ZenGo Savings

Your crypto interest account

Earn up to 8% APY on your crypto deposits: No hassle, zero paperwork, and a few simple taps away! This might be the easiest way to beat inflation while earning passive income on your crypto.

Our industry-leading offer is powered by a partnership with Nexo, one of the world’s most trusted lending institutions in the digital finance industry. Get 8% APY on USDC, USDT, and TUSD, in addition to 4% APY on your BTC, ETH, and LINK deposits (full list below).

Earn interest on crypto

There are 2 ways to earn interest with ZenGo Savings: Lending your crypto, and staking your crypto.

Lending your crypto

You are essentially loaning your crypto to our partner Nexo*, a licensed and registered financial institution for crypto lending and investments. The interest on your crypto is calculated and added to your balance on a daily basis, providing you with compound interest in the same currency that you’re lending.

No lock-up period is required, and your funds are always free for withdrawal.

Staking your crypto

Staking lets crypto holders earn extra income by contributing to the network security of a proof-of-stake (PoS) asset. By contributing (delegating) the voting rights associated with your asset to a validator node, you increase the chances of the validator to validate transaction blocks and in return earn rewards. They then share a portion of those rewards with their delegators. Currently, ZenGo offers staking with Tezos (XTZ), via our partner Chorus One, but in the future, we plan to add more staking assets. For more information on this topic, see the article on Tezos staking.

What is a crypto interest savings account?

ZenGo Savings is a service for anyone who wants to earn interest on their cryptocurrency. Now in a few taps, you can earn daily interest and rewards directly through ZenGo. It’s probably the safest and simplest way to earn passive income in crypto.

Interest savings account: Crypto blasts past your bank account’s interest rates!

In 2021, inflation hit 6% in the U.S. and it’s even worse elsewhere. Banks are no help – your average savings account offers a tiny 0.06%. That’s not very zen if you ask us.

Instead, let your crypto work for you in a few simple taps, directly from your ZenGo crypto wallet. It takes seconds to get done, and no documents are required: This is by far one of the simplest and most attractive ways to get interest on your assets!

Crypto interest rates

*Tezos has a variable APR which may change over time. Learn more here.

 

Getting interest on Bitcoin (BTC)

Bitcoin (BTC) is a decentralized digital currency founded in 2009. Learn more about Bitcoin’s history and purpose on our podcast. When you deposit Bitcoin into your ZenGo Savings account, Nexo will lend your Bitcoin out to others who borrow it in return for paying you interest. Your interest is calculated daily and will be deposited into your ZenGo Savings account on a daily basis. You can withdraw your deposit or a portion of your deposit at any time, moving it back to your normal wallet.

Getting interest on Ethereum (ETH)

Ethereum (ETH) is a decentralized, open-source blockchain with smart-contract functionality: Some think of Ethereum as a distributed global computer. Learn more about Ethereum on our podcast. Ether (also referred to as Ethereum) is the token native to the Ethereum platform. When you deposit Ethereum into your ZenGo Savings account, Nexo will lend your Ethereum out to others who borrow it in return for paying you interest. Your interest is calculated daily and will be deposited into your ZenGo Savings account on a daily basis. You can withdraw your deposit or a portion of your deposit at any time, moving it back to your normal wallet.

Getting interest on USDC stablecoin (USDC)

USD Coin (USDC) is a stablecoin that tracks the U.S. dollar, and it currently runs on the Ethereum network. When you deposit USDC into your ZenGo Savings account, Nexo will lend your USDC out to others who borrow it in return for paying you interest. Your interest is calculated daily and will be deposited into your ZenGo Savings account on a daily basis. You can withdraw your deposit or a portion of your deposit at any time, moving it back to your normal wallet.

