Best Crypto Savings Account in 2020

Although they are still relatively new to the market, cryptocurrency savings accounts are quickly growing in popularity. They offer a convenient and familiar way to earn interest on your cryptocurrency if you do not plan on using it in the meantime. At the same time, you get a safe place to store your crypto. But how do you choose the best crypto savings account?

What Makes a Crypto Savings Account The Best?

There are a few factors that will help make a crypto savings account the best. You want to find an account that combines all of the following features.

Interest Rate

One of the first things you will look into about any savings account is the interest rate it offers. There is a great deal of variation in this respect, but interest rates of about 5% or less are very common.

The best accounts have a higher interest rate, which can be closer to 7% to 8%, with some of the top platforms even offering rates above 10%. Those higher rates typically come with conditions, such as a lockup period or depositing a higher amount.

Read more: Earn interest on crypto


Since you will be storing your cryptocurrency in the savings account, you want to pay close attention to security. Choose a platform that has solid security measures in place and has not had any major security scandals.

How the Money Grows

Although you may not want to get into too much of the technical side of the account, you should still at least be vaguely aware of how the platform uses your investment to make a profit as that profit becomes your interest rate.

Most industry players rely on crypto lending as the key element of the business model. This is a straightforward method. But as more platforms arise that rely on it, the interest rates for lending crypto is dropping. That results in lower maximum earnings for you.

The best options, like Haru invest your cryptocurrencies in a manner that minimizes risk instead of relying on crypto lending. For example, Haru uses strategies such as a market neutral strategy, arbitrage trading to leverage the price gaps between various exchanges, and spread trading that takes advantage of the volatility of futures contracts.

Most importantly, each of the investment strategies that Haru uses is chosen for its lower risk. At the same time, they offer larger potential earnings than crypto lending. You can review Haru’s weekly earning rates from here.

Essentially, the chosen method of growing the cryptocurrency affects the interest rates you can get and the security of your funds by offering more potential growth and minimizing risk, respectively.

Who Manages the Crypto

As a supplement to how the investments grow, pay attention to who is in charge of making the decisions regarding growth. At Haru, for example, only companies of a certain size with a long history of management, a strong track record, and a sizable trading volume can manage the deposits and savings. Get more information about us.

Earn crypto interest

More and more people are using Haru to keep their crypto asset smart. Give it a try!

Read more: Crypto investment firm

Customer Service and Reputation

You should also pay attention to the customer support and overall reputation of the company offering the savings account that you want. The best companies will offer a live chat and clear explanations that should answer all your questions. They will also have a strong reputation in general and for customer support. Haru has a live Telegram Q&A group that provides immediate assistance to customers, and the team member in charge of customer support is ready to give any help that customers need.

Why You Should Be Careful About Savings Accounts

There are a few things that you should be extra careful about regarding crypto savings accounts, with security being the primary concern.

Security of Your Crypto

With a cryptocurrency savings account, you entrust a platform to safely store your cryptocurrency for you. Just like you have to be wary of the security of any crypto wallet or exchange before moving your funds there, you should do the same with a savings account. If you accidentally choose a platform that does not take adequate security measures with its crypto storage and does not have any guarantee or protection, you may lose your funds. With its partnership with BitGo, a licensed crypto security technology firm, Haru ensures that your crypto is kept safe in their hands.

How You Can Earn Passive Income With Crypto Savings Accounts

Earning passive income with a crypto savings account is straightforward, at least with the best accounts.

All you have to do is open a savings account, deposit your cryptocurrency, and wait. Depending on the account and platform, you may need to keep the crypto in the account for a specified minimum time, known as the lockup period. Check out our products (Haru Earn, Haru Earn Plus and Haru X) from the homepage.

Why Do You Need a Crypto Savings Account

Simply put, a crypto savings account lets you earn money on cryptocurrency that you would not be using otherwise.

Let’s say you own ETH or BTC but do not plan on using it in the near future. You see it as a long-term investment. You could store it in a hardware wallet and hope the price goes up, netting you a profit. However, there is no guarantee as to how the crypto markets will move, so you cannot count on earnings.

Read more: Earn interest on Bitcoin 

In the best-case scenario, the coin will also increase in value, maximizing your profits since you will also have more of it than you started with. On the other hand, if the coin drops in value, the interest you earned will mitigate your losses.

How Haru’s Crypto Savings Account Works

Haru offers two main types of crypto savings accounts. The regular account, Haru Earn, lets you earn interest on your cryptocurrency and does not have a lockup period. That interest rate is annual, and you earn some of it every single day. The lack of lockup means that you can withdraw 24/7.

If you want a higher interest rate, you can opt for an account with a lockup: the Haru Earn Plus. This will typically add at least a few percentage points, if not more, to your interest rate, and you can select your own lockup period, as long as it is between 15 to 365 days.

The design of Haru’s crypto savings accounts means that you get a higher interest rate than alternatives without any lockup (or a minimal lockup, if you choose). You also earn interest daily, so your balance grows faster.

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