Best For

  • Traders
  • Stablecoin Holders
  • Existing Binance Users

Binance Savings is a crypto asset interest account that enables users to automatically earn interest on a variety of crypto assets. The platform currently supports two account types: Flexible Savings and Locked Savings.

Binance Savings Interest Account - Comprehensive 2020 Review

Overall Score:

7.5
Trusted
Global Access:
7 of 10
Interest Accounts:
6.5 of 10
Ease of use:
9.5 of 10
Trust:
7.5 of 10
Fees & Rates:
7 of 10
Support:
9 of 10

Binance Savings Interest Account Overview

APY Rates0.19% - 7.00%
Interest Earning AssetsEOS, USDT, BUSD, BNB, BTC, ADA, BAT, BCH, DASH, ETC, ETH, LINK, LTC, NEO, TRX, XLM, XMR, XRP, ZEC
Rate VariabilityFixed, High
Earn Interest onStablecoin, Crypto
Deposit Amounts$1 - $1,000,000
Payout FrequencyEnd of Terms, Daily
Lockup TermsFlexible, 1 Week, 2 Weeks, 1 Month, 2 Months, 3 Months
Compound InterestNo
Network TokenNo
Token BenefitNo BNB Benefits.
Platform TypeMargin Funding
Deposit InsuranceFalse
Credit checkNo
KYC CheckNo
Platform FeesNo Fees
Supported Regions180+ Countries
Excluded RegionsU.S and Sanctioned countries

Binance Interest Rates (APY) - Flexible Savings

Flexible Savings accounts earn interest daily. Subscribed users are able to withdraw their holdings at any time without penalty.

Flexible Savings Account Information:

Depositing Funds - Users are required to choose a deposit amount for Flexible Savings interest account subscriptions. Deposit funds are deducted from the user’s Binance exchange wallet and locked into the Flexible Savings account for the remainder of the day. Users can unlock funds from a Flexible Savings wallet as early as the next day.

Automated Subscriptions - Binance spot traders who want to earn interest on idle funds have the option to turn on the ‘Flexible Savings’ auto-subscribe feature. At 1:00 UTC each day, Binance will automatically transfer the available balance from your Binance exchange wallet to your Flexible Savings wallet. Users may choose to enable auto-subscriptions for all supported crypto assets or specific crypto assets.

Redeeming Funds - When a user subscribes to a Flexible Savings account, Binance requires them to choose either ‘Fast Redemption’ or ‘Standard Redemption’. ‘Fast Redemption’ enables immediate withdrawals, but the user won’t earn any interest for the day they retrieve funds. ‘Standard Redemption’ allows the user to withdraw funds the next day, while still collecting interest for the day they initiated the withdrawal.

Daily Deposit Limitations - Binance Savings disables all deposits for Flexible Savings accounts daily from 23:50 to 0:10 UTC. Deposits for specific crypto assets are disabled after Binance’s daily subscription quotas for Flexible Savings accounts are filled. If the subscription quota is filled for a particular day, Binance recommends that users subscribe promptly the following day.

Stablecoins Flexible Earning

Earn On Current APY 1 Year Avg.
TetherUSDT
2.91% 3.32%
Binance USDBUSD
2.99% 3.39%

Crypto Flexible Earning

Earn On Current APY 1 Year Avg.
BitcoinBTC
0.82% 0.96212%
EthereumETH
0.98% 0.97337%
XRPXRP
0.19% 0.49756%
Bitcoin CashBCH
0.59% 0.76418%
LitecoinLTC
0.42% 0.79481%
Binance CoinBNB
0.32% 0.23037%
EOSEOS
0.49% 1.11%
CardanoADA
0.92% 1.10%
ChainlinkLINK
0.66% 0.76443%
StellarXLM
0.27% 0.39893%
MoneroXMR
1.80% 0.841%
TRONTRX
2.37% 1.58%
NEONEO
0.77% 1%
Ethereum ClassicETC
0.64% 1.58%
DashDASH
1.33% 2.04%
ZCashZEC
0.99% 0.82906%
Basic AttentionBAT
0.42% 0.72625%

Binance Interest Rates (APY) - Locked Savings

Users who subscribe to Locked Savings accounts are required to lock their funds in an interest wallet for a fixed term. Longer terms generally offer higher APY.

Locked Savings Account Information:

Depositing Funds - Users who wish to open a Locked Savings account must select a fixed-length term. They may choose terms ranging from 7, 14, 30, or 90 days. After selecting a deposit amount, funds are transferred from the user’s Binance Spot Wallet to their Locked Savings account.

Deposit Limits - Binance uses a term called ‘lots’ to refer to crypto asset units locked into Locked Savings accounts. Each user has an individual ‘lot’ subscription limit. For example, 100 Binance USD (BUSD) is currently equal to 1 ‘lot’. The individual maximum number of BUSD ‘lots’ per user is 5,000 ‘lots’. This means each user can deposit a maximum of 50,000,000 BUSD into a ‘Locked Savings’ account.

Early Withdrawals - Binance allows portional transfers from a Locked Savings account to a Flexible Savings account if the user must access their locked funds before the fixed term ends.

