Uphold Launches 5% APY Interest Account

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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.