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BlockFi Interest Account review

Earn up to 15% APY in crypto and stablecoins, but free withdrawals are limited.

BlockFi offers up to 15% APY on stablecoins and other cryptocurrencies, and there are no minimum balance requirements. But you can’t deposit fiat currency into the account and free withdrawals are limited.

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$0

Deposit fee

US$20

Withdrawal Fee

Up to 9.25%

Yield rate

Details

Product NameBlockFi
Yield rateUp to 9.25%
Deposit fee$0
Withdrawal FeeUS$20
Annual percentage yield (APY) BTC4.5%
Annual percentage yield (APY) ETH5%
Annual percentage yield (APY) LTC3.5%
Free ATM withdrawal limitN/A
Fee Amount€0
More Info
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

How does the BlockFi Interest Account work?

The BlockFi Interest Account (BIA) works like a traditional savings account, but it accepts cryptocurrency instead of fiat currency. 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 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 keen in using any of the trading features, you don’t have to. To start using BlockFi’s Interest Account, you can 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 rewards.

BlockFi lets you earn rewards on a variety of crypto and stablecoins. Here are some of them:

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

The yield starts accruing the day after assets are deposited, and BlockFi pays the rewards into your account on the last business day of each month.

BlockFi has a tiered yield structure with many of its supported crypto. The rewards it pays is based on the yield it can generate. More on that later.

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 5 minutes.

  1. Visit the BlockFi website and click on “Get started” to sign up for an account
  2. Enter your name and email address, then create a password.
  3. Agree to the terms and SMS policy, then select Submit.
  4. Enter the verification code that was sent to your email address.
  5. Complete the verification process and wait a few minutes until you’re approved.
  6. Log in to your account, select Fund and start making deposits.

BlockFi Interest Account sign up page

Eligibility

Open a BlockFi Interest Account when you meet these eligibility requirements:

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

Required information

Provide the following information when you apply.

  • Email address
  • Verification code
  • First and last name
  • Date of birth
  • Residential address
  • Phone number
  • Photo of your passport or driver’s licence

Earning rewards with BlockFi

BlockFi has a tiered crypto rewards structure that varies by asset. The rates are accurate as of 28 June 2022):

CurrencyAmountAPY
BAT (Tier 1)0 – 4,000 BAT1.0%
BAT (Tier 2)> 4,000 – 20,000 BAT0.20%
BAT (Tier 3)> 20,000 BAT0.10%
BTC (Tier 1)0 – 0.10 BTC3%
BTC (Tier 2)0.10 – 0.35 BTC1.0%
BTC (Tier 3)> 0.35 BTC0.10%
BUSD (Tier 1)0 – 20,000 BUSD7%
BUSD (Tier 2)20,000 – 2 million BUSD5%
BUSD (Tier 3)> 2 million BUSD4%
DAI (Tier 1)0 – 20,000 DAI6%
DAI (Tier 2)20,000 – 2 million DAI4%
DAI (Tier 3)> 2 million DAI3.50%
ETH (Tier 1)0 – 1.5 ETH3%
ETH (Tier 2)> 1.5 – 5 ETH1.50%
ETH (Tier 3)> 5 ETH0.25%
GUSD (Tier 1)0 – 20,000 GUSD7%
GUSD (Tier 2)20,000 – 2 million GUSD5%
GUSD (Tier 3)>2 million GUSD4%
LINK (Tier 1)0 – 100 LINK1%
LINK (Tier 2)> 100 – 500 LINK0.20%
LINK (Tier 3)> 500 LINK0.10%
LTC (Tier 1)0 – 20 LTC2%
LTC (Tier 2)> 20 – 100 LTC1%
LTC (Tier 3)> 100 LTC0.10%
PAX (Tier 1)0 – 20,000 PAX7%
PAX (Tier 2)20,000 – 2 million PAX5%
PAX (Tier 3)>2 million PAX4%
PAXG (Tier 1)0 – 1.5 PAXG1%
PAXG (Tier 2)1.5 – 5 PAXG0.20%
PAXG (Tier 3)> 5 PAXG0.10%
UNI (Tier 1)0 – 1001%
UNI (Tier 2)100 – 500 UNI0.20%
UNI (Tier 3)> 500 UNI0.10%
USDC (Tier 1)0 – 20,000 USDC7%
USDC (Tier 2)20,000 – 2 million USDC5%
USDC (Tier 2)> 2 million USDC4%
USDT (Tier 1)0 – 20,000 USDT7.25%
USDT (Tier 2)20,000 – 5 million USDT6%
USDT (Tier 2)> 5 million USDT4.50%

How to earn the highest rates with BlockFi

To earn BlockFi’s highest yield of 15% APY, your account must hold Polkadot (DOT) in your account. All other assets supported by BlockFi earn lower APYs, ranging from 0.1% to 12% based on the crypto type and balance in your account.

BlockFi Interest Account withdrawal fees

If you hold any of the following forms of crypto, you are eligible for 1 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 million per 7-day period50 USD
DAI1 million per 7-day period50 USD
GUSD1 million per 7-day period50 USD
LTC10,000 LTC per 7-day period0.001 LTC
PAX1 million LTC per 7-day period50 USD
USDC1 million LTC per 7-day period50 USD
USDT1 million 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 million 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 rewards. Depending on which coins you hold, you could earn up to 15% APY with no minimum balance requirement.
  2. Available worldwide. Aside from sanctioned and watchlisted states and countries, you can open this account from anywhere in the world including Ireland.
  3. Tax tools. BlockFi gives you access to a full suite of tax tools powered by TaxBit.

4 potential disadvantages to consider

Like with all crypto savings accounts, it’s worth considering the downsides:

    • Crypto deposits only. Some crypto savings accounts accept fiat deposits. You can’t deposit fiat money into this account, but you can deposit a variety of stablecoins and other cryptocurrencies.
    • Limited access. BlockFi operates entirely online, so you can’t visit a branch or use an ATM.
    • Rehypothecating funds. BlockFi reserves the right to lend, sell, or otherwise leverage your deposits multiple times over.
    • Limited free withdrawals. You only get one free withdrawal per calendar month for 8 cryptocurrencies. Additional withdrawals will cost 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 7 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. But crypto is held by Gemini Trust Company, which is regulated by the New York Department of Financial Services in the US. 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 fiat currency and your holdings are not insured. Crypto you deposit earns a reward, and you can withdraw from the account at any time. However, unlike a traditional savings account, BlockFi pays much higher APYs and you may need to pay a crypto fee to withdraw your asset.

BlockFi reviews and complaints

As of 28 June 2022, BlockFi earns a rating of 3.5 out of 5 stars on TrustPilot, based on 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 yield rates and user-friendly app. Reviews on Reddit are mostly positive, but several users have reported minor glitches and annoyances with the platform.

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How do I deposit or withdraw money?

You can move assets into and out of your BlockFi Interest Account from an external wallet or crypto exchange.

How can I get in touch with customer service?

Reach BlockFi by chatting with BlockFi’s support bot, which can connect you with a human representative if needed.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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