Source: The College Investor
Uphold, the popular cryptocurrency exchange, just launched a new interest account that can earn up to 5% annual percentage yield (APY). Check out the new Uphold Interest Account here.
The account was created to make moving money between investment accounts and savings accounts seamless. Uphold already allowed for investors to trade upwards of 260 cryptocurrencies and tokens, but when investors weren't in the market, the money was idle.
As a result, Uphold created the Interest Account, which can earn users up to 5% APY on USD.
How The Uphold Interest Account Works
The Uphold USD Interest account offers the following:
- 5% APY on balances over $1,000
- 2% APY on balances from $1 to $999
- $2.5 million in FDIC insurance at program banks
- Move USD to and from crypto trading instantly
The yield is generated through a cash-sweep program which is in partnership with Atomic Brokerage. However, the actual experience is seamless within the app.
Why We Like The Product
We love this product for both it's yield and the fact there are no monthly fees or subscriptions to get the top yield. A lot of brokerage products over the last few years have teased investors with high interest accounts - but many of them only offer it for their subscription users. That's not cool.
We also love that you can instantly access your cash if you're ready to trade and invest. There's no waiting 1-3 days for your money to move from saving to your brokerage. That's a great feature that active traders will appreciate.
Any Important Fine Print?
As with most financial products, there’s always fine print.
It's important to note that neither Uphold nor Atomic are banks - these are brokerage accounts. As such, the rules for funds are different than true FDIC-insured banks. Your money is FDIC-insured through partner banks, but in the last year, there have been some issues with this.
Final Thoughts
We love this new Interest Account from Uphold. If you’re looking for a new savings account, this needs to be a top consideration.
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page or on his personal site RobertFarrington.com.
He regularly writes about investing, student loan debt, and general personal finance topics geared toward anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications, including the New York Times, Wall Street Journal, Washington Post, ABC, NBC, Today, and more. He is also a regular contributor to Forbes.
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