounts in the market today:

CEX.IO
Flynt Finance
YouHodler
Binance
Kucoin

What is a Cryptocurrency Savings Account?

A crypto savings account is akin to savings accounts in traditional banks, albeit with significantly higher interest rates. We save in the bank because it at least ensures that the underlying value of our money continues to grow over time.

For example, if you deposit one bitcoin into a savings product with an APY of ~13%, it will be 1.132 bitcoins a year later. By earning interest with a crypto savings account, you increase the underlying value of your investment regardless of its fiat currency price.

Unlike Staking Crypto, a cryptocurrency savings account is a lower-risk way of earning a yield. And this has become more and more common for beginner investors looking to generate an additional passive income with their savings.

Typically, crypto savings accounts are divided into ”Flexible” and ”Locked”.

Locked Savings	Flexible Savings
Funds are locked for a term	Withdraw Any Time
Higher Interest Rates	Lower Interest Rates
Earn at the end of Term	Earn Daily

Where does the Yield (APY) come from?

Crypto Saving Yields can come from a variety of avenues. When you hold certain cryptocurrencies, you can earn some extra crypto as a reward by participating in the network.

For example, Ethereum investors can participate in the ecosystem by Staking ETH to help secure the network. In the process, they can earn higher rewards for contributing to the network’s operations.

Most of the time, Staking requires a high level of technical knowledge; therefore these crypto platforms offer us a user friendlier alternative for that same opportunity by removing the technical hurdles. By offering the public this service, they can earn the difference while still offer us a respectable APY.

Another way some of these yields are generated is by lending out your crypto to other people who may want to borrow it. Crypto platforms also dabble in the “borrowing and lending market,” which is kind of like a peer-to-peer lending platform. When you lend out your crypto, you earn interest on the amount you lend, and the borrower pays interest on the amount they borrow.

What is the Benefit of Having A Crypto Savings Account?

Guaranteed interest: Whether the market goes down or up, you earn a daily interest.
Interest is paid crypto: If you subscribe BTC, you are paid in BTC and this adds to your existing stack.
Compound Daily: Leaving crypto in a savings account can really add up over time!

The risks & rewards associated with Savings, Staking or Lending can vary a lot depending on the demand for each cryptocurrency. So, I’m going to show you what is on offer in each of these crypto savings product and how much you can benefit from them down below…

The Best Crypto Savings Accounts

1. CEX.IO Savings

CEX.IO Savings is the safest and fastest way you can earn crypto interest.

With their flexible savings accounts, you can earn 3% annual percentage yield (APY) for Stablecoins, compared to an average of 0.33% APY on traditional USD banking savings accounts.

CEX.IO Savings works exactly as it sounds like it should — Save it and forget it while your crypto stack grows larger over time.

With no minimum amount requirement (and no maximum as well). You can even transfer 2 Satoshis and get rewarded. Hodlers will surely enjoy this immensely!

How to start earning interest with CEX’s Crypto Savings account?

It’s easy. Choose the cryptocurrency you want to subscribe to, and transfer your crypto. The interest will be paid directly into your Savings wallet. You can either choose to withdraw your funds or leave them in your Savings wallet for the interest to continue compounding.

If you want to add funds to your savings account and accrue more interest — you can do that at any time. No need to wait for the expiration date to make a deposit. So, bullish markets or bearish, you are getting your return.

Flexible Savings allows you to access your funds whenever you need them. You keep control of your money and can take them out at any time.

Choose fast redeem and transfer your funds quickly to your CEX.IO account balance with interest calculated for the last full day.

Or go for a standard redeem and receive funds along with the current day’s interest on the next day.

2. Flynt Finance

Flynt Finance offers some of the highest Staking yields in the market. You can earn up to 80% APY on your Bitcoin, 25% APY on Ethereum and 20% on all USDC Stablecoin deposit.

Unlike savings accounts, the crypto you stake here goes towards Option trading strategies employed by the platform’s quantitative analyst.

