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Yield App review

Earn up to 13% APY on select crypto assets, but you must hold 20,000 YLD tokens for 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.

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$0

Deposit fee

Up to 13%

Yield rate

Details

Product NameYield App
Yield rateUp to 13%
Deposit fee$0
Annual percentage yield (APY) BTC7.5%
Annual percentage yield (APY) ETH7.5%
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.

Quick verdict

Good for
  • Outstanding APYs
  • Withdrawal at any time
  • No gas fees
Not so great for
  • Limited assets supported
  • Must hold YLD to get the best rates

What cryptocurrencies can I use with Yield?

Yield supports Bitcoin (BTC), Ethereum (ETH), Dai (DAI), USD Coin (USDC), Tether (USDT), TrueUSD (TUSD) and the Yield token (YLD).

How does Yield App work?

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.

Bronze
(0 to 999 YLD)
Silver
(1,000 to 9,999 YLD)
Gold
(10,000 to 19,999 YLD)
Diamond
(20,000+ 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.

What is YLD?

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.

How to earn the highest interest rate with Yield

To earn the highest interest rates with Yield App in Singapore, you must hold at least 20,000 YLD tokens in your account.

Fees and rates

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:

AssetMinimum withdrawal amountWithdrawal fee
Bitcoin (BTC)0.0015 BTC0.0007 BTC
Ethereum (ETH)0.04 ETH0.01 ETH
Dai (DAI)110 DAI10 DAI
USD Coin (USDC) 110 USDC10 USDC
Tether (USDT)110 USDT10 USDT
TrueUSD (TUSD)110 TUSD10 TUSD
YLD Token (YLD)120 YLD20 YLD

Note: Fees indicated in the table are accurate at the time of writing, 1 June May 2022.

Benefits of Yield App

Here are some of the key benefits offered by Yield App:

  • High APYs. Even with Yield App’s base APY tiers, you’ll earn more than 100x the interest you’d earn with a traditional savings account in Singapore.
  • Assets are always accessible. Some crypto savings accounts require you to lock assets away to earn the best APY, but you can withdraw assets from your Yield App account at any time.
  • Cross-platform support. You can access your account via Yield App’s website, but the platform is also developing Android and iOS apps. By comparison, Crypto.com only lets you access your account via mobile apps, while Monie, Linus and other crypto savings accounts are only accessible via web browsers.
  • Interest paid daily. With Yield App, interest is paid into your account daily.

Drawbacks of Yield App

Yield App accounts also pose a few caveats to look out for:

  • Existing wallet required. Yield App isn’t an exchange, so you can’t buy, sell or trade crypto on the platform. Instead, you must have a crypto wallet and own crypto to open a Yield App account.
  • Minimum transfer requirements. To open a Yield App account, you must deposit 0.03 BTC, 0.1 ETH or 100 USDC/USDT/DAI/TUSD. By comparison, the BlockFi Interest Account has no minimum deposit requirement.
  • Withdrawal fees. Yield App charges withdrawal fees that vary by the asset. Other crypto savings accounts, such as Monie, let you withdraw your funds for free.

Is Yield safe? What are the risks?

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 reviews and complaints

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.

How to apply for a Yield App account

Follow these steps to open a Yield App account:

  1. Navigate to Yield App’s website and select Create account
  2. Read the brief description of Yield App’s features and select Sign up
  3. Agree to the terms of use and privacy policy, then select Next
  4. Enter your email address and select Next
  5. Create and confirm a password and select Next
  6. Check your inbox for a confirmation email and follow the instructions to continue

Eligibility

Meet the following requirements to open a Yield App account in Singapore:

  • At least 18 years of age
  • Not a citizen or resident from a prohibited jurisdiction
  • Not previously suspended or forbidden from using Yield services

Required documents

Depending on where you live, you may need to provide some or all of the following pieces of information.

  • Passport
  • National identification card or NRIC
  • Driver’s license
  • Tax identification
  • Proof of address
  • Source of fund declaration
  • Purpose and source of wealth

How to contact Yield about my account?

If you have questions or need help with your Yield App account, you have two options to contact customer support:

  • Email. Send a message to info@yield.app.
  • Website form. Fill out a form on Yield App’s website.

What we think about Yield App

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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