Coinbase launches a 3.75% annual savings account in the UK… 'deposit protection' applied

Coinbase has launched a savings account in the UK with a variable annual interest rate of 3.75%. It is covered by the UK's Financial Services Compensation Scheme (FSCS) and protected up to £85,000.

On the 11th (local time), The Block reported that Coinbase is offering the 'Coinbase Savings Account' to some users starting on the 11th. The deposit currency is British pounds and interest is paid daily. There is no minimum deposit or term restriction, and deposits and withdrawals are available immediately. The service is operated in collaboration with ClearBank.

Kis Groz, Coinbase's UK chief executive officer (CEO), said, "We will offer financial products tailored to local demand for UK users." Mitesh Sabjani, head of products, said, "We will expand services to support traditional finance and crypto assets on a single platform."

Coinbase has designated the UK as a key overseas market after registering as a virtual asset service provider with the UK's Financial Conduct Authority (FCA). However, it was sanctioned by the FCA in 2024 for violating obligations on high-risk customer management, and recently faced regulatory risks such as being fined $24.7 million by the Central Bank of Ireland related to transaction monitoring.

Coinbase plans to roll out this savings account to all users in stages over the coming weeks. Coinbase said the product provides traditional bank-level protection and accessibility for exchange users' pound deposits.