Coinbase launches savings accounts in the UK, offering 3.75% interest and FSCS deposit protection

Coinbase is introducing a new Savings Account product for select UK users starting November 11, powered by Clearbank. Eligible users can earn 3.75% variable Annual Equivalent Rate (AER) interest, paid daily, on their GBP balances, with instant deposits and withdrawals and no minimum balance requirement. Crucially, the accounts are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000, mirroring traditional UK bank safeguards. Coinbase UK CEO Keith Grose stated the launch underscores their commitment to building the UK's top financial app by blending crypto features with traditional finance offerings. While the 3.75% rate is competitive, it sits below some top fintech savings rates. This move is part of Coinbase's strategy, as the UK is its largest international market, following its registration as a VASP with the FCA in February.

(Source：The Block)