Redeeming Funds - The ‘Redemption Date’ is the day that a Locked Savings account’s fixed term ends. On this day, Binance automatically unlocks funds and sends the principal and accrued interest from a user’s Locked Savings wallet to their Binance ‘Spot Wallet’.

Stablecoins Locked Savings

Earn On 7 Days 14 Days 30 Days 90 Days
TetherUSDT
6.31% 6.48% 6.66 7%
Binance USDBUSD
6.31% 6.48% 6.66 7%

Crypto Locked Savings

Earn On 7 Days 30 Days 60 Days 90 Days
EOSEOS
3.80% 4.69% 5.21 6.79%

Binance Savings Interest Account Alternatives

Rating7.5/108/107.5/10
Best Stablecoin APY RateUSDT 6.31%GUSD 8.6%DAI 16.16%
Locked Terms1 WeekFlexibleFlexible
Payout FrequencyEnd of TermsMonthlyWeekly
Compound InterestNoYesNo
Deposit InsuranceNoYesNo
KYC CheckNoYesYes
Credit CheckNoNoNo
Learn MoreReviewReviewReview

Flexible Savings vs Locked Savings

Interest Account Type Interest Rate Pros Cons Best For
Flexible Savings
Variable interest rate
  • Flexibility to withdraw assets at any time
  • Enables automated interest earning through the auto-subscribe feature
  • Offers lower interest than Locked Savings
  • Rates fluctuate according to market conditions and user demand
Users who want the flexibility of being able to withdraw assets at any time at the expense of earning lower interest
Locked Savings
Fixed interest rate for 7, 14, 30, or 90 days
  • Offers higher interest than Flexible Savings
  • Rates won’t fluctuate during the duration of the fixed-length term
  • Requires users to lock funds for the entire term length
Users who don’t mind trading easy access to liquidity for higher interest

Pros and Cons

Pros

  • Deposit Limits - Most interest-earning assets have a maximum deposit limit of $10M-$50M in equivalent USD value.
  • Locked Savings APY - Locked Savings accounts offer higher interest rates than industry-average crypto interest accounts.
  • Account Options - Users can choose between Flexible Savings for greater flexibility, or Locked Savings for higher fixed interest rates.
  • Auto-Subscribe Feature - The auto-subscribe feature enables users to efficiently earn interest by automating transfers from their ‘Spot Account’ to their Flexible Savings account.
  • Crypto Asset Support - A variety of crypto assets are supported in Flexible Savings accounts.

Cons

  • Regional Restrictions - Binance Savings is not supported in many countries. Most notably, the platform is not currently accessible to US residents.
  • Flexible Savings APY - Flexible Savings accounts offer lower interest rates than other crypto asset interest accounts offered by competitors.
  • Interest Rate Fluctuations - Interest rates change frequently based on market conditions and user demand. For example, the Flexible Savings APY for BUSD went from 5.07% to 2.13% in a one-day period in March 2020.

Frequently Asked Questions

Is Binance Savings safe?

Are user funds on Binance Savings insured?

Does Binance Savings require KYC identity verification?

Can I earn interest on my Bitcoins with Binance Savings?

What is the Redemption Date for Locked Savings accounts?

What happens on the ‘Redemption Date’?

Does Binance Savings accept US customers?

Summary

With the introduction of Binance Savings and other financial products, Binance has cemented itself as more than just the world’s most popular cryptocurrency exchange. We believe that this product is just getting started, with additional features and supported assets on the way.

The Benefits:

  • Competitive APY Rates - Locked Savings accounts offer average to above average APY rates compared to other crypto asset interest account platforms.
  • Very High Account Limits - Account limits for many supported crypto assets are equivalent to $50,000,000 or more.
  • No Platform Fees - Users pay no additional fees on deposits, withdrawals, or interest.
  • Beginner Friendly - The auto-subscribe feature automates interest for idle funds in the user’s ‘Spot Account’.
  • Account Options - Users can choose between Locked Savings or Flexible Savings based on their needs.

The Drawbacks:

  • Lockup Terms - Users who wish to earn above- average interest rates must choose the Locked Savings account option, which requires funds to be locked up for 7, 14, 30, or 90-day terms90 days.
  • Interest Rate Fluctuations - Market conditions play a major role in determining interest rates, which means APY may drop significantly without warning.
  • No US Availability - Binance Savings is not available to US residents. Americans who are unable to access Binance Savings should consider other interest account platforms such as BlockFi, Celsius, and Nexo.

Overall, Blockfer currently recommends that Binance users consider the Locked Savings interest account option. Due to its lower interest rates, Flexible Savings is only an enticing option for spot traders who actively trade on the exchange.

Additional Information Best Features

Binance Savings Official Website

  • The auto-subscribe feature enables users to start earning interest in seconds.
  • Earn 7% on Binance USD (BUSD).
  • Very high balance limits.

Legal & Regulation - Facts & Figures

Legal Name Binance Holdings Limited
Incorporated Country Malta
Headquarters Singapore
Year Founded 2017
CEO Changpeng Zhao (aka. CZ)
Total Employees 251-500
Regulators Malta Financial Services Authority, Malta Digital Innovation Authority
Links Crunchbase, Twitter, Blog, LinkedIn
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