We’re glad you asked! Saving your crypto is smart. Earning interest on your crypto savings is brilliant. It’s your turn to earn, so with the Luno Savings wallet, you can do just that.

There are three Savings wallets for you to choose from. Create one, two, or all three if you’d like. Up to you.

BTC Savings wallet - Earn up to 4% interest in BTC

ETH Savings wallet - Earn up to 4% interest in ETH

USDC Savings wallet - Earn up to 7.6% interest in USDC


Note:

Currently, the USDC Savings wallet is available in all our supported countries except for Singapore. And none of the Savings wallets is available in Malaysia.


What are the benefits of getting a Savings wallet?

  • You can earn compound interest on two of the biggest crypto coins and one of the major stablecoins - on top of the benefits from any price movements

  • You unlock a passive way of earning compound interest

  • It’s easy for you to set it up and manage

  • The are no hidden fees

  • You have access to your crypto 24 hours a day

Ready to get your Savings wallet and start earning interest?


Here’s how

Step 1: Create your Savings wallet

Sign in to your Luno account, select Wallets from the menu and then follow these steps:

  1. On your Wallets screen, select  Add a new wallet

  2. Under the SAVINGS heading, choose the Savings wallet that you’d like to create

  3. You’ll be guided through some info about the Savings wallet. Select NEXT until you get to the create your Savings wallet screen, and then select CREATE WALLET

  4. If you’re creating a Savings wallet for the first time, you’ll see a Savings wallet terms screen. Once you’re satisfied with the terms, select I have read and understood the terms and conditions, and then I AGREE


Note:

If you’ve created a Savings wallet before, you won’t need to agree to the Savings wallet terms again when creating new Savings wallets.


Mission success! Your Savings wallet is ready.


Step 2: Transfer crypto in

Now that you’ve created your Saving wallet, you’ll want to transfer crypto in to start earning interest the very next day:

  1. Select TRANSFER IN from the final screen when creating your Savings wallet, or by going to your newly created wallet from the Wallets main screen

  2. On the How much do you want to transfer in? screen, enter the amount that you’d like to transfer in, and select NEXT

  3. On the next screen, if you’re happy with the amount, select CONFIRM

  4. On the transfer confirmation screen, select DONE


Note:

You can only transfer BTC into your BTC Savings wallet, ETH into your ETH Savings wallet and USDC into your USDC Savings wallet.


Mission success! You’ll start earning interest the very next day.


Note:

It usually takes a few minutes for crypto to transfer to your Savings wallet, but it could take longer. As soon as your crypto arrives in your savings wallet, we’ll notify you via email and push notification (if you have it enabled).


Tip:

Find out more about the interest that’s paid on your Savings wallet here.


Frequently asked questions

Who is your lending partner?

We have chosen Genesis as our lending partner, to launch the Luno Savings Wallet. We use Genesis’ platform in order to generate a return on your crypto in your Luno Savings Wallet. Learn more about Genesis and their risk disclosures.


How much interest will I earn?

Interest is earned and paid in crypto.

  • On the BTC Savings wallet, you’ll earn a targeted 4% in BTC per annum

  • On the ETH Savings wallet, you’ll earn a targeted 4% in ETH per annum

  • And on the USDC Savings wallet, you’ll earn a targeted 7.6% in USDC per annum

On all three Savings wallets, the interest is calculated daily on the balance in your Savings wallet, and is paid out monthly in crypto. The interest is variable, which means that it could be more than the targeted %, or it could be less, based on market conditions. Each day, you’ll earn interest at the variable daily rate. The sum of that daily interest is accrued for a month and then paid out once a month in crypto.


Note:

The value of the crypto in your Savings wallet is still subject to increases or decreases in the price of that crypto.


When do I get paid?

The interest earned will be paid (added) in crypto to your Savings wallet balance on the 1st day of every month. The interest paid will show as a transaction on your Savings wallet transaction history.


When can I transfer funds out?

While your Savings wallet is intended for long-term investing, you can transfer crypto out to your crypto wallet at any time. There are no penalties or hidden costs when transferring out to your crypto wallet.


Note:

Transfers out of your Savings wallet usually complete the following day, but it could take longer. You’ll continue to earn interest on the funds while your transfer out is in a pending state.


Are there any risks?

While we’ve taken every precaution to choose the right lending partner, there are some risks involved.

You should be aware that any funds transferred into your Savings wallet will be lent to our chosen lending partner in order for them to generate a return. This is how interest is earned. Your Savings wallet is not a traditional fiat currency bank account, and cryptocurrency accounts are not covered by deposit protection insurance.

Our lending partner collateralises their loans (ie. they take security), and we’re confident in the robustness of their lending platform. Luno does not, however, guarantee the funds held in your Savings wallet, and you accordingly agree to take on the risk of counterparty default by utilising the Savings wallet.


Tip:

Please carefully read the Savings wallet terms, so that you're fully informed of any risks involved in using the Savings wallet product.


Where do I see how much interest I’ve earned?

As soon as your interest is paid (added) to your Savings wallet balance, it’ll display as a transaction in the transaction list on the wallet main screen. The interest paid will display in the relevant cryptocurrency (with the equivalent local currency value also displayed).

You can find more detail on your interest displayed next to Earned in [month] and Total interest earned on your Savings wallet main screen.

  • Earning in [month]: This displays the interest accrued (unpaid) month to date. This total is reset to 0 at midnight on the 1st of every month (when your interest is paid) and increments daily.

  • Total interest paid: This is the sum of the interest paid across all time. It only increments when your monthly interest earned is paid on the 1st day of every month.


Is there a way that I can calculate how much interest I will earn?

Unfortunately not. As the interest rate is variable, based on market conditions, there isn't a way to calculate exactly the amount of interest you’ll earn per annum.


Why do I need to accept new terms?

The Luno Savings wallet is an interest bearing product, so there are specific terms applicable to using the Savings wallet. Therefore, we’ll ask you to accept new terms when you create a Luno Savings wallet. These terms are in addition to Luno’s standard Terms of Use.