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Eco savings Review


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This crypto startup claims a 5% APY on deposits without FDIC insurance.

Eco savings Review: Eco is a cryptocurrency savings account that can earn up to 5% interest on deposits. However, you must refer five friends. You will earn 2.5% APY if you refer five friends. This is still more than the rate offered by your local bank but less than other crypto savings accounts.

Highlight features of Eco:

  • Withdrawals and deposits in US dollars
  • Standard 2.5% APY, up to 5% with five referrals
  • Limited retailers eligible for 5% cashback

What we think

Eco is the best cryptocurrency beginner tool because it doesn’t require any prior crypto knowledge. You can deposit and withdraw US dollars in US dollars using crypto transactions that take place behind the scenes.

Eco converts each US dollar into the stable currency US Dollar Coin (USDC) with every account deposit. This reduces the volatility associated with cryptocurrency. Eco lends your USDC to regulated financial establishments that pay fixed rates and pass along a portion of what they collect to us in the form of an APY.

If five friends opened Eco accounts and made deposits of at least $100, the performance earned a 2.5% or 5% annual percentage yield. This rate is significantly higher than traditional savings accounts, which average 0.06% APY.

You may earn a higher APY than similar crypto-based savings accounts that use stable coins. Monie, for example, makes a maximum of 5% APY with no referral requirement.

You could earn more interest if you choose an account that allows crypto deposits. CoinLoan, YouHodler, and others pay up to 10% APY. However, you might need to borrow or stake crypto to get the highest interest rate.

Eco offers a 5% cash back program, but five retailers only support it. You must use the Eco app to purchase non-refundable virtual gift cards to earn cashback. Eco points can be made when you spend, save, or refer others. However, these points don’t currently offer any real value. Customer support told us that although the facts are only for experimental purposes, there might be an additional benefit soon.

How to Apply for Eco

Eco is currently in limited release. You may not be eligible to open an Eco account. Complete a form on Eco to determine your eligibility.

  1. Follow the steps to apply on the provider’s website.
  2. Enter your email address, and choose Signup.
  3. Please enter your name, phone number, as well as optionally your Twitter handle or LinkedIn URL.
  4. Answer multiple choice questions about seed use.
  5. Indicate whether you reside in the US, and if so, in which state.
  6. Finally, indicate whether you use an Android or iPhone device.

Eco will notify you if your application has been approved. Eco will send you a text message when Eco launches officially if you are added to the waitlist.


Eco is unavailable in Hawaii, Texas, New York, and Connecticut.

All are eligible for eligibility.

  • Minimum 18 years of age
  • Residents of the United States

Information required

You will need to provide personal information to open an account. This includes:

  • Full name
  • Date of birth
  • Email address
  • Telephone number
  • Physical address
  • Government-issued IDs such as driver’s licences or passports
  • Documentation proving address such as a utility bill from the last 90 days
  • Social security number

Eco has five benefits

Eco benefits include:

  1. There are no fees for this account.
  2. Earn up to 5% APY for every referral who deposits $100 or more into their account.
  3. There is no crypto learning curve. All transactions are done in the background.
  4. Get up to 5% cashback when you shop at Uber, DoorDash and Amazon. To purchase the exact amount of the virtual gift card, you will need to first use the Eco app.
  5. Transparency. Eco’s website, in contrast to Linus crypto savings accounts, is quite transparent about how it can pay such high annual percentage yields.
Eco savings Review

Eco: How to get the highest interest rate

Two steps are required to make the 5% APY.

  • Eco requires you to refer five people.
  • Referrals must each deposit at least $100

Your account earns a 2.5% annual percentage if you do not make any referrals. Refer a friend who makes at least $100 to earn an additional 0.5% APY, up to 5.0%

Eco has three drawbacks

Like other crypto savings accounts, deposits with Eco are not insured by the FDIC and any other regulatory bodies.

  1. Eco Points don’t have any value. Earn 16 Eco points per $1 in interest. Earn 160 points for referring others, up to 0.4 for paying bills and up to 1.5 when you are done. These points are worthless, as a customer service representative explained to us.
  2. Monthly interest paid. Your balance will compound daily and be paid monthly like a traditional bank account. Many crypto savings accounts pay weekly or daily interest, such as Nexo, Yield and Gemini Earn.
  3. Limited support. Assistance is only available via email, Twitter, and snail mail.

Eco is safe to use?

Eco’s marketing clarifies that it is not a bank and makes this sound positive. The FDIC or SIPC does not insure your account because it’s non-bank.

These are not the same fintech companies that offer digital bank accounts. They partner with banks that can hold your money and provide FDIC coverage up to $250,000. Eco is a third-party provider that fits your funds. They partner with banks that offer FDIC insurance up to $250,000. Eco’s website has a support article explaining that the provider protects your funds from theft and security breaches.

Eco representatives confirmed that our funds would be protected in the event of a breach. The representative didn’t know the insured limit. This may cause concern as Nexo and other crypto savings accounts clearly state what amount would be covered by third-party providers.

Eco has many investors, including celebrities like Sean Combs and Carmelo Anthony. If you are worried about the risk, this may help to calm your nerves.

How does Eco compare with a traditional savings account

Eco uses cryptocurrency to offer high-interest rates, but the account works much like a traditional savings account. You can withdraw and deposit US dollars by linking external savings or checking accounts.

However, the FDIC and other regulatory bodies do not insure Eco like traditional savings accounts.

How can I withdraw or deposit my money?

Although you can’t access your money at ATMs or make checks out of your account, Eco’s website states that it might support wire transfers and virtual currency transfers.

Options for funding

  • Receive an ACH transfer. Start a transfer from a savings or checking account.
  • Direct deposit. Make a partial or full payment of your paycheck.

You can withdraw your funds

  • Receive an ACH transfer. Transfer funