At the time of writing this, according to Bankrate, the highest is 2.15% - don't expect to find anything higher than this from the traditional finance world.
With that in mind - let's look at BlockFi's new interest earning cryptocurrency options.
Earn up to 8.6% interest on your cryptocurrency...
With support for Bitcoin, Ether, Litecoin, USDC and GUSD. Just store your crypto at BlockFi and earn - paid out Bitcoin, Ether, Litecoin, USD Coin and Gemini Dollar every month.
What do they mean by 'every month'?
It means you can spend the interest you earned every month if you want to. You receive it as a payment, along with the option to add it to your balance at BlockFi so you begin earning interest on your interest.
Compounding interest...
This is the way to maximize profits. Imagine you put in $10,000 and from interest payments you now have $10,800. Your next payment will be based on that $10,800.
So as your balance goes up, the amount you earn in interest goes up.
The numbers just keep getting bigger!
Everyone qualifies! No minimum balance required!
You may have seen others offering something similar, but then saw they require a large minimum balance to be kept.
There's no minimum balance requirements at BlockFi!
Will my crypto stay accessible?
Yes! Our team here uses it like a wallet, you earn on whatever is in there - but you can deposit and withdraw your crypto whenever you want.
Note that they say withdraws may take up to 7 days, so far we've always gotten ours within 24hrs.
The best way to find out more is to head over to BlockFi and sign up for free! Deposit some crypto and you're happy with the results, grow that account as much as possible!
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Oscar Wyland
UK News Desk
CryptocurrencyLoans | BlockFi Review
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