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Crypto banks’ savings rates are ten times greater than high street, but are they safe?

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theconversation.com

Leading crypto banks such as BlockFi and Nexo are attracting a lot of attention. Customers can earn an APY (annual percentage yield) of up to 12%, dwarfing high-street savings accounts, whose interest rates are sub-1%.

But before you rush to transfer your hard-earned savings, there’s some important things to be aware of. First you need to realise what these banks are offering interest on.

Apart from Nexo, which pays up to 12% interest on pounds, US dollars and euros, most crypto banks only allow customers to save in cryptocurrencies such as bitcoin and ethereum, or stablecoins like Tether or USDC which trade one for one with the US dollar.

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