BlockFi Interest Account review

Earn up to 9.25% APY on crypto, but free withdrawals are limited.

BlockFi offers up to APY on stablecoins and other cryptocurrencies, and there are no minimum balance requirements. But you can’t deposit Canadian dollars into the account and free withdrawals are limited.

No reviews yet. Write a review


Minimum Balance

BlockFi has filed for bankruptcy

BlockFi has voluntarily filed for Chapter 11 bankruptcy in the US.

This follows its recent move on 11 November 2022 to suspend withdrawals, which it blamed on market conditions.

The company has advised customers with questions about the process to call BlockFi's claims agent Kroll on (888) 773-0375 (Toll Free) or (646) 440-4371 for those outside the US. You can also email

You can read the full BlockFi announcement here (Important Client Update - November 28, 2022).

How does the BlockFi Interest Account work?

The BlockFi Interest Account (BIA) works like a traditional savings account, but it accepts cryptocurrency instead of Canadian dollars and it’s not CDIC insured. Although you’ll get access to Blockfi’s trading and lending platform when you sign up, you don’t have to use those features and you can link other wallets and exchanges outside of Blockfi to fund the account. If you decide not to link to an external wallet or exchange account, you can also purchase crypto with as little as $20 from within the Blockfi app and website. But you must first verify your identity and set up your Blockfi trading account.

You don’t need much crypto experience to use the BlockFi Interest Account unless you decide to trade and borrow crypto on Blockfi’s platform. But if you’re not interested in using any of the trading features, you don’t have to. To start using Blockfi’s Interest account you can link your existing bank to BlockFi and buy crypto or link to an external wallet or exchange if you already own crypto. You can then shift your crypto assets into the BlockFi Interest Account and start earning compound interest.

Blockfi pays compound interest on 13 forms of crypto.

  • Basic Attention Token (BAT)
  • Binance (BUSD)
  • Bitcoin (BTC)
  • Chainlink (LINK)
  • Dai (DAI)
  • Ether (ETH)
  • Gemini Dollar (GUSD)
  • Litecoin (LTC)
  • Tether (USDT)
  • Paxos (PAX)
  • Paxos Gold (PAXG)
  • Uniswap (UNI)
  • USD Coin (USDC)

Interest starts accruing the day after assets are deposited, and Blockfi pays interest into your account on the last business day of each month. You can also choose which form of cryptocurrency you want to earn as interest. For instance, you can deposit Bitcoin (BTC) into your account but choose to earn interest in the form of Ethereum or any other supported form of crypto.

How do I apply?

When you apply for a BlockFi Interest Account, you’ll gain access to BlockFi’s trading and lending features as well. But you aren’t required to use them. Applying takes less than five minutes.

  1. Visit BlockFi’s BIA page
  2. Click Open your account.
  3. Enter your name and email address, then create a password.
  4. Agree to the terms and SMS policy, then select Submit.
  5. Enter the verification code that was sent to your email address.
  6. Complete the verification process and wait a few minutes until you’re approved.
  7. Log in to your account, select Fund and start making deposits.


Open BlockFi Interest Account when you meet these eligibility requirements:

  • At least 18 years old
  • Valid email to confirm the verification code
  • Live in any of the permitted countries
  • Valid phone number
  • Government-issued ID, such as a passport, driver’s license or ID card

Required information

Provide the following information when you apply.

  • Email address
  • Valid government-issued ID
  • Verification code
  • First and last name
  • Date of birth
  • Address
  • Phone number
  • Photo of your passport, driver’s license or other ID card

Earning interest with Blockfi

BlockFi has a tiered crypto interest structure that varies by asset.