Getting interest on Tether stablecoin (USDT)

Tether (USDT) is a U.S. dollar-denominated stablecoin. Unlike cryptocurrencies like Bitcoin or Ethereum, which can see volatile price fluctuations, stablecoins track traditional fiat currencies, like U.S. dollars or Korean won at a 1-to-1 ratio. When you deposit Tether into your ZenGo Savings account, Nexo will lend your Tether out to others who borrow it in return for paying you interest. Your interest is calculated daily and will be deposited into your ZenGo Savings account on a daily basis. You can withdraw your deposit or a portion of your deposit at any time, moving it back to your normal wallet.

Getting interest on DAI (DAI)

DAI is a stablecoin that tracks the U.S. dollar, managed by the MakerDAO community. When you deposit DAI into your ZenGo Savings account, Nexo will lend your DAI out to others who borrow it in return for paying you interest. Your interest is calculated daily and will be deposited into your ZenGo Savings account on a daily basis. You can withdraw your deposit or a portion of your deposit at any time, moving it back to your normal wallet.

Getting interest on TrueUSD (TUSD)

TrueUSD (TUSD) is a stablecoin tracking the U.S. dollar built on the TrustToken platform and claims to be fully-collateralized and transparently verified. When you deposit TUSD into your ZenGo Savings account, Nexo will lend your TUSD out to others who borrow it in return for paying you interest. Your interest is calculated daily and will be deposited into your ZenGo Savings account on a daily basis. You can withdraw your deposit or a portion of your deposit at anytime, moving it back to your normal wallet.

Getting interest on Nexo (NEXO)

Nexo (NEXO) is the native token of our lending partner Nexo. When you deposit NEXO into your ZenGo Savings account, it will be lent out to others who borrow it in return for paying you interest. Your interest is calculated daily and will be deposited into your ZenGo Savings account on a daily basis. You can withdraw your deposit or a portion of your deposit at any time, moving it back to your normal wallet.

Getting staking rewards on Tezos (XTZ)

Tezos (XTZ) is an open-source blockchain for assets and applications that evolves by upgrading itself. Its native token is the tez (XTZ). When you deposit XTZ into your ZenGo Savings account, Nexo will stake your XTZ through our partner Chorus One. For staking, there’s an initial waiting period of approximately 33 days before receiving your first reward payment. After that, you should receive a reward payment approximately every 3 days which gets deposited directly into your wallet.

Getting interest on Chainlink (LINK)

Chainlink (LINK) is a cryptocurrency working with a global network of computers to provide reliable, real-world information to smart-contracts running on blockchains like Ethereum. When you deposit LINK into your ZenGo Savings account, Nexo will lend your LINK out to others who borrow it in return for paying you interest. Your interest is calculated daily and will be deposited into your ZenGo Savings account on a daily basis. You can withdraw your deposit or a portion of your deposit at any time, moving it back to your normal wallet.

FAQ: ZenGo's cryptocurrency savings account

Q: How do I start making money with ZenGo Savings?
A: You can start earning in just a few taps by following these simple steps:

  1. Pick which asset you want to earn. You’ll find the available interest rates (APYs) on the “Earn” screen in the app to help you decide. 
  2. Tap on the asset. If you don’t own any, we’ve made it easy to buy or receive. 
  3. Tap the Deposit button and choose how much you’d like to allocate to Savings.
  4. Tap “Confirm”

That’s it! You’ve just started saving. Now just sit back and watch your portfolio grow.”

Q: What are the risks associated with ZenGo Savings?
A: The answer depends on whether you are lending or staking your crypto.

Lending: We’ve partnered with Nexo, one of the world’s largest and most trusted lending institutions in digital finance. Nexo is licensed, audited, and insured, but because lending involves sending your crypto to a 3rd party, there are certain counterparty risks. We recommend doing your own research into the various aspects of counterparty risk before making any financial decisions. Learn more about Nexo here.

Staking: Since you don’t need to part with your assets in order to delegate them, your funds always remain in the safety of your ZenGo wallet. This means that validators do not have access to your funds, and you earn the rewards with no counterparty risk.

Q: How is my APY interest generated?
A:
Your APY is not generated by yield farming or staking, but rather by lending your cryptoassets to our partner Nexo. Nexo is licensed, audited, and insured, and maintains high levels of collateral to limit risks. Learn more about Nexo’s custody and insurance process here.

