Coinbase partners with ClearBank to launch savings accounts in the UK
- Coinbase becomes first digital assets exchange to offer UK savings account
- Launch is powered by ClearBank’s embedded banking solution, building on long-standing collaboration between the companies
- New accounts will offer eligible users high interest rates and FSCS protection
ClearBank, the enabler of real-time clearing and embedded banking, today announces it is powering the launch of savings accounts with crypto-native exchange, Coinbase, through its Embedded Banking solution. This launch marks a significant milestone in the UK’s financial landscape as it is the first time savings accounts will be available directly through a digital assets exchange.
The new savings accounts mark an evolution in ClearBank’s successful, long-standing collaboration with Coinbase in its most significant international market outside the US. ClearBank has been helping power Coinbase’s GBP on/off ramps and wallets since 2019, and enabling Coinbase to deliver access to the UK Faster Payments System (FPS) and CHAPS. The partnership has improved the customer experience of real-time fiat deposits, providing Coinbase customers with vital protections and seamless fiat infrastructure.
The latest step in the partnership will deliver embedded savings accounts, marking a major step in bridging the gap between traditional finance and the digital economy. It also expands Coinbase’s substantial commitment to the UK, which is already its largest international market.
Through ClearBank Embedded Banking, Coinbase’s savings accounts will offer its customers the ability to earn high interest rates (3.75% AER paid daily) on GBP cash balances while offering FSCS protection for eligible balances up to £85,000, which will provide users with the opportunity to earn as they trade between digital assets and traditional currencies.
The companies anticipate that the introduction of savings accounts on the Coinbase app will provide consumers with enhanced protection for their cash via FSCS protection, while supporting seamless interaction between traditional and digital currencies.