BAT (Tier 1)0 – 4,000 BAT1.00%
BAT (Tier 2)> 4,000 – 20,000 BAT0.2%
BAT (Tier 3)> 20,000 BAT0.1%
BTC (Tier 1)0 – 0.10 BTC3.5%
BTC (Tier 2)0.10 – 0.35 BTC2.5%
BTC (Tier 3)> 0.35 BTC2.5%
BUSD (Tier 1)0 – 20,000 BUSD8.5%
BUSD (Tier 2)20,000 – 2,000,000 BUSD7.5%
BUSD (Tier 3)>2,000,000 BUSD7.5%
DAI (Tier 1)0 – 20,000 DAI6.00%
DAI (Tier 2)20,000 – 2,000,000 DAI4.00%
DAI (Tier 3)>2,000,000 DAI3.5%
ETH (Tier 1)0 – 1.5 ETH3.5%
ETH (Tier 2)> 1.5 – 5 ETH2.00%
ETH (Tier 3)> 5 ETH2.00%
GUSD (Tier 1)0 – 20,000 GUSD8.5%
GUSD (Tier 2)20,000 – 2,000,000 GUSD7.5%
GUSD (Tier 3)>2,000,000 GUSD7.5%
LINK (Tier 1)0 – 100 LINK1.00%
LINK (Tier 2)> 100 – 500 LINK0.20%
LINK (Tier 3)> 500 LINK0.1%
LTC (Tier 1)0 – 20 LTC2.00%
LTC (Tier 2)> 20 – 100 LTC1.00%
LTC (Tier 3)> 100 LTC0.1%
PAX (Tier 1)0 – 20,000 PAX8.5%
PAX (Tier 2)20,000 – 2,000,000 PAX7.5%
PAX (Tier 3)>2,000,000 PAX7.5%
PAXG (Tier 1)0 – 1.5 PAXG1.00%
PAXG (Tier 2)1.5 – 5 PAXG0.2%
PAXG (Tier 3)> 5 PAXG0.1%
UNI (Tier 1)0 – 1003.00%
UNI (Tier 2)100 – 500 UNI2.00%
UNI (Tier 3)> 500 UNI2.00%
USDC (Tier 1)0 – 20,000 USDC8.5%
USDC (Tier 2)20,000 – 2,000,000 USDC7.5%
USDC (Tier 3)>2,000,000 USDC7.5%
USDT (Tier 1)0 – 20,000 USDT8.75%
USDT (Tier 2)20,000 – 2,000,000 USDT8.00%
USDT (Tier 2)>2,000,000 USDT8.00%

Interest fees

Depending on market conditions, Blockfi may charge an administrative fee if you opt to have your interest paid in a form of cryptocurrency other than which it was earned. For instance, if you want to receive interest on your BTC in the form of ETH, you may pay a 1.5% fee of the total interest accrued during the month.

How to earn the highest interest rate with BlockFi

To earn BlockFi’s highest interest rate of 9.25%% APY, your account must hold between 0 to $20,000 Tether (USDT) in your account. All other assets supported by BlockFi earn lower APYs, ranging from 0.1% to 8.75% based on the type and balance in your account. If you have more than $20,000 USDT in your account, the first $20,000 will earn 9.25%% APY, but the portion of your balance that exceeds $20,000 will earn 8.25% APY.

BlockFi Interest Account withdrawal fees

If you hold any of the following forms of crypto, you are eligible for one free crypto withdrawal per calendar month.

CurrencyWithdrawal LimitFee per additional withdrawal during the same calendar month
BTC100 BTC per 7-day period0.00075 BTC
BUSD1,000,000 per 7-day period50 USD
DAI1,000,000 per 7-day period50 USD
GUSD1,000,000 per 7-day period50 USD
LTC10,000 LTC per 7-day period0.001 LTC
PAX10,000 LTC per 7-day period50 USD
USDC10,000 LTC per 7-day period50 USD
USDT10,000 LTC per 7-day period50 USD

BlockFi doesn’t offer any free withdrawals for BAT, ETH, LINK, PAXG or UNI. Here are the withdrawal limits and fees for those cryptocurrencies.

CurrencyWithdrawal LimitFee per withdrawal
BAT2,000,000 BAT per 7 day period60 BAT
ETH5,000 ETH per 7-day period0.015 ETH
LINK65,000 LINK per 7-day period2 LINK
PAXG500 PAXG per 7 day period0.035 PAXG
UNI5,500 UNI per 7 day period2.5 UNI

3 benefits of the BlockFi Interest Account

While the BlockFi Interest Account isn’t a traditional savings account, it offers some familiar benefits that can help you save:

  1. Any balance earns interest. Depending on which coins you hold, you could earn up to [9.25% APY with no minimum balance requirement. But if you want to take advantage of the $250 bonus offer, you’ll need to deposit at least $100 worth of assets.
  2. Available worldwide. Aside from sanctioned and watchlisted countries (such as the US), you can open this account from anywhere in the world.
  3. Tax tools. BlockFi gives you access to a full suite of tax tools powered by TaxBit.

