As demand for crypto interest savings accounts have grown, a number of prominent exchanges in Australia have begun to offer crypto-saving accounts as well as lending and borrowing services. Combined with well-established global lending and borrowing providers to choose from, beginners that want to earn interest on their crypto can easily become overwhelmed and indecisive. In this article, we’ll dive into some of the best crypto interest accounts in Australia with a step-by-step tutorial on how to earn crypto interest.
Based on our comparisons, these are the top platforms to earn interest on crypto within Australia for 2022:
The amount of interest investors can earn on crypto varies depending upon the different platforms. These platforms offer other utilities that are fit for users with varying levels of expertise. Here is the summary of the best places to earn interest crypto, explaining their requirements and what they are best for.
|Platform||Best For||Bitcoin Rates||Ethereum Rates||Stablecoin Rates|
|Swyftx||Earning interest on BTC/ETH in Australia||Up to 5.12% APY||Up to 5.12% APY||Up to 6.71% APY|
|Digital Surge||Beginner investors||N/A||N/A||N/A|
|Nexo||High interest rates||Up to 8% APY||Up to 8% APY||Up to 12% APY|
|BlockFi||Selection of coins to earn interest||5% APY (on first 1 BTC) then reduced 1.5%||3% APY on first 1.5 ETH, then reduces to 0.25%||Up to 7% APY|
The most common method for Australians to generate yields on their crypto is by depositing them into an interest-earning crypto account. These accounts work akin to a savings account at a bank where AUD is deposited into the account and the bank rewards the customer with interest payments. In Australia, investors have several crypto interest-earning products to choose from. To earn interest on crypto, Australian investors can follow these steps:
- Create an account. Choose an AUSTRAC-registered crypto exchange or global lending provider available to Australia and open an account.
- Complete the verification process. Complete the ID verification process to comply with KYC requirements to enable the deposit and withdrawal of funds.
- Fund the account. Deposit crypto from a wallet, or purchase directly from the exchange. Transfer the crypto into the Earn wallet.
- Earn interest. Leave crypto assets in the wallet and begin earning interest.
1. Swyftx - Overall Best Platform To Earn Interest
Swyftx is an AUSTRAC registered cryptocurrency platform that has amassed a userbase of over 550,000 Australian investors and traders. The Brisbane-based exchange allows Aussies to use their Australian Dollars (AUD) to purchase, trade, and sell over 310 digital currencies including Bitcoin (BTC), Ethereum (ETH), and Cardano (ADA). Swyftx is a top crypto platform in Australia for beginners and intermediates alike with its variety of AUD deposit options, an intuitive interface, competitive trading fees (0.6%), and excellent customer support.
Swyftx introduced its Earn feature in mid-2022, a wallet that allows customers to deposit their crypto and generate interest yields over time. At the time of writing, Swyftx Earn supports 20 cryptocurrencies where customers can earn interest payouts of up to 101% Annual Percentage Yield (APY).
Whilst other platforms offer a much larger suite of interest-earning crypto, Swyftx includes popular assets with large market capitalizations. Prominent examples include Cardano (ADA), Polkadot (DOT), Solana (SOL), Ethereum (ETH), Bitcoin (BTC), and Tether (USDT). Unlike other Australian crypto lending platforms, Swyftx supports earning interest on Bitcoin and Ethereum.
As shown in the table below, Swyftx Earn interest rates are quite competitive. Investors can earn interest on Bitcoin and Ethereum up to 5.12% APY. This is slightly above industry standard. Polkadot (DOT) and Polygon (MATIC) rates also have an enticing return of up to 12.74%.
|Asset||Tiered Interest Rate|
|Bitcoin (BTC)||5.12% (0-0.2 BTC), 4.08% (0.2-0.4 BTC), 3.04% (0.4+ BTC)|
|Ethereum (ETH)||5.12% (0-3 ETH), 4.08% (3-6 ETH), 3.04% (6+ ETH)|
|Tether (USDT)||6.71% ($0-15k USDT), 5.54% (($15K- $30K), 4.49% ($30K+)|
|Cardano (ADA)||4.60% (0-10k ADA), 4.34% (10k-20k ADA), 4.08% (20k+)|
|Solana (SOL)||6.18% (0-150 SOL), 5.65% (150- 300 SOL), 5.12% (300+)|
|Polygon (MATIC)||12.74% (0-6.5k MATIC), 11.62% (6.5k-15k MATIC), 10.51% (15k+)|
Interest rates for all of the 20 supported digital currencies follow a tiered structure. The interest rate is determined by the amount of crypto deposited in the Earn wallet where the interest rate diminishes with a higher amount deposited. For example, the maximum interest rate for Bitcoin of 5.12% APY is only attained if less than 0.2 BTC is in the wallet, and reduces to a minimum of 3.04% APY when the amount increases to over 0.4 BTC. Since higher interest rates are applicable to lower crypto amounts, Swyftx Earn is a great choice for beginners with less capital.
