How To Earn High Yields With Binance Savings (A Comprehensive Guide)

In this post, I’ll show you how to earn high yields with Binance Savings.

Most folks are moving from saving fiat currencies to saving crypto because the latter offers higher yields.

Binance Savings is a unique service that enables you to earn high yields from your crypto holdings.

Gratefully, there are different packages that you can choose from.

I’ll tell you all about that and more as you read on.

Let’s get started!


Post Summary

  1. Why Choose Binance Savings?
  2. Types Of Savings On Binance
  3. How To Get Started On Binance Savings
  4. FAQs
  5. Conclusion

Click on any item above to read its details immediately.


1. Why Choose Binance Savings?

As mentioned, Binance Savings is a service provided by the Binance Exchange that enables users to earn interest on their crypto holdings.

Here are a few reasons why you should use this service:

a. Higher APYs

A major benefit of using Binance savings is that it offers attractive rewards.

Saving in the traditional financial system can only earn you 0.1% to 0.6% APY.

But on Binance savings, you can earn up to 40% APY depending on the crypto you save.

Super!

b. Variety Of Plans

Secondly, Binance Savings has different plans that you can opt for.

You get to choose the length of time you will save and whether you can withdraw your earnings within that period or not.

(more on that in the next section)

c. Many Crypto

Additionally, you should use Binance Savings because it supports a wide range of cryptocurrencies.

Remember that coin that you regretted buying? You may just find that you can earn rewards on it 😉

d. Convenience

Furthermore, using Binance savings is convenient. 

You don’t have to monitor the markets to know when to place a trade.

All you need to do is to deposit your assets in the savings wallet and go to bed while they earn you more returns.

So cool!

Moving on, let’s take a look at the different saving plans on Binance.

Keep reading!


2. Types Of Savings On Binance

binance savings

Before I mention the available types of savings, take note of the following terms:

  • Redemption date – This is the day that the term for your savings ends.

Automatically, your principal and accrued interest will be transferred from your Savings wallet to your ‘Spot Wallet’

  • Auto-subscription – this function automatically moves available assets from your spot wallet to your savings wallet.

You can activate it if you want to save yourself the stress of saving manually.

  • Lot size – the minimum amount of an asset that you can save. 

Back to the types of savings. They are:

Let’s take them one after the other:

a. Flexible Savings

This is the simplest type of savings. It generates interest daily and allows you to redeem your earnings at any time.

Your interest starts to accrue the day after you make the deposit. Then you can redeem it after 2 days.

Also, the interest rate of this savings account fluctuates based on market conditions.

The coins you can deposit in this account are:

Binance flexible savings

And 103 more.

b. Locked Savings

This savings type requires that you lock up your funds for a particular period.

You can choose from 7 days, 14 days, 15 days, 30 days, 60 days, or 90 days lock-up period. It varies for different coins.

Here, the interest rate is fixed, and the longer you lock up your assets, the more interest it will accrue. 😉

Also, the interest rates are higher than what is obtainable in Flexible Savings.

Have a look:

binance locked savings

You should opt for this savings type if you don’t have any urgent need for your assets.

Moreover, you can always switch to flexible savings if you don’t want to lock up your funds anymore.

c. Activities

Lastly, on the types of savings available on Binance, we have activities.

This one works a bit differently. Token partners offer special events like lending activities from time to time. 

To participate, you’d have to subscribe immediately an advert pops up.

Like locked savings, it also requires that you lock up your assets for a particular period.

Additionally, you cannot redeem your earnings or switch to a different plan until the event is due.

The interest rates are usually higher too.

Have a look at some events that have occurred before:

Binance savings activities

Next, I’ll show you how you can start saving on Binance.

Tag along!


3. How To Get Started On Binance Savings (A Step-By-Step Guide) 

You can watch this explainer video to see how to use Binance Savings👇

I have also listed the steps below:

a. Flexible Savings

i. Log into your Binance account. Don’t have one? Create yours using my referral link.

ii. From the top menu, click on ‘Finance’ and select ‘Binance Earn’.

(If you’re using the mobile app, just select ‘Binance Earn’ from the homepage)

iii. Scroll down and select ‘Savings’

iv. Opt for ‘Flexible Savings.’ Find the coin you want to save and select ‘Subscribe’

binance savings subscribe

vi. Next you input the amount you wish to save and agree to the ‘Savings T/C’. Then hit ‘Confirm’

vii. You’ll be notified of a successful subscription. Activate ‘Auto-transfer’ if you wish to.

binance savings usdt

Also, you can click on ‘View wallet’ to see your savings.

b. Locked Savings

i. Follow the same steps as above but select ‘Locked Savings’ from the savings page.

ii. Choose your preferred coin and subscribe

binance savings locked

iii. Enter the required details and confirm

c. Activities

i. Go to the Savings page and scroll down to activities

ii. Find an ongoing event and hit ‘Transfer’

activities binance savings

iii. Enter the requirements and confirm.

That’s it on the steps. Very easy, right?

Let’s answer some frequently asked questions and then we can call this post a wrap.


4. FAQs

What are the risks involved with crypto savings?

The cryptocurrency market is volatile. 
When the price of your assets drops, the value of your savings will depreciate. 
Consequently, the value of your savings reward will decrease as well.
Also, if the STABLE ACT bill passes, stablecoins may not be pegged to an equal amount of USD. 
This may significantly affect the value in the crypto savings accounts.

Is the interest rate on each asset guaranteed?

Yes. Deposited crypto assets are lent to Binance Margin to make returns.
Therefore, you’ll receive your rewards even if the crypto markets go down.

How do I redeem my rewards?

Go to your Savings wallet. Select the asset you need and click on ‘Redeem.’

How are the interest rates generated?

The average daily interest rate from the past 7 days is multiplied by 365.

Do I need to verify my account to use Binance Savings?

Yes. You are required to complete Intermediate Verification to access Binance savings. See how to do that here.

Visit Binance


5. Conclusion

We have now come to the end of our discussion on Binance Savings. I hope you enjoyed the read.

This platform enables you to earn high yields on your crypto holdings.

Trust me, you don’t want to be left out. Click here to start saving!

Yet to open a Binance account? I got you. Just use this link.

And if you don’t mind, tell me in the comments, the savings plan you’d be going for.

Hey, don’t leave without sharing this post with your friends, thank you.

Chinma Udeji
Le's connect

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