Coinbase has introduced a flexible savings account for its UK customers, offering a 3.75% Annual Equivalent Rate (AER) on GBP deposits.

Through a partnership with ClearBank, customer funds up to £85,000 are protected under the Financial Services Compensation Scheme (FSCS), providing the same deposit insurance as a traditional UK bank. This marks a significant move by a major crypto exchange to integrate traditional banking safeguards.

The account features instant access to funds and daily interest payments. A key strategic element is the ability for users to seamlessly swap their GBP savings into cryptocurrency, designed to keep assets within the Coinbase ecosystem.

This launch positions Coinbase in direct competition with digital banking platforms like Revolut, which also leverage a partnership with ClearBank for similar savings products. It signals a broader industry trend where cryptocurrency firms are expanding into traditional financial services to capture a larger share of their users' assets and daily financial activities.