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Kc  · 09/01/22

How Much Interest Can You Earn With Online Savings Accounts vs Crypto?

Altcoin Trading Blog

Note: This report was written in 2022 and remains published for reference purposes only.

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It’s been a few years since online banks have become so popular. More and more people are starting to open accounts with the so-called “neo banks”, because they are a lot easier to use than many traditional banks, not to mention they give account holders much more benefits (like cashback, free vacations, and membership to streaming services).

If you are interested in opening a savings account with an online bank, then you might be wondering how much interest you can earn on them as compared to staking crypto.

The answer whether it is better to stake crypto or open a savings account to get some passive income depends upon several things.

First will be your risk appetite.

  • Crypto is the riskier choice here because to stake crypto you have to hold crypto. It pays better in percentage terms, but if you count your income in fiat value, it may actually shrink even if you earn whenever the fiat value of your crypto is on the decline.
  • Banks are usually the less risky choice but the income depend on the account that you open, and your chosen bank’s interest rates.

Let’s see what to look for to get a high-interest savings account for your fiat.

Interest Rate

If you want to open a savings account, then the first thing that you need to consider is the interest rate.

The higher an account’s interest rate is, the more you earn back on your savings. Ideally, you should be looking for accounts offered by banks that pay APY over 1.5%, which should not be hard to do. One thing that is worth noting is that high-interest accounts typically also come with maturation periods, which will be covered later on.

Minimum Deposit

Most savings accounts have a minimum deposit limit, meaning you have to deposit more than a specific amount each month.

If you do not exceed your account’s minimum deposit, then you will receive penalties. You also need to think about the maximum deposit. Some accounts limit the amount that you pay into your savings, to stop you from earning too much money.

Give both of these things serious consideration. You should try to find an account with a high maximum deposit so that the amount you save is not limited. Similarly, find a low minimum deposit, so you aren’t forced to put in more than you can afford.


You should always be on the lookout for accounts that come with rewards.

Rewards are gifts and promos given by banks to account holders, usually in the form of air miles or subscriptions to streaming services.

Some banks also give their customers free vouchers for takeout services like Uber Eats and Deliveroo. Typically, rewards are only given to people who access high-interest accounts, with large minimum deposits. Before opening an account, take some time to explore your options, and find the account that gives you the most rewards.

Bonus Rates

Another thing to consider is bonus rates. Some accounts have very high-interest rates for the first year. However, at the end of the year, the interest rates offered drop, sometimes by as much as half.

If you have found a high-interest account, then you need to check whether or not the interest rates offered are bonus rates. When accounts come with a bonus rate, they also usually limit the amount that you can deposit to around $1,000. This is to stop you from earning too much.

You should try to find an account with consistent rates, so you don’t have to change at the end of the year when your bonus rates end.

Withdrawal Limit

Certain accounts also limit the amount of money that you can withdraw each month.

For you as the customer, withdrawal limits are never a good feature, but some providers do implement them. If you are going to need to access your account, then look for an account that has no limits whatsoever.

If an account does have a withdrawal limit and you keep taking money out, then you can actually end up having to pay added fees and penalties.

Also, your bank might just refuse to let you make a withdrawal. Always check an account’s withdrawal limit before opening an account, so you don’t discover you can’t withdraw money when it’s too late.

Maturation Period

Some accounts go a step further than not letting you make more than a fixed number of withdrawals each month.

Some accounts go as far as to stop you from making any withdrawals for the entire period that you hold the account. Some very high-interest accounts have a maturation period, which means that while your money ‘matures’ (or while savings accumulate in it) you are not able to use your account. If you do persist and withdraw money from an account that’s withdrawing, you typically have to pay very high fees.

Bank Reputation

The last thing to consider when you are looking for a savings account is the bank’s reputation. Opening an account with a bank that has a bad reputation is not a good idea. Even some very popular banks have bad reputations with customers, so don’t just think because you know a bank’s name or because they own a building in your city, that you can trust them.

Take some time to learn about the bank with whom you intend on working and make sure that they offer reliable and stable bank accounts. The best way to check what a bank’s reputation is like is to read its reviews.

And that’s it!

Finding a savings account can be challenging. With this post’s help though, it should now be significantly easier. Make sure to look for an account with high-interest rates. If you end up with a low-interest account, then you won’t make hardly anything back on your savings.

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