The cryptocurrency industry has offered developers and investors the opportunity to introduce new financial tools providing plentiful options to earn passive income. Simply holding crypto has offered patient investors the chance to make gains over the years. However, there are various other ways to increase crypto assets’ stacks, even in bear markets.
Other than staking, crypto savings accounts allow retail investors to accrue their funds by earning interest on the crypto assets they deposit on specific cryptocurrency platforms if they agree to lend out their coins or tokens. Crypto interest accounts are particularly appealing because they distribute much higher returns than traditional bank savings accounts, considering that the average interest rate applied by a crypto savings account can be up to 7.5%, against the average 0.06% of bank savings accounts.
- Choose a cryptocurrency platform you trust that offers realistic interest rates;
- Transfer cryptocurrency to this chosen platform;
- Follow the few simple steps to deposit your crypto assets into a savings account. Usually, these steps are straightforward, and you’ll be guided through the process by the platform;
- Choose if you want to deposit your asset for a limited amount of time or select a flexible time that will allow you to withdraw your crypto at any time;
- Start earning interest from the first day.
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