How Crypto Savings Accounts Work?

Cryptocurrencies have taken over the financial world in extreme fashion. Ten years ago, they were unknown to most, today they are traded and invested by many. While many talk about cryptocurrency investing or online trading, what if you simply want to save your money in cryptocurrency? What if you simply want to have it stashed away earning interest? Then you need a crypto savings account.

What is a Crypto Savings Account?

A crypto savings account is an account that allows you to save and earn interest in cryptocurrencies. Unlike holding traditional currencies or fiat currencies in a bank, you can hold cryptocurrencies in a crypto savings account. Some of these accounts offer interest of 7% per annum.

Crypto Savings Account in South Africa? Luno App?

Your next question is where can you do this in South Africa? Luckily for you there is the Luno App. The Luno App is run by Luno is a registered cryptocurrency broker offering services in South Africa. They work with all the major banks in South Africa offering EFT deposits and withdrawals. The company is fully registered and licensed as an FSP so you can rest assured.

The Luno App offers you easy access to cryptocurrency through your mobile phone or via the web browser. You can have a savings account in various cryptocurrencies including:

  • Ethereum
  • Bitcoin
  • USDC

This allows users to save their money in these cryptocurrencies, earning interest monthly.

Cryptocurrencies to Invest In

If you are looking to invest and hold for the long term, there is a lot of speculation about what to invest in. We did some research and found 4 of the most talked about cryptocurrencies in the investment world.

This is not advice, but merely information for you to look into and consider. Cryptocurrencies are risky investments and should be invest in with caution.

Here are 4 cryptocurrencies to invest in or rather consider:

  • Bitcoin – Bitcoin is the OG. The start of the cryptocurrency world is going to be around for sometime and many feel that it would make a great investment.
  • Ethereum – Ethereum has been shown to have one of the strongest and most sought after blockchain systems in the market. This makes it commercially valuable with many speculators thinking it will continue to rise over time.
  • Ripple – Ripple was designed to make global transactions easy and affordable. Further than this the currency is very eco-friendly and uses low amounts of electricity.
  • Dogecoin – What was started as a joke amongst enthusiasts now has the backing of Tesla and Elon Musk. This volatile currency is highly discussed in the crypto world.

The world is very different to how it was 10 years ago, the financial world even more so. While saving in your bank account may be a good option, you may wish to consider saving in cryptocurrency! Make sure to speak to your financial advisor before making any investment decisions.