Interest starts generating as soon as crypto is transferred into the Earn wallet. Interest compounds and payouts are made daily and in the form of cryptocurrency that was deposited. Users can move their assets to and from their Earn wallet at any time as there are no lock-in periods.
Swyftx does not charge any fees for transferring crypto between the Trade and Earn wallets, or for utilizing the Earn features. The minimum deposit for Earn wallets is $1 AUD. This, paired with low trading fees, make it extremely cost-effective to start a passive income.
In short, Swyftx Earn is highly suitable for beginner and intermediate crypto investors, particularly those who have small amounts of crypto in their portfolios. The excellent customer support and the beginner-friendly interface makes Swyftx Earn our top pick for earning interest on crypto in Australia.
2. CoinSpot - Best Interest Platform In Australia For Security
CoinSpot is one of Australia’s longest-running and most popular exchanges, attracting over 2.5 million registered users as of 2022. Over 350+ major cryptocurrencies and altcoins can be purchased on the exchange. CoinSpot is well-known for being the first Australian crypto platform to attain ISO 27001 certification which makes it one of the safest and most trustworthy places to buy cryptocurrency.
One thing for CoinSpot users to note is that the fees to purchase cryptocurrencies using the Instant Buy feature are high (1%) and may be seen as a deterrent. Users who want to maximize their interest-earning capabilities should opt to add crypto to their portfolio by placing market orders on the exchange where the fees are lower (0.1%). Alternatively, transfer crypto from another exchange or wallet to reduce the costs and maximize yields.
The CoinSpot Earn program is a little different from the other interest-earning wallets on this list. Rather than providing a separate wallet where users can transfer crypto into. Instead, users must select the “Earn” option on any supported assets within the platform’s multi-token wallet. Coins locked into the Earn feature are considered as loans to CoinSpot in exchange for an interest rate reward to the customer. As a result, the earning process can be complicated for beginners compared to the other top lending platforms in Australia.
|Asset||Interest Rate||Asset||Interest Rate|
|Cardano (ADA)||5.10% APY||Solana (SOL)||6.60%|
|Algorand (ALGO)||8.50%||Tron (TRX)||5.90%|
|Cosmos (ATOM)||10.90% APY||Verasity (VRA)||18.25%|
|Avalanche (AVAX)||6.90%||Wanchain (WAN)||6.30%|
|Axie Infinity (AXS)||78%||Tezos (XTZ)||4.20%|
|BNB (BNB)||5.00%||Zilliqa (ZIL)||15%|
|Cronos (CRO)||11.10%||Harmony (ONE)||9.20%|
|Polkadot (DOT)||12.50%||Flow (FLOW)||6.50%|
|Elrond Gold (EGLD)||12.10%||Polygon (MATIC)||12.80%|
|Fantom (FTM)||4.20%||Kusama (KSM)||18.50%|
CoinSpot offers interest-earning services for 21 cryptocurrencies such as SOL, BNB, MATIC, and ADA at the time of writing. The interest rates range between 4.20% to 78% APY which is relatively competitive. Their highest APY on offer is for Axie Infinity (AXS) at 78%, while their lowest is 4.2% on Fantom token (FTM). Although, these altcoins are fairly high-risk investments.
Whilst the list of supported assets is not as big as other platforms, CoinSpot supports digital assets that are not offered on most other major Australian exchanges. For example, users can earn interest on Cardano (ADA), Binance Coin (BNB), Cronos (CRO), and Wanchain (WAN). One of the downsides is that CoinSpot does not have Bitcoin or Ethereum savings accounts.
