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Are you ready for Savings Account 2.0? I’ve been using Celsius Network for some time now and I can give an honest review on how well the interest in performing, along with a free promo code.
Celsius Network interest earning accounts are what the savings accounts of many years ago used to be, an actual way to park your money and earn a fair interest rate on it.
At best, your standard bank savings account is probably earning at most 2.5% – while the majority of savings accounts or interest bearing checking accounts in traditional banks only average around 1% APR or even less.
Now what if you find out there is a bank alternative that will pay you up to 10% interest for doing the same thing with your savings? Holding it. With the launch of Celsius Network, what you are witnessing is a “Savings Account 2.0” as the company is bringing back a true way to earn interest on your digital cash or crypto holdings.
The company was founded on the belief that they can do well and do good at the same time. This works by allowing users who need to borrow, pay the lowest interest on loans, all while feeling good that about 80% of Celsius Network’s revenues which are shared to the other users of the platform who wants to save.
So How Does Celsius Network Do It?
The process is simple for crypto holders of Bitcoin, Ethereum, XRP, and other assets – all the way to the person who is not very familiar with cryptocurrencies or the token economy. That’s changing, as of 2019, over 80% of Americans have heard about Bitcoin and over 11% even own it.
For seasoned veterans of digital assets, a simple transfer of your cold storage wallet holdings of a supported coin to your own Celsius Network wallet is all it takes to start earning interest.
For the person who does not own any Bitcoin or XRP, but still wants to take advantage of earning a higher interest rate on their savings than what their current bank is paying them, all it takes is converting your money to a stablecoin like the USDC or Gemini Dollar – and then transferring your new digital dollars to Celsius Network for safe storage. Then let the interest earning begin!
As a seasoned veteran does not need an explanation on how to convert fiat to digital or if you already own Bitcoin or one of the other supported coins, skip down to the review and promo code to claim a free bonus when you sign up at Celsius Network.
All others that are not familiar with owning cryptocurrency or are only interested in earning more interest on their savings, keep reading on how you can take advantage of higher paying interest rates.
Converting Your Cash To Savings Account 2.0
If the idea of earning more interest on your money that currently resides in a traditional bank savings account, and how could it not, the process to convert your cash to a digital stablecoin can seem very overwhelming, but it actually is very easy between user-friendly mobile apps.
Here Is How Converting Your Bank Cash To A Stablecoin Token Works
Both services are fast, trusted, and have mobile apps for your iPhone or Android based smartphone, so you don’t have to use a desktop computer if you don’t want to.
After you complete setup of Gemini or Coinbase, you will want to attach your traditional bank checking or savings account to the one of those providers you selected so that a bank draft can occur. A draft will send the amount of savings you determine over to the provider in 3 to 5 business days.
To better describe this example, we will assume you used Coinbase and want to convert your dollars over to their USDC token, using $1,000 USD as the amount.
- Setup your Coinbase account and add follow the instructions to add your banking account to your Coinbase account. See citations below.
- Once the setup of your bank account with Coinbase is complete, you will want to initiate a transfer of $1,000 USD from your bank account to your Coinbase account by purchasing the Coinbase USDC token.
- Once you purchase your $1,000 worth of USDC and your transaction clears in 3 to 5 business days, you are ready to transfer your USDC to Celsius Network to start earning a bigger interest rate, which for stablecoins like the USDC is currently 8.10% – is your bank paying that?
You are now ready to pick up below with the rest of this Celsius Network review and find out how you can get a free bonus when signing up with a promo code.
The Celsius Network Review and Promo Code For Free Bonus
A crypto veteran or a newly converted digital dollar holder, either way you are now ready to setup your Celsius Network account and start earning more for your savings. Here is how you do it.
In my dealings with Celsius Network, they have been honest and have paid exactly how and when they should have, so after my review I can recommend them. However you should still do your own research when investing, especially in digital assets.
If your research agrees, then sign up at Celsius Network by downloading the app from Apple or Google Play, depending on your smartphone type. You can also click this link to receive a download of the app direct to your smartphone or see the citations at the bottom of this article.
Once you have downloaded the app, follow the instructions to complete setup of your account on Celsius Network. If you enter the promo code 142901e0d0 during setup, you will get up to a $20 valued sign up bonus. Look for the promo code entry box like shown in the example below.
After your Celsius Network account is completely setup and approved, you are ready to transfer your $1,000 in USDC from Coinbase (per example from above). And that’s it, once your $1,000 of USDC arrives at Celsius Network, you are done and interest will be paid out every Monday at 8.10% – and now your cash is converted to Savings Account 2.0.
Important Note for US residents: Your interest earnings in Celsius Network are taxable the same way your earnings in a traditional bank account are. It’s important you track your interest earning so you can report properly when you file taxes. To make tracking easier, consider using Cointracking.info where you can start tracking for free. The good news is that you are getting ready to earn much more interest than you have been, so it’s worth it.
- Comparing Celsius Network and BlockFi, types of interest, payout periods, and more.
- The Gemini dollar is a cryptographic token built on the Ethereum Network according to the ERC20 standard for tokens.
- USD Coin (USDC) is a type of cryptocurrency that is referred to as a stablecoin. You can always redeem 1 USD Coin for US $1.00, giving it a stable price.
- Earn up to 10% annual interest on today’s top cryptocurrencies, from BTC to XRP. New coins are added to our wallet regularly!
- Explaining Stable Coins, The Holy Grail Of Cryptocurrency.
- How do I send digital currency to another wallet from Coinbase?
- How do I withdraw digital assets from my Gemini account?
- CoinTracking analyzes your trades and generates real-time reports on profit and loss, the value of your coins, realized and unrealized gains, reports for taxes and much more.
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