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Monie savings review

Earn 5% APY on USD deposits with this early access platform. But watch for glitches.

Monie is a crypto savings account that accepts deposits in US dollars and earns a fixed 5% APY on any balance. Monie converts your USD into US Dollar Coin (USDC), a stablecoin that’s tethered to the value of a dollar, so you won’t confront the volatility common to most cryptocurrencies. But Monie is still in an early access phase, and the platform isn’t without technical glitches.

5.00%

APY

$0

Fee

Details

Annual percentage yield (APY)5.00%
Fee$0

What we think

Monie is best for crypto newcomers wanting to earn a high APY without a steep learning curve. You deposit US dollars into your Monie account, which is automatically converted into USDC. Monie then lends out your stablecoins to regulated financial institutions willing to pay a set rate, which gets passed on to you in the form of an APY.

My experience with Monie

I applied for a Monie account in July 2021 in its early access phase. I had to book a 30-minute onboarding session with Monie founder and CEO Rahul Khanna before I could open the account, which was inconvenient. As of December 2021, you no longer need to attend an onboarding session to open the account.

Onboarding went well, but I was skeptical about the lack of FDIC protection, which is a common disadvantage of crypto savings accounts. But after transferring a few hundred dollars into the account, I encountered various technical issues that raised red flags.

For instance, after I authorized my initial deposit during the onboarding process, Monie withdrew an additional $3.75 from my funding account, which I didn’t authorize. I contacted a Monie support specialist, who told me it was a glitch and issued a refund. If the glitch had resulted in a higher fee, it could have triggered a hefty overdraft fee with my linked bank account.

Later, I lost access to my funds after the ID I used to open the account expired — something that would not have happened with a traditional savings account. Fortunately, I regained access to my funds once I uploaded photos of my renewed ID.

I withdrew my funds from my Monie account after these issues, though I didn’t close my account. But I wasn’t able to withdraw the entire balance. There’s still about $3 stuck in the account. I contacted Monie’s support department to find out why I couldn’t withdraw my funds and was told that Monie’s banking partner has a minimum withdrawal limit of 5%. It’s not clear who Monie’s banking partner is, but we’ve reached out for clarification.

Despite the issues I experienced with Monie, I earned the advertised 5% APY from the moment my initial deposit landed in the account. I didn’t need to satisfy any requirements to meet the APY.

Most traditional savings accounts pay substantially less than 1% APY, and Monie is among the only crypto savings accounts we’ve seen that pays 5% on USD deposits with no requirements. For instance, crypto savings account Eco earns up to 5%, but only if you meet its refer-a-friend requirement.

My Monie account is still open, but even after regaining access, I’m only able to successfully log in about half of my tries. The rest of the time, I see an error message telling me the account is locked — customer support has to unlock my account each time.

Ultimately, the technical and withdrawal issues weren’t worth the 5% APY. But I still believe in the concept and I’m exploring other crypto savings accounts like Donut, which works like Monie but has the potential to earn up to 10% APY and has more than 1,000 positive customer reviews.

How to apply for Monie

Visit Monie’s site to sign up for an account in six steps.

  1. Enter your email address and select Early access.
  2. Select Let’s get started.
  3. Choose the US and the state where you live.
  4. Select Sign up here if Monie is available in your region.
  5. Enter your full name and email address, then create a password and agree to the terms and conditions.
  6. Check your inbox for a message from Monie, and select the link to complete account setup.

Eligibility

You must be a US citizen and at least 18 years old to sign up for an account.

Monie isn’t available to residents of:

  • Connecticut
  • Hawaii
  • New Hampshire
  • New York
  • Texas
  • Vermont
  • Virginia

Required documents

You must provide personal and financial information that includes:

  • Full name
  • Date of birth
  • Email address
  • Phone number
  • Physical address
  • Government-issued ID, such as a driver’s license or passport
  • Social Security number

3 benefits of Monie

  • High APY. You earn 5% APY no matter your balance or how often you make deposits.
  • No fees. There are no fees associated with this account, including withdrawal fees.
  • No limits or minimum deposit. Deposit as much or as little money into this account as you’d like.

5 potential drawbacks of Monie

  • Buggy website. I was inexplicably locked out of my account, and Monie withdrew a few dollars more than my approved initial deposit from my linked bank account.
  • No app. The only way to access your account is through Monie’s website.
  • Lackluster support. Monie offers live chat and email support, but a response can take days.
  • Weak security. There’s no multifactor authentication on your Monie account, and the site doesn’t automatically log you out if you’re inactive.
  • Limited withdrawal and deposits. Monie requires ACH transfers to fund or withdraw from your account. Other crypto savings accounts like Linus and Eco support wire transfers, and crypto savings accounts linked to exchanges like Coinbase let you request a debit card for withdrawing money at ATMs.

Is Monie safe to use?

It’s unclear. Like other crypto savings accounts, Monie isn’t a bank, so assets in your account aren’t insured by the FDIC, SIPC or any other regulatory body.

Also while many crypto savings accounts offer two-factor authentication through text messages or apps, Monie accounts are secured with a password only.

Personally, that Monie withdrew more than the approved amount from my linked bank account and prevented me from withdrawing my entire balance leaves me with doubt that the account is safe.

Compare with other crypto accounts

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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How does Monie compare to a traditional savings account?

Monie operates much like a traditional savings account because you deposit and withdraw US dollars with the account.

The 5% APY on all deposits is a whopping 80x the national average for traditional savings accounts.

Though, unlike a traditional savings account, your balance is not insured by the FDIC. And I’ve never experienced the same deposit and withdrawal issues using a traditional savings account.

How do I deposit or withdraw my money?

Moving funds into and out of your Monie account works just like it does with standard banks. Monie uses automated clearing house (ACH) transfers, which require your existing bank’s routing number and your individual account number.

Funding options

  • Incoming ACH transfer. Initiate a transfer from a linked checking or savings account.

Withdraw options

  • Outgoing ACH transfer.Transfer funds to a linked checking or savings account.

How to contact Monie about my account?

Contact support in two ways.

  • Email support@monieapp.com.
  • Start a live chat on Monie’s website. Response times vary.

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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