Coinbase Rolls Out Regulated Savings Account in the UK
Coinbase has launched a new savings account for UK customers, offering a 3.75% annual equivalent rate (AER) on GBP balances. The product represents a major step in integrating traditional finance features into the crypto ecosystem while maintaining full regulatory oversight.
According to the company, the savings feature will begin rolling out to select users on November 11, with wider availability in the following weeks. Balances are held by ClearBank, ensuring protection under the Financial Services Compensation Scheme (FSCS) for up to £85,000 per customer. This means the account carries the same safety net as conventional UK savings accounts.
How the Coinbase UK Savings Account Works
The savings account provides daily interest that compounds automatically, credited to users’ GBP balances once earnings reach one penny. It features instant access, no lockup periods, and no minimum deposit requirements, allowing users to deposit or withdraw funds at any time.
Unlike crypto yield or staking programs, Coinbase’s savings account operates as a regulated financial product. The variable rate of 3.75% can change based on the Bank of England’s base rate. Increases take effect immediately, while reductions are typically announced in advance unless directly linked to rate adjustments.
Users can transfer funds between their savings account and main GBP wallet for crypto purchases, card payments, or withdrawals to a bank account. Interest stops accruing once funds are withdrawn or the account is closed, but earned interest remains credited to the balance.
Part of Coinbase’s UK Expansion Strategy
The United Kingdom remains Coinbase’s largest market outside the U.S., and the launch of the new savings product aligns with its goal to expand regulated financial offerings. Earlier this year, Coinbase secured its Virtual Asset Service Provider (VASP) registration from the Financial Conduct Authority (FCA), paving the way for more compliant products in the region.
The savings account joins other services such as the Coinbase Card, stablecoin payments, and access to over 260 digital assets. Together, these products reflect Coinbase’s long-term ambition to operate as a comprehensive financial platform bridging traditional and digital finance.
Despite facing regulatory fines in recent years for anti-money laundering gaps in the UK and Ireland, Coinbase says it has strengthened its compliance systems and remains committed to building trust with regulators.
