BlockFi Interest Accounts
Verdict: This platform offers fair and competitive BTC interest rates, with 6.5% compounding interest on savings which is paid out monthly in the currency of your choosing. Their stablecoin 9.3% USDT APY is also competitive and much higher rates than conventional banks, and to top it off, they recently reduced withdrawal fees. Although utilising variable rates, they have stayed pretty consistent throughout the years. Alongside all this, this platform is one of the most accessible, as it's available on both web & mobile.
Founded in 2017, BlockFi Lending LLC is a centralised platform, giving a great way to earn interest on your crypto; all whilst providing fair and competitive rates for the majority of their assets. Their 4.5% interest on crypto-assets is competitive, but not the highest in the industry. We do like how the interest is compounding, and paid out monthly in the currency of your choosing (whether that's BTC, ETH, USDT etc), rather than a native token.
A drawback is that Blockfi experienced a security breach in May 2020, though no customer funds were lost. Since then, they have hired a new CSO to overlook the security of their platform.
- Well established, trusted company.
- Compounding interest paid in the currency of your choosing.
- Monthly interest payments
- Fairly consistent rates
- One free withdrawal per month
- Supports 7 assets, including BTC/ETH/LTC/USDT
- Cold wallet storage
- No minimum balance to earn interest
- Available on both web & mobile apps
- Lower interest rates than some competitors
- 1 day withdrawal delay
- No third-party insurance
- No fiat options
- Some competitor savings accounts offer daily/weekly payouts
- Marketing database breach in May 2020
Specification: BlockFi Interest Accounts
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