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Linus account review

Earn up to 4.5% APY, but it’s not FDIC-insured.

finder.com’s rating: 4.7 / 5.0

★★★★★

Linus is a deposit account that earns a potential of up to 4.5% APY, but it’s not a savings account. Your deposited money gets converted into USDC, which is a form of cryptocurrency known as a stablecoin. This gets lent out to borrowers in digital asset credit markets who pay set interest rates, and is passed onto you in the form of an APY. Linus is not backed by a bank or insured by the FDIC, and you can’t withdraw funds within 30 days of depositing it.

Up to 4.50%

APY

$0

Fee

$0

Minimum deposit to open

Details

Annual percentage yield (APY)4.50% on balances of $10,000+
4.20% on balances of $2,500 to $9,999.99
4.00% on balances of to $2,499.99
Fee$0
Minimum deposit to open$0
Interest compoundingDaily
More infoGo to site

Review by


Michael Benninger is a staff banking writer at Finder. He is a former credit analyst and longtime freelancer whose articles have been published by Intuit, Business Insider and the Los Angeles Times. Michael is passionate about all facets of personal finance and has written hundreds of articles about money management during the past decade.

Expert review

Linus offers one of the highest APYs we’ve seen at up to 4.5%. But it’s able to offer such a high return as the account works more like an investment account as it converts your money into stablecoin and lends it to borrowers.

Since stablecoin will always match the value of US dollars, you won’t have to worry about the value of your deposits dropping. And although Linus converts your money to stablecoin, this is happening behind the scenes. Once you’re ready to withdraw your money and the interest you’ve earned, it will be in US dollars and not in stablecoin.

But again, this isn’t a true savings account as funds aren’t protected by the FDIC. Like investment accounts, this means there’s some inherent risk associated with this account and you could lose some or all of your principal. If the rewards don’t outweigh the risks, consider a standard high-yield savings account instead.

How do I open a Linus account?

Linus is currently waitlisted, but it’s slated to become available in summer 2021. It only takes a few minutes to join the waitlist.

  1. Click Apply now.
  2. Choose or tap Join waitlist.
  3. Enter your email address, create a password and then review and agree to the terms of service, privacy policy and user agreement.
  4. Select Open account, and you’ll be added to the list.

Eligibility

Meet the following eligibility requirements to open a account:

  • At least years old
  • US citizen

Required information

Provide the following information when opening your account.

  • Full name
  • Physical address
  • Date of birth
  • Email address
  • Social Security number
  • Photo of a government-issued ID

How does work?

Linus converts your USD deposits into stablecoins that are lent to borrowers in digital asset credit markets that pay set rates, which are then passed on to you in the form of an APY. This is similar to how other crypto savings accounts like Eco and Monie work. But compared to these accounts, Linus doesn’t share as many details about exactly how it operates.

5 benefits of a account

An account with stands out in a few ways.

  • High APYs. To earn the highest rate at 4.5%, you’ll need to keep a balance of at least $10,000. Otherwise you’ll earn 4.2% APY on balances from $2,500 to $9,999.99 or 4% APY on balances below $2,500.
  • No withdrawal limit. Most savings accounts only let you conduct six withdrawals per month. But because Linus isn’t a savings account, this limitation doesn’t apply.
  • No fees or minimums. There are no fees to maintain a Linus account. You won’t even have to worry about paying a fee for wire transfers.
  • Live support seven days a week. Speak or chat with a Linus support specialist every day of the week from 6 a.m. to midnight, ET.
  • Interest accrues every six hours. We spoke to a representative who told us that while interest is compounded every six hours right now, it will start to accrue on a daily basis once Linus officially launches.

3 things to look out for

Despite its benefits, there are also some serious drawbacks you should consider before opening a Linus account.

  • Not FDIC-insured. Unlike traditional banks and savings accounts, Linus is not backed by the FDIC.
  • Funds are untouchable for 30 days. Linus doesn’t let you withdraw funds from your account within 30 days of depositing them.
  • Lack of transparency. Linus’s website doesn’t have a deposit agreement, and it’s light on details about how it works with digital asset credit markets.

How does it compare to a traditional savings account?

Aside from leveraging cryptocurrency to offer high APYs, Linus operates much like a traditional savings account. You can only deposit and withdraw US dollars by linking an external checking or savings account. When you’re ready to withdraw funds, you can transfer them back to your existing bank account.

How to earn the highest interest rate with Linus

To earn 4.5% APY, you must have an account balance of at least $10,000.

How experienced do you need to be with crypto to use Linus?

You don’t need to be experienced with crypto to open a Linus account. All of the cryptocurrency aspects of Linus take place behind the scenes with the USD you deposit. In fact, there’s no mention of cryptocurrency anywhere on Linus’ website.

What cryptocurrencies can I use with Linus?

Linus doesn’t support any cryptocurrency deposits or withdrawals. You can only deposit and withdraw in USD.

Compare Linus with other accounts

Use this table to compare other accounts based on their APYs and minimum opening deposits.

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
Gemini Earn
Gemini Earn
Up to 8.05%
$0
$0
Watch your cryptocurrency earn up to 8.05% APY with this nationwide account. Not FDIC insured.
BlockFi Interest Account
BlockFi Interest Account
Up to 9.50%
$0
$0
Score up to 9.5% APY with this free crypto-interest account. Not available in New York and not FDIC insured.
Crypto Earn
Crypto Earn
Up to 14.50%
$0
$0
Earn top-tier APYs on more than 40 cryptocurrencies and stablecoins. Not FDIC insured.
Nexo Earn
Nexo Earn
Up to 17.00%
$0
$0
This account accrues up to 17% APY on crypto, and interest gets deposited into your account on a daily basis. Not FDIC insured.
Linus
Finder Rating: 4.7 / 5: ★★★★★
Linus
4.50%
4.20%
4.00%
$0
$0
Earn up to 4.5% APY, which is 75x higher than the average savings rate. But you'll need to meet balance requirements and funds aren't FDIC or SIPC insured.
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Is Linus safe to use?

Linus is a legitimate account founded by industry experts. But compared to traditional high-yield savings accounts, there’s additional risk associated with Linus because it’s not insured by the FDIC. So you could lose some or all of the funds you deposit into this account. Also, you can protect your account with two-factor authentication so only you have access.

How do I deposit or withdraw my money?

There are few ways to move money into or out of your Linus account, and all deposits and withdrawals are in US dollars — not the USDC stablecoin.

Funding options

  • Debit card. Add funds to your account with any debit card.
  • Incoming ACH transfer. Deposit funds from an external bank account using your routing and account numbers.
  • Incoming wire transfer. Wire funds into this account without paying any fees to Linus.

Withdraw options

  • Outgoing ACH transfer. Transfer funds to an externally linked bank account as long as the money has been with Linus for at least 30 days.
  • Outgoing wire transfer. Send an outgoing wire transfer to a different bank or financial institution without paying Linus any fees.

How to contact Linus about my account

If you have questions or need help with your account, you can contact Linus in the following ways.

  • Call 615-240-5609 between 6 a.m. and 12 a.m. ET.
  • Chat with a Linus representative via the company’s website.
  • Send an email to hello@getlinus.io.

Savings account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

Read the full methodology of how we rate savings accounts.

Disclosure: The writer owns a range of cryptocurrency that includes USDC and BTC.

Disclaimer: This information is not financial advice or an endorsement of cryptocurrency or any specific provider, service or offering. Cryptocurrencies are highly volatile and high risk. Do your own research and seek financial advice before buying. And make sure the provider you're interested in is available in your state.

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