A unique element of earning crypto interest on CoinSpot is the “earn cap”. This means that there are no maximum or minimum deposits for locking coins up and generating interest per individual. However, there is an overall earn cap depending on how many customers are currently loaning their coins. If a cryptocurrency reaches 100% of its earn cap, users can no longer begin earning on it through their CoinSpot wallet.
Overall, the interest-earning services that CoinSpot provides are relatively similar to other platforms on the Australian market. However, the standout advantage of CoinSpot is its crypto wallet that will allow investors in Australia to place their confidence that their crypto assets earning interest are secured.
3. Digital Surge - Best Interest Earning Account For Beginners
Digital Surge is a Brisbane-based crypto platform that was founded in 2017 to provide Australians with a simple way of obtaining over 300+ digital currencies. The platform is best known for its emphasis on simplicity in all facets including its effortless interface, low trading fees (0.5%), and highly functional mobile apps for iOS and Android devices. Digital Surge continues to provide innovative products and services to the Australian public and their recently released Earn feature is no exception.
Digital Surge’s Earn protocol works as a lending program. By depositing crypto into the Earn wallet, users are essentially lending their crypto to Digital Surge in exchange for an interest rate return on their capital. The crypto interest-earning feature is incredibly easy to earn interest with crypto. Customers just need to navigate to the Earn tab in the top-right, and then select the ‘Earn’ button next to a supported asset. If the cryptocurrency isn’t already owned, it can be purchased from the Earn hub.
At the time of writing, Digital Surge customers can earn up to 12% APY on 12 cryptocurrencies including Solana, Cardano, Tezos (XTZ), and Tron (TRX). Some of the advertised interest rates are shown in the table below. Notable absentees from the list include Bitcoin and Ethereum which means that users will need to seek an alternative such as Swyftx or Nexo to earn interest on Ethereum and Bitcoin.
|Cosmos (ATOM)||12% APY|
|Polkadot (DOT)||12% APY|
|Solana (SOL)||6 - 8% APY|
|Cardano (ADA)||4 - 6% APY|
|Tezos (XTZ)||5% APY|
|Algorand (ALGO)||5% APY|
|Kava (KAVA)||1 - 4% APY|
Whilst the number of supported cryptocurrencies isn't as large as some of the other top interest-earning accounts on this list, Digital Surge helps to make up for it by providing competitive interest rates. Customers can earn 23% APY on KAVA, 18% on Kusama (KSM), and 12% on Cosmos (ATOM).
Interest rewards compound daily, although they are only paid out into the user's wallet on a monthly basis. To further provide its customers with flexibility, there are no minimum or maximum limits on the amount of crypto that can be deposited to start earning interest. Additionally, there are no lock-in periods and customers can redeem their principal investment as well as interest accrued at any time.
One of the most significant advantages of the Digital Surge Earn feature is its seamless and well-thought-out design. The visually intuitive interface, together with the attractive interest rates and low trading fees to buy crypto (0.5%) make Digital Surge an ideal option for entry-level investors.
4. Nexo - Best Savings Account For High Crypto Interest
Nexo is a well-known lending platform that is trusted by over 4 million users and holds in excess of $12 billion worth of digital assets. The highly popular platform supports 39 cryptocurrencies and provides users with a gateway to purchase additional crypto using Australian credit/debit cards, as well as swap crypto (over 300 trading pairs). Best of all, Nexo is insured for up to $375 million in case of a loss or hack event.
In return for lending crypto to Nexo, customers can earn up to 18% APY on 33 crypto assets including Bitcoin, several altcoins, and stablecoins such as USDT, USDC, and DAI. Different assets will have different available terms. For example, Stellar (XLM) can be loaned at a fixed, or variable interest rate, depending on lock-in periods. A user can start off with a variable 4% Flex rate, meaning they can withdraw their XLM at any time. However, they can also “lock it in” for a month to add an additional 1% to the interest rate.
|Asset||Interest rate (in kind)||Interest rate (in Nexo)|
|BTC||6% APY||8% APY|
|ETH||6% APY||8% APY|
|DOGE||1% APY||3% APY|
|DOT||13% APY||15% APY|
|USDT||10% APY||12% APY|
|USDC||10% APY||12% APY|
|DAI||10% APY||12% APY|
This is part of what sets Nexo apart from its competitors – the flexibility of earning opportunities. Users can tailor their interest rates and terms to whatever is suitable. They can lock up their tokens for greater APY, or allow themselves to adjust to market conditions by using a Flexi savings account.
