BlockFi Interest Account review
Sign up in less than two minutes to earn compound interest on your crypto.
BlockFi aims to bring traditional financial services to the blockchain, offering up to 9.5% APY on stablecoins and other cryptocurrencies. But you can’t open this account in all states, and it’s not SDIC insured.
Up to 9.5%
Ongoing restrictions in place by MAS
Since 21 July 2021, BlockFi has paused trading between crypto-assets on their BlockFi Interest Account (“BIA”). Users in Singapore can still hold their assets on the BlockFi platform and earn interest, but will not be able to trade between different coins. Users can also still withdraw funds from their BIA through both crypto and wire transfer.
What are the benefits of the BlockFi Interest Account?
While the BlockFi Interest Account isn’t like a traditional savings account in Singapore, it offers some familiar benefits that can help you save:
- Any balance earns interest. Depending on which coins you hold, you could earn up to 9.5% 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.
- Available worldwide. Aside from sanctioned and watchlisted states and countries, you can open this account from anywhere in the world.
- Tax tools. BlockFi gives you access to a full suite of tax tools powered by TaxBit.
What should I look out for?
BlockFi Interest Accounts have a lot to offer, but it also has these drawbacks:
- Crypto deposits only. You can’t deposit fiat money like SGD into this account, but you can deposit a variety of stablecoins and other cryptocurrencies.
- No insurance. Unlike traditional savings accounts in Singapore, your deposits aren’t protected by SDIC insurance.
- 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 get one free crypto withdrawal and one free stablecoin withdrawal per calendar month. Additional stablecoin withdrawals can cost up to US$10 each. Also, Blockfi says it can take up to seven days to process withdrawals. Most, however, are pushed through on the same day.
Is BlockFi Interest Account safe?
Crypto held in the account is not insured by the MAS. But crypto is held by Gemini Trust Company, which is regulated by the New York Department of Financial Services.
What currencies does BlockFi Interest Account support?
BlockFi Interest Account currently offers APYs on Bitcoin, Ether, Litecoin, GUSD, USDT, PAX, USDC, PAXG, LINK, BUSD, DAI, BAT and UNI.
BlockFi reviews and complaints
As of December 2021, BlockFi reviews are generally mixed and scarce in volume. A handful of negative reviews on TrustPilot mention that withdrawals take too long and customer service is poor. Positive reviewers applaud BlockFi for its mobile app and user-friendly website.
Reviews on Reddit as of December 2021 were mixed with some users noting average returns and that the interest paid isn’t worth the risk of handing over cryptocurrency like bitcoin. Others point out they don’t like the concept of transferring cryptocurrency from an unregulated space to one where it’s controlled and can be invested in something that fails. However, some praise BlockFi for reliability and on-time payments.
How do I apply?
You can apply for a BlockFi Interest Account online in as little as two minutes:
- Visit the BlockFi website, hover over Interest Account and click Interest Account.
- Click Earn interest now.
- Enter your email and set a password to create an account.
- Enter the verification code that was sent to your email..
- Once you’ve logged into your account, click Deposit to verify your identity and start making deposits.
- Enter your personal information then proceed to the identity verification stage.
- Upload your passport, driver’s license or ID card and wait for verification.
In order to open and use the BlockFi Interest Account, you’ll need to meet a few eligibility requirements:
- At least 18 years old
- Valid email to confirm the verification code
- Live in any of the permitted countries
- Valid phone number
- Passport, driver’s license or NRIC card
To use this account, you’ll need to provide the following information:
- Email address
- Verification code
- First and last name
- Date of birth
- Phone number
- Photo of your passport, driver’s license or other ID card
How do I deposit or withdraw money?
Once you’ve created an account, you can deposit crypto directly from your account dashboard:
- Deposits: Send your deposit to the unique wallet address provided when you click deposit.
- Withdrawals: Click the withdraw button on the Interest Account tab to start the withdrawal process.
How can I get in touch with customer service?
If you need to speak with BlockFi customer service, you can contact a representative at email@example.com or through the chatbot on blockfi.com/contact/. You can also speak with a representative at (+1) 646-779-9688 from Monday to Friday.
The BlockFi Interest Account remains one of the popular ways for crypto investors to grow their holdings through high-yield interest on stablecoins and other cryptocurrencies. Like most other cryptocurrency accounts, your holdings are not protected by FDIC in the US or SDIC in Singapore.
Not sure if it’s right for you? Compare your options to see what else is out there.
Compare BlockFi against other crypto savings accounts
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.