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Uphold, the popular cryptocurrency exchange, has just launched a new interest account that allows you to earn up to 5% annual interest (APY). Check out the new Uphold interest account here.
The account was created to make transferring funds between investment accounts and savings accounts seamless. Uphold already allowed investors to trade over 260 cryptocurrencies and tokens, but if investors weren't in the market, the money was sitting idle.
That's why Uphold created the Interest Account, which allows users to earn up to 5% APY on USD.
How the Uphold interest account works
The Uphold USD Interest Account offers:
- 5% APY on balances over $1,000
- 2% APY on balances from $1 to $999
- $2.5 million FDIC insurance for program banks
- Move USD to and from crypto trading instantly
The returns are generated through a cash sweep program run in partnership with Atomic Brokerage, but the actual experience is seamless within the app.
Why we like the product
We love this product both for its yield and the fact that there are no monthly fees or subscriptions to get the highest yield. Many brokerage products have lured investors with high-yield accounts in recent years – but many of them only offer this to their subscribers. That's not cool.
We also love that you can access your funds immediately when you are ready to trade and invest. You don't have to wait 1-3 days for your funds to transfer from savings to your brokerage account. This is a great feature that active traders will appreciate.
Is there any important fine print?
As with most financial products, there is always the fine print.
It's important to note that neither Uphold nor Atomic are banks – they're brokerage accounts, so the rules for funds are different than those at true FDIC-insured banks. Your money is FDIC-insured through partner banks, but there have been some issues with this over the past year.
Final thoughts
We're excited about this new interest account from Uphold. If you're looking for a new savings account, this one should be at the top of your list.
Open an Uphold interest account here >>
Create your very own Auto Publish News/Blog Site and Earn Passive Income in Just 4 Easy Steps
