- Outstanding APYs
- Withdrawal at any time
- No gas fees
Not so great for
- Limited assets supported
- Must hold YLD to get the best rates
The Yield App is a decentralised finance (DeFi) banking account that pays up to 7.5% APY on Bitcoin (BTC) and Ethereum (ETH), and up to 13% APY on stablecoins such as USD Coin (USDC) and Tether (USDT). You can also earn up to 12% on Yield App’s own token, YLD. But you must hold at least 20,000 YLD tokens to earn the best rates.
Up to 13%
Yield supports Bitcoin (BTC), Ethereum (ETH), Dai (DAI), USD Coin (USDC), Tether (USDT), TrueUSD (TUSD) and the Yield token (YLD).
Yield App isn’t an exchange, so you can’t purchase digital assets with fiat currency (e.g. USD or SGD). Instead, you have to connect your Yield App account to an existing crypto wallet. You can then transfer assets into your Yield App account and start earning interest.
Yield App has four APY tiers for each of the digital assets it supports. BTC and ETH earn a base APY of 2.5%, while stablecoins earn a base APY of 6%. And the YLD in your account will also earn interest, ranging from 0% to 6% APY.
The below table shows the four APY tiers and YLD requirements to earn the maximum APYs.
(0 to 999 YLD)
(1,000 to 9,999 YLD)
(10,000 to 19,999 YLD)
|Bitcoin (BTC)||2.5% + 0%||3% + 1%||3.5% + 2%||4.5% + 3%|
|Ethereum (ETH)||2.5% + 0%||3% + 1%||3.5% + 2%||4.5% + 3%|
|Dai (DAI)||6% + 0%||7% + 1%||8% + 2%||10% + 3%|
|USD Coin (USDC)||6% + 0%||7% + 1%||8% + 2%||10% + 3%|
|Tether (USDT)||6% + 0%||7% + 1%||8% + 2%||10% + 3%|
|TrueUSD (TUSD)||6% + 0%||7% + 1%||8% + 2%||10% + 3%|
|YLD Token (YLD)||0%||4%||5%||6%|
Note: Rates indicated in the table are accurate at the time of writing, 1 June 2022.
YLD is Yield App’s membership and rewards token. By holding it, you can earn bonus APYs on your assets. The more YLD tokens you have, the higher the bonus APY you’ll receive. You can acquire YLD tokens in two ways: by purchasing them on an exchange or by converting BTC, ETH, DAI, USDC, USDT or TUSD on Yield’s platform. At the time of this review, one YLD token is worth roughly US$0.1607, and it has a market cap around US$27,000,000.
To earn the highest interest rates with Yield App in Singapore, you must hold at least 20,000 YLD tokens in your account.
The first three withdrawals each calendar month are free for Diamond tier members, and transfers to other Yield app accounts are free for members of all tiers. The only fee Yield App charges is a withdrawal fee for withdrawals made to external crypto wallets. Here’s a breakdown of the minimum withdrawal requirements and withdrawal fees:
|Asset||Minimum withdrawal amount||Withdrawal fee|
|Bitcoin (BTC)||0.0015 BTC||0.0007 BTC|
|Ethereum (ETH)||0.04 ETH||0.01 ETH|
|Dai (DAI)||110 DAI||10 DAI|
|USD Coin (USDC)||110 USDC||10 USDC|
|Tether (USDT)||110 USDT||10 USDT|
|TrueUSD (TUSD)||110 TUSD||10 TUSD|
|YLD Token (YLD)||120 YLD||20 YLD|
Note: Fees indicated in the table are accurate at the time of writing, 1 June May 2022.
Here are some of the key benefits offered by Yield App:
Yield App accounts also pose a few caveats to look out for:
Similar to all crypto savings accounts, Yield App lacks federal protection. Your funds aren’t insured by the FDIC, SIPC or any other regulatory body. It is also not regulated by the Monetary Authority of Singapore (MAS).
But Yield App’s crypto wallets are provided by BitGo, a digital asset company that carries US$100 million in insurance protection backed by Lloyd’s. The policy covers digital assets where BitGo exclusively holds the private keys. Among other protections, this policy includes coverage for third-party hacks, insider theft and dishonest acts perpetrated by BitGo employees or executives.
Yield App isn’t accredited by the Better Business Bureau (BBB), and it doesn’t have any reviews on the BBB’s website. It has 73 reviews on Trustpilot, all of which give Yield App 4.7 out of 5 stars. Most of these reviews are positive, praising the platform for making it easy to earn passive income with crypto.
Follow these steps to open a Yield App account:
Meet the following requirements to open a Yield App account in Singapore:
Depending on where you live, you may need to provide some or all of the following pieces of information.
If you have questions or need help with your Yield App account, you have two options to contact customer support:
Yield App is best for active crypto investors willing to acquire and hold the platform’s YLD tokens to earn the highest APYs. You can earn 7.5% APY on BTC and ETH and 13% APY on supported stablecoins if you hold at least 20,000 YLD in your account. But 1% to 3% of your interest is paid in YLD, depending on which APY tier your qualify for. So even if you only deposit ETH, some of your interest will be in YLD.
But you aren’t required to invest in YLD to earn interest with Yield App. You can still accrue 2.5% APY on BTC and ETH and 6% APY on supported stablecoins even if you never deposit a YLD token in your account. And if you decide to pick up some YLD, you’ll also earn 4% to 6% APY on it depending on many tokens are held in your account. With Yield App, you can withdraw your assets at any time, but there is a withdrawal fee that varies depending on the asset.
If you already have a crypto wallet with BTC, ETH, USDC, or other supported stablecoins, you can open a Yield App account to earn attractive APYs. And if you’re willing to invest in the YLD token, you could earn incredible APYs with the freedom to withdraw it at any time. If Yield App sounds right for you, open an account today. Otherwise, explore other crypto savings options.
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