Q: Is there a minimum or maximum deposit amount?
A: For Nexo, there is a minimum amount required for deposits per asset. This amount changes over time and is best viewed in the app. There is no maximum deposit.

For Tezos, the minimum amount to activate staking is 1 XTZ.

Q: Is there a minimum or maximum withdrawal amount?
A: For Nexo, there is a minimum amount required for withdrawals per asset. This amount changes over time and is best viewed in the app. The maximum daily withdrawal limit is the equivalent of $20,000 per user.

Q: How do I deposit and withdraw?
A: There are two types of screens that you might encounter when depositing and withdrawing:

Deposit and withdrawal screen: To deposit: 1) go to the Earn screen 2) select the asset you would like to deposit into savings 3) choose the amount and 4) confirm the transaction. To withdraw, you can select the asset from your Home screen and continue to withdraw, or go to the Earn page, select the relevant token, and withdraw from there.

Activation screen: Staking assets, namely Tezos for now, have an “Activate” button instead of a deposit button because you can’t choose a portion of your assets to stake — it’s all or nothing. You simply need to activate your savings once per asset and your wallet remains activated forever. There’s no downside to this since the funds never leave your ZenGo wallet and are always accessible and liquid. If you send them out of your ZenGo wallet, you’ll simply stop earning the rewards on that amount.

Q: Where can I see my savings deposits and interest earned?
A: To see your savings deposits and interest earned, just go to the Home screen and scroll to the bottom section. All active deposits are presented there under a section called “Earn”. To see your interest earned, simply look below Lifetime earnings at the bottom of your Home screen.

Staking deposits (e.g. for Tezos), however, will appear in the “Wallet” section above because those funds are always liquid and never leave your wallet.

Q: When do I get paid interest and rewards?
A: For lending in Nexo, your interest accrues in kind, once per day, and gets added to your lending balance automatically, so you can earn compound interest. The first interest payment after your initial deposit will be paid no earlier than 24 hours after the deposit, between 7:00-8:00am CET on the following day.

For staking, there’s an initial waiting period of approximately 30 days before receiving your first reward payment. After that, you should receive a reward payment from the validator approximately every 3 days which gets deposited directly into your wallet. 

Q: Are my funds liquid while in Savings?
A: Your funds are always accessible from your ZenGo wallet while in Savings. All transactions are on-chain and only you have the ability to move your crypto. That said, there are slight differences between lending and staking.

Funds that you’ve lent to Nexo are stored with Nexo so you first need to withdraw them to your ZenGo wallet before sending them elsewhere. 

On the other hand, funds that are delegated to staking are never sent out of your wallet. You only delegate your voting rights for the asset, not the asset itself. So you don’t need to do any special withdrawal action to be able to send them out of your ZenGo wallet.

Q: Are there any fees associated with Savings?
A: The only fees you need to pay are network fees (not paid to ZenGo but to the blockchain networks) to complete your deposit and withdraw transactions or to activate staking.

*For lending with Nexo, you get one free withdrawal per calendar month which means that the network fees are waived.

Why choose ZenGo’s wallet for your Crypto interest savings account?

Unlike standard non-custodial crypto wallets, ZenGo’s breakthrough Multi-party Computation (MPC) technology replaces the traditional and notorious crypto private key with two independently created mathematical secret shares, while remaining on-chain and user-controlled.

Unlike crypto exchanges, ZenGo cannot access your funds, and unlike traditional self-custodial wallets, ZenGo supports account backup and recovery using a facial scan. This novel approach allows us to safely and seamlessly put full ownership and control of digital assets where they belong – in your hands – and no one else’s. It’s magic – and a lot of advanced cryptography. Learn more about ZenGo’s security standards here.

Questions?

As always, our legendary customer service team is here to help, 24/7. Simply reach out via the
in-app portal.

Start earning interest with ZenGo!

*View Nexo’s Terms & Conditions here.