Choose one of the three product strategies on offer and you will receive weekly interest payouts directly into your Flynt wallet. There’s no limits on how much you can earn, no restriction and no tiers.

Here is Flynt’s Average APY being offered currently:

BTC =APY (compounded) ~44.68% ||APR (annually) ~37.06% || APY (with fee) ~34.40%
ETH = APY (compounded) ~13.63% ||APR (annually) ~12.79% || APY (with fee) ~10.76%
USDC = APY (compounded) ~16.76% ||APR (annually) ~15.52% || APY (with fee) ~13.20%

Here’s how you begin:

First, create a free Flynt Finance Account
Complete KYC (Know Your Customer) verification.
Deposit crypto into your Flynt wallet.
Subscribe to one of Flynt’s strategies.
Get paid weekly in cryptocurrency.

You can read in more detail about the platform in our Flynt Finance review for 2023.

3. YouHodler

As its name suggests, YouHodler is a multifaceted crypto solution for YOU as a HODLer.

This user-friendly platform supports a wide range of crypto assets, offering an easy way to earn up to 12.3% annual interest on Bitcoin, stablecoins and major cryptocurrencies.

Sign up for YouHodler and deposit your crypto coins. That’s it. Just let your cryptocurrencies sit on your YouHodler account, do nothing and you’ll get paid weekly in stablecoins and crypto.

YouHodler Savings Account also offers compound interest which is added every week.

At the end of each week, instead of withdrawing your weekly interest earned, you can keep it there to accumulate even more profit. This way, not only your principal money earn interest, your interest earns interest too!

If you want to increase your risk for a greater reward, YouHodler offers advanced features such as Turbocharge and Multi HODL™ where you can you can maximize your interest rates and earn more crypto.

With Ledger Vault’s advanced custody and security options, you can be sure your crypto assets are safe with them. Plus, it’s covered by $150 million pooled crime insurance.

The insurance covers different risks, including risks of employee theft caused by collusion and third-party theft of private keys/master seed in the event of a physical breach of hardware security.

4. Binance Savings

You have probably heard of (or even used) Binance to buy, sell and trade digital assets and stablecoins.

Binance is one of the most popular and fastest-growing crypto exchanges on the Internet.

If you don’t already have an account, create a free Binance account here.

Binance Savings is a simple way to earn interest on your Bitcoin and cryptocurrencies.

What makes Binance Savings stand out is that there are more than 169 cryptocurrencies, all of which offer an attractive APY helping you to grow your crypto wealth.

Binance Savings has two main features:

Flexible Deposits (crypto savings account)

- Allowing you to earn interest with the flexibility to withdraw your money promptly at any time.
- The interest rate is flexible and changes over time.
- Interest paid daily.

Fixed Deposits

- Yield bigger returns than flexible deposits.
- But you can’t access your funds for a fixed period of time
- Suitable for long-term investors who’re committed to holding their crypto.
- Option to Lock funds for any length of time: Daily, Weekly, Biweekly, Monthly or Quarterly

How to use Binance Lending to earn rewards:

Go to Binance
Click “Finance” > “Savings” on the top bar
Select the type of lending product you’d like to use: Flexible Deposits or Fixed Deposits.
Select the crypto you’d like to deposit to earn interest and click “Subscribe”.

All funds are protected by SAFU (Secure Asset Fund for Users, you can be sure your funds are safe and secure in any situation.

5. Kucoin Earn

Kucoin offers one of the most popular crypto apps on the planet with an incredibly feature rich experience.

If you haven’t downloaded the Kucoin app on your iPhone or Android yet, you can do it here.

Kucoin offers an easy to use Savings account for crypto wallet users. You can choose between a wide range of cryptocurrencies to earn yield.

Conclusion

Getting a crypto savings account that pays daily interest on your cryptocurrency is a must in 2023. This is the best way to get your money working for you without a hitch.

After all, if you’re investing in cryptocurrencies with the intention of growing your money, why wouldn’t you want to earn a return on your money instead of just letting it sit idle?

Top crypto savings platforms are easy to use and navigate, here are some of them: