Coinbase launches savings accounts in the UK, offering 3.75% interest and FSCS deposit protection

Coinbase is launching a UK savings account product, powered by Clearbank, starting with select users in the country from Nov. 11.

The Coinbase Savings Account will let eligible UK users earn 3.75% AER variable interest, paid daily, on their GBP savings balances — offering instant deposits and withdrawals, with no minimum balance and no lockup period, according to the firm.

Coinbase's savings accounts also offer protection via the Financial Services Compensation Scheme (FSCS), ensuring that customers' GBP balances are covered up to £85,000 ($112,000) if the provider fails — offering the same safeguard they receive with a traditional UK bank.

"The launch of the Coinbase Savings Account highlights Coinbase's commitment to offering Brits the best financial offering as an exchange for everything," Coinbase UK CEO Keith Grose said in a statement shared with The Block. "We are focused on building products tailored to local UK needs that solve real pain points for our customers and with an aim of building the UK's number 1 financial app."

Combined with the Coinbase Card for spending from crypto, stablecoin, or fiat balances at merchants, plus other features, Coinbase is increasingly blurring the lines between the crypto ecosystem and more traditional and fintech platforms. Notably, Coinbase's 3.75% offer places it above most mainstream bank deals, but below some of the best fintech savings rates on the market.

"Today, Brits don't have one place that offers the best of crypto and traditional finance in one platform," Coinbase UK Product and Growth Lead Mitesh Savjani added. "Supporting a high interest and instant access savings account alongside Coinbase’s most trusted crypto exchange with stablecoins, 260+ assets, and a wide range of features is a step on the path to updating the financial system for the UK."

Coinbase is planning to progressively roll out savings accounts access to all UK users over the coming weeks.

Coinbase's UK roadmap

According to the firm, the UK is Coinbase's largest international market and a crucial part of its global expansion plans. The savings account launch follows Coinbase obtaining a Virtual Asset Service Provider (VASP) registration from the UK's Financial Conduct Authority in February, also making it the largest crypto exchange registered in the country.

However, it has not all been smooth sailing for Coinbase, with its UK subsidiary fined $4.5 million by the FCA in 2024 for "repeatedly breaching a requirement that prevented the firm from offering services to high-risk customers."

Last week, the Central Bank of Ireland also fined Coinbase Europe $24.7 million for breaching its anti-money laundering and counter-terrorist financing transaction monitoring obligations between April 2021 and March 2025.