5 potential disadvantages to consider

Like other crypto savings accounts, BlockFi Interest Account lacks CDIC insurance. It also has these drawbacks.:

  1. Crypto deposits only. Some crypto savings accounts, such as Eco, Donut and Linus, accept USD deposits. You can’t deposit fiat money into this account, but you can deposit a variety of stablecoins and other cryptocurrencies.
  2. Limited access. BlockFi operates entirely online, so you can’t visit a branch or use an ATM.
  3. Rehypothecating funds. BlockFi reserves the right to lend, sell, or otherwise leverage your deposits multiple times over.
  4. Interest fee. If you opt to earn interest paid in a different cryptocurrency than you earned, you may pay a 1.5% administrative fee of the total interest you accrued that month.
  5. Limited free withdrawals. You only get one free withdrawal per calendar month for eight cryptocurrencies. Additional withdrawals cost $10 each, and the rate for crypto withdrawals varies by currency. These cryptocurrencies don’t offer any free withdrawals: BAT, ETH, LINK, PAXG or UNI. Also, BlockFi says it can take up to seven days to process withdrawals, but most are pushed through on the same day.

Is BlockFi Interest Account safe?

Crypto held in the account is not insured by the CDIC. But crypto is held by Gemini Trust Company. BlockFi’s website claims it offers the “highest degree of security available in the blockchain lending ecosystem,” but it doesn’t provide any specifics. However, BlockFi does use two-factor authentication to protect your account.

In May 2020, BlockFi announced it was the target of a hack in which user data was compromised, but no funds were lost. Aside from that incident, BlockFi hasn’t suffered any newsworthy attacks or breaches.

What cryptocurrencies can I use with BlockFi?

The BlockFi Interest Account supports the following forms of crypto.

  • Basic Attention Token (BAT)
  • Binance (BUSD)
  • Bitcoin (BTC)
  • Chainlink (LINK)
  • Dai (DAI)
  • Ether (ETH)
  • Gemini Dollar (GUSD)
  • Litecoin (LTC)
  • Tether (USDT)
  • Paxos (PAX)
  • Paxos Gold (PAXG)
  • Uniswap (UNI)
  • USD Coin (USDC)

How does this compare to a traditional savings account?

The BlockFi Interest Account works like a traditional savings account, but you deposit crypto instead of US dollars and it’s not FDIC insured. Crypto you deposit earns a steady APY, and you can withdraw from the account at any time. But unlike a traditional savings account, BlockFi pays much higher APYs.

BlockFi reviews and complaints

BlockFi is not accredited by the Better Business Bureau (BBB), and it doesn’t have any customer reviews on the BBB’s website. But it earns an average rating of 3.5 out of 5 stars on TrustPilot based on more than 250 reviews.

A handful of negative reviews on TrustPilot mention that withdrawals take too long and customer service is poor. Positive reviewers applaud BlockFi for its high interest rate and user-friendly app. Reviews on Reddit are mostly positive, but several users have reported minor glitches and annoyances with the platform.

How do I deposit or withdraw money?

There are three ways to move assets into and out of your BlockFi Interest Account.

  • Bank transfer. Link a traditional bank account and purchase stablecoins to fund your BlockFi Interest Account.
  • Crypto transfer. Send or receive crypto to or from an external wallet, or deposit assets from an external crypto exchange.
  • Wire transfer. Purchase stablecoins via wire transfer and add those assets to your interest account.

How can I get in touch with customer service?

Reach BlockFi customer service, by calling 646-779-9688 on weekdays from 9:30 a.m. to 5 p.m. ET or chatting with BlockFi’s support bot, which can connect you with a human representative if needed.

Ask an expert

You must be logged in to post a comment.

Go to site