You only need a phone number to open a CoinRabbit Savings account.
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Unlike other crypto savings accounts, you don’t need to verify your identity by uploading your driver’s license or providing your Social Security number. Withdraw some or all of your crypto at any time, or let your balance grow for as long as you’d like. Interest compounds and gets paid into your account daily, and there are no fees to worry about.
You must deposit at least $100 in either USDT or USDC stablecoins to open an account - but any balance amount earns 8% APY. How CoinRabbit Savings worksCoinRabbit‘s savings account works much like a standard savings account, but with stablecoins instead of dollars. Here’s a breakdown of what to expect from this platform. But as federal and state governments develop regulations for crypto lending platforms, it’s possible that you’ll need to verify your identity in the future.įor borrowers CoinRabbit Savings accountCoinRabbit Savings is a high-yield crypto savings account that accepts two stablecoins: Tether (USDT) and USD Coin (USDC). With easy access to the platform, it’s fast to sign up for a CoinRabbit account.
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All you need to do is verify your contact information by sending a code to your phone or email address. Unlike many crypto lending platforms, you don’t need to create an account with CoinRabbit before applying for a savings account or loan. Additionally, CoinRabbit doesn’t offer insurance to help protect your deposits or collateral while you’re paying back the loan.Īnd while CoinRabbit was popular among crypto-focused media and bloggers when it was founded in 2020, most praised the provider for its extremely low borrowing interest rate of 5%, which has since nearly tripled. Unlike many other savings accounts and crypto loan providers, you also can’t receive loan funds or deposit USD. You’ll pay a $100 prepayment penalty if you pay off your loan within the first 30 days. And while it offers loans as low as $100, it’s not a great choice for short-term loans. It offers multiple margin calls to help you balance your account before it’s forced to liquidate your crypto if the value significantly drops.īut these high returns on the savings account translate into a relatively high 12% to 16% APR. And there’s also no maximum term on the loan this platform offers.įrom the borrowing side, there’s a lot to like about the provider - especially in how it manages your collateral’s fluctuating value. There’s no staking period or term so you can keep the funds in your account for as long as you like. While it’s not the highest rate we’ve seen on stablecoins, it’s much higher than rates most other crypto savings accounts offer. If you currently have a Guarda wallet or use the ChangeNow exchange, you may have already heard of CoinRabbit, which is the lending arm of the partnership between these three crypto companies.So, if you want to borrow or deposit stablecoin, it could be a good option - it offers a crypto savings account with a flat 8% APY and no fees. Finder or the author may own cryptocurrency discussed on this page.
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Talk with a financial professional before making a decision. Potential regulations or policies can affect their availability and services provided. Digital assets are volatile and risky, and past performance is no guarantee of future results. Disclaimer: This page is not financial advice or an endorsement of digital assets, providers or services.
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