Coinbase is set to introduce a new savings account in the UK, featuring a competitive interest rate of 3.75% AER, along with instant access and protection under the Financial Services Compensation Scheme (FSCS).
As Coinbase’s largest international market, the UK is pivotal for the company’s growth. The launch follows Coinbase receiving its Virtual Asset Service Provider (VASP) registration from the Financial Conduct Authority in February 2025, positioning it as the largest crypto exchange registered in the UK.
The savings account, powered by ClearBank, allows for immediate deposits and withdrawals, with no minimum balance or lockup requirement. This offering directly challenges competitors like Revolut, which provides a wide array of financial services alongside an in-app cryptocurrency exchange feature. In July, Coinbase rebranded its Wallet app to Base, adapting to the superapp model embraced by Revolut and consolidating various functions—payments, trading, chat, and social features—into a single blockchain-based platform.
Brian Armstrong, CEO of Coinbase, states, “The introduction of a high-interest, instant-access savings account, alongside our trusted exchange with stablecoins and a portfolio of over 260 assets, marks a significant step towards modernizing the financial landscape in the UK.”
The focus on customer acquisition for revenue-generating crypto trading is evident. As Armstrong notes, “This savings account launch is a key indicator of the growing convergence between traditional finance and the crypto ecosystem, creating a seamless transition for users migrating from fiat to cryptocurrencies.”