Is This The Best (Risk-Free) Way To Earn High Interest On Your AUD Savings?

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  1. Swyftx Earn
  2. My experience with Swyftx
  3. Additional Information

Finding a safe and low-risk option to store your savings whilst earning sufficient interest rates to mitigate the effects of inflation is becoming increasingly more challenging.

As of writing, a quick survey into Australia’s highest interest savings accounts reveals quite an underwhelming range of options offering between 0.25–2% interest, not even coming close to the inflation rates of late. So, what options do us Aussies have out there? Or are we better off simply stashing our earnings underneath the mattress for safekeeping?

There may yet be light at the end of the tunnel.

..dramatic pause.. Introducing our saviour, Swyftx.

Swyftx — An alternative to your high-savings bank account?

Swyftx is an Australian owned and operated crypto exchange that allows users to buy Bitcoin, Ethereum and 320+ other crypto assets. Although there are many exchanges out there, one feature that Swyftx has recently introduced is pioneering the way centralised financial institutes offer high-interest rates to their customers.

What is this pioneering feature, you ask?

Swyftx Earn

Swyftx Earn allows you to earn interest on eligible cryptocurrencies you currently hold in your Swyftx trading wallet.

Earn is a Swyftx feature that allows you to earn interest on your crypto including stablecoins and top market cap coins. There are no fees associated with Swyftx Earn and interest earned is automatically added to your total balance of that cryptocurrency each day. You can claim your interest instantly on a particular cryptocurrency by withdrawing some, or all, of that cryptocurrency from your ‘Earn’ wallet back to your trading wallet.

Swyftx offers a tiered model of interest, with interest rates decreasing at each incremental tier. These tiers for each of the eligible Earn cryptocurrencies can be found here (source https://swyftx.com/).

As of writing, these are the existing APY yields for the various coins you can earn with:

Coins participating in the Swyftx ‘Earn’ program (source: https://swyftx.com/au/earn/)

How to get started with Swyftx

Taking part in Swyftx ‘Earn’ is simple. You will need to have the eligible earn cryptocurrencies in your Swyftx wallet. If you don’t already own any of these, you can easily purchase them via the trade function in your Swyftx app.

  1. Open an account with Swyftx

If you sign up via my referral link here: Swyftx and apply code nathandrummond, it will be a huge help to grow my channel and maintain frequent posts like these.

2. Participate in the Swyftx ‘Earn’ Program

source: https://swyftx.com/au/earn/

2.1. Fund Your Account

Fund your account with whatever crypto it is you wish to participate in the ‘Swyftx Earn’ feature

2.2. Select Cryptocurrency

Select the cryptocurrencies you want to earn interest on, and just like that, you’ll start earning daily interest on your crypto investments. Interest earned is automatically added to your total balance of that cryptocurrency each day.

My experience with Swyftx

I’ve been with Swyftx for over a year now and it is my exchange of choice for all my crypto-related ventures. So I’ve tested out the rapidness of transferring funds into Swyftx and using the platform for crypto-exchange needs, so I happily vouch for the platform.

From my experience, transfers from my ING bank account occur instantly (with the only limitation being deposits of $1000 AUD per day), and similarly withdrawing my AUD back to my account occurs instantly.

Now, back to the newly introduced Earn feature — I, for sure will be (and have already) started using this exchange to place my AUD that I keep on hand as my emergency fund into the Earn program, where TrueAUD will be payed out to me (at 5.33% APY as of writing). Since TrueAUD is a stablecoin tied to the AUD dollar, it eliminates the risk of volatility that you get with other marketcap coins like Bitcoin and Etherium (whose fluctuating price is about as indecisive as me trying to decide what to order on Uber Eats). This means if I do want to cash out my AUD into my fiat bank account, my initial deposit will always be the same, plus whatever interest I earn from the Swyftx Earn program.

That’s all for this article, I hope you found some use!

As always, have a splendid day.

Regards,

Nathan

Additional Information

Earn is available on the Swyftx web platform and mobile app from May 5th, 2022 AEST. Users who choose to opt-out of Earn will have their staked assets returned to their trading wallet and can choose to use Earn at a later date.

For Frequency Asked Questions (FAQs) on the Swyftx ‘Earn’ program, refer to the official website for more information: https://swyftx.com/au/earn/

Disclaimer:
Investing always involves a level of risk. You aren’t guaranteed to make money, and it is possible to lose the money you start with. I am not a financial advisor, so none of what I say should be taken as financial advice. You should consider seeking independent legal, financial, taxation or other advice when considering whether an investment is appropriate for your objectives, financial situation or needs.