On top of this, Nexo has introduced its own token (NEXO) as an incentive program for its clientele. Owning a certain portion of NEXO in a portfolio will unlock greater earning potential where users can earn up to 2% additional interest on certain cryptocurrencies. Holding NEXO may bring cost-efficiency benefits for those with larger balances. Customers can also choose to have their balances paid out in NEXO, which further increases rates by up to 4%.
The biggest drawing card of Nexo is its support for high interest on stablecoins where up to 12% APY can be obtained by holding USDT, USDC, DAI, TUSD, and USDP. Simply put, Nexo is one of the best interest-earning platforms for stablecoins on the market. Moreover, most major cryptocurrencies are also supported, with Bitcoin (8% APR), Solana (8% APR), Ethereum (8% APR), and even ApeCoin (9% APR) on the list.
Lastly, getting started on Nexo is easy. Once an account is created, funds can either be transferred to the Nexo wallet or purchased directly on the platform. From there, customers simply navigate to the relevant crypto wallet and select their desired interest terms. For investors seeking flexibility and high interest on crypto, it’s pretty hard to look past Nexo as a top platform to earn crypto interest.
5. BlockFi - Best For Selection of Coins To Earn Interest
BlockFi is a global provider of digital asset management services including lending and borrowing. The platform offers its customers a BlockFi Interest Account (BIA) that supports earnings up to 15% APY. To date, BlockFi has paid its customers over $700 million USD worth of interest on deposited cryptocurrencies, which showcases its place as one of the best crypto lending platforms in the world.
BlockFi interest account supports 40 cryptocurrencies including BTC, ETH, SOL, ADA, DOGE, and various stablecoins. This is a comparatively wide range, on par with most other global competitors in the lending and borrowing space. There are very few high-profile coins missing from the platform and most investors will find support for at least some of their assets.
BlockFi’s interest system works in the same way as most other lending services. The platform uses the money locked up in savings accounts to fund borrowers and pays back the lender with additional interest in kind. It’s worth noting that BlockFi pays out on the first business day of every month. However, unlike some competitors, it also compounds monthly. The difference between daily and monthly compounding on smaller balances is negligible, however higher capital lenders may notice slightly lower returns.
|BTC||3.00% (0-0.1 BTC), 1.00% (0.1-0.35 BTC), 0.1% (>0.35 BTC)|
|ETH||3.00% (0-1.5 ETH), 1.50% (1.5-5 ETH), 0.25% (>5 ETH)|
The interest offered by BlockFi follows a tiered structure where the rate rewarded depends on the amount deposited. Tiered interest rates only apply to selected coins such as BTC, ETH, LTC, LINK, and USDT. Essentially, higher balances in these savings accounts will equate to lower rewards which may not suit high-net investors. Interest rates for other assets will return a flat interest rate irrespective of the amount deposited.
In general, BlockFi’s rates aren’t quite as compelling as the other crypto interest account alternatives. For many, this is a worthwhile trade-off due to access to certain obscure coins. However, BlockFi offers great flexibility to its customers. Users can deposit as little or as much cryptocurrency into a crypto yield account. There are no minimum or maximum limits to begin generating interest on it immediately. Interest rewards can also be paid out in a specified cryptocurrency (different from the one being earned), although this can incur a 1.5% fee on all interest earned.
Perhaps the best feature of BlockFi is its rates for Cardano (ADA). ADA is one of the most popular cryptos to earn interest in the industry, and it can be difficult to find interest yields above 5 – 6%. At the time of writing, BlockFi offers a 10% APY without any limits on deposits. The downside is that BlockFi does not support AUD deposits to fund a crypto interest wallet.
We have broken down and assessed the top savings accounts in Australia to earn interest on crypto in this comparison table. The comparison takes into account important factors such as ease of use, reputation, supported digital currencies, AUD deposit methods, crypto interest rates, pay-out frequency, fees, security, and customer support.
|Exchange||Crypto Assets||Trading Fees||Rating||Promotion||Website||Review|
|$20 Bitcoin for creating a verified account||Visit Swyftx||Swyftx Review|
|None available at this time||Visit CoinSpot||CoinSpot Review|
|$10 Bitcoin for creating a verified account||Visit Digital Surge||Digital Surge Review|
|$25 Bitcoin for >$100 deposit||Visit Nexo||Nexo Review|
|Get up to $250 Bonus in Bitcoin||Visit BlockFi||BlockFi Review|
Before deciding on a crypto lending platform in Australia, investors should take into account various factors that can influence the interest accrued in a portfolio over the long term. These include:
- Supported assets. Australians looking to earn on crypto should start off by ensuring the platform supports an interest account for the crypto they own. For example, if someone wanted to earn Bitcoin interest, the best options in Australia are Swyftx, BlockFi and Nexo which support BTC interest accounts. On the other hand, CoinSpot and Digital Surge don't have Bitcoin or Ethereum interest wallets at the time of writing.
- Interest rates. Comparing the interest rates on each major exchange or earning platform should be a major part of everyone’s earning strategy. Most Australian crypto interest exchanges offer relatively similar rates, typically varying by 1–2% either side. This won’t make a huge difference on balances under 5 figures, but higher-volume investors should be looking to optimize returns.
- Convenience. Users that have not begun to build their crypto portfolio may prioritize an earning platform that provides low-fee trading. Centralized exchanges don’t have the wide range that dedicated earning platforms do, but they tend to have much lower transaction fees. On top of this, some exchanges may support features like NFTs or SMSF accounts that can form part of an overall cryptocurrency investment strategy.
- Fees. The majority of earning platforms for Australians do not charge fees for using their earning services. Instead, they make money through transaction fees, interest on loans and other means. However, this is not always the case and it may be worth double-checking whether any platforms being considered are cost-effective.
- Security. The safety of funds held in an Australian crypto interest website should be a strong consideration when deciding which earning platform to use.
With national interest rates on the rise in Australia, term deposit interest below 3% APY and a surging inflation rate of 5.1%, the emergence of DeFi platforms and protocols have presented a new opportunity to earn yield. For new and existing crypto holders, the diversification into a reputable crypto savings account can be a feasible way to earn dividend-like returns. While the interest accrued may not always offset capital losses, the crypto interest rates offered are generally much higher than the rates offered by the major Australian banks.
Each platform within this guide uses a similar interest-generation strategy – a lending service. Generally speaking, this method of earning is the safest and least complex for beginners to access. That said, there are still some pitfalls to look out for that can at worst, result in total loss of funds. The biggest risk to look out for is counterparty risk. Most beginner-friendly earning platforms are centralized, which means that any finances deposited are no longer in the control of the investor. If the business is to go bankrupt or default on its loans, the funds may be lost forever. A recent example happened in June 2022, Celsius’ lending platform paused all activity due to extreme market volatility. Customers were unable to withdraw thousands of dollars invested into the platform.
The volatility of the market is another risk that can lead to reduce interest payouts and a lack of liquidity to pay back interest. Therefore, investors should know that interest rates are not always guaranteed and are subject to change without notice. Most crypto savings accounts prioritise some level of flexibility, allowing customers to withdraw from their wallets at any given time. However, to access higher rates, users may lock up their tokens for 6–12 months at a time. The downside of this is an inability to trade crypto in periods of high market downturn.
For traditional financial institutions, deposits of up to $250,000 are insured by the Federal Government in Australia. However, this same protection does not apply to cryptocurrency savings accounts, potentially leaving investors exposed. That is, crypto lending platforms are not regulated by the Australian Government. Investors funds held on a crypto interest account are not protected by the Government in the event of insolvency or a hack. While the majority of platforms offer their own insurance policy for assets, Australian customers earning interest should not expect a full refund.
Earning on crypto is a great way for Australians to put idle crypto-assets to work by passively generating crypto rewards over time. Generating income using this method can be a good way of hedging against tough market conditions.
Australian crypto investors who are seeking to passively grow their portfolios have several platforms to choose from. Swyftx is by far the most popular crypto interest exchange and has recently released its Earn wallet which offers attractive interest yields for a suite of commonly owned digital assets. Users who have specific investment strategies such as those that incorporate stablecoins, may opt for a global crypto platform such as Nexo where the interest rate are higher and have greater selection of coins to earn passive interest.
Kevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms. In 2019, he started HedgewithCrypto to publish informative guides about Bitcoin and share his experiences with using a variety of crypto exchanges around the world.