Earn Bitcoin Interest with a Magnr Savings account
Whether you’re a new holder of Bitcoin, or you have held some for a while, unless you are actively spending or trading your Bitcoin day to day, you will most likely be holding them with the speculative view that the value will increase over time. In the majority of cases, coins will be stored in a wallet of some sort. For those seeking a more active yet still minimal approach to investing, Magnr offers a savings account that will help you put your coins to work. With relatively little effort, you can begin to earn additional returns on your otherwise dormant Bitcoins.
This article examines the benefits of holding your funds on a Magnr Savings account which offers a passive low risk interest return on your investment, paying you whilst you hold onto your Bitcoin.
Why Use Our Savings Account
Our Magnr Savings Account lets you safely hold and earn on your Bitcoin by:-
- Offering a simple and easy to use managed service for holding Bitcoin funds
- Your wallet funds are safely secured offline using industry standard multi-signature technology
- All you have to do is deposit your Bitcoin and collect interest at the beginning of each new month
The interest you earn is equal to an Annual Effective Rate of 1.28% AER (or APY in the US), which is accumulated daily, and paid into your account at the beginning of each new month. Whats unique is that your interest is earned on a compounding basis, so providing you leave your original investment plus the interest in your account, you will also earn interest on your interest each month. In Bitcoin, this had not previously been available until Magnr Savings came along in the summer of 2015.
Safe and Secure
A Magnr Savings account automatically awards you the benefits of our multi-signature wallet technology, provided by our technology partner and industry leaders in BitGo. Combined with offline cold-storage, this means that your funds are safety held with us at all times. You do not need to worry about keeping your own private keys, ensuring backups or codes as we manage all that for you. As part of our strict security practises, all private keys are also held securely offline.
Magnr adds a further level of safety through its business rules by ‘ring-fencing’ all savings funds. Your funds are never subjected to the risk of being re-allocated for the purposes of trading across the platform. We ensure that your funds are kept separate from all other areas of our operations, meaning we can account for every satoshi at any time.
The way we handle Withdrawals and movement of funds from your account is carefully considered too. There is no automated process for withdrawals, but instead we choose security over convenience by processing these manually. All withdrawals are audited for the purposes of security, ensuring each transaction is screened to be sure there we capture any suspicious activity. Every withdrawal is promptly followed up by an email notification advising you of funds moving off your account. If the withdrawal was not actioned by the client, then this provides an opportunity for you to cancel the request by contacting our Support staff.
Earn Interest with a Minimal Deposit
There’s no minimum deposit amount but we do recommend a balance of at least 0.10 BTC to earn any meaningful interest. With the insignificantly low interest rates offered by USD, GBP or EURO banks, you are instead able to get a better interest rate for holding a digital asset that has outperformed all major world currencies in the past year.
You can discover more about Magnr Savings as well as view some of the most frequently asked questions by visiting our Help and Support center here – Lean More. If you are interested in opening up a Savings Account, then you can visit our site at https://magnr.com/ and Sign Up today.
In our next article we will provide you with a review of our Magnr Trading product for those that want to take a more active role in earning with your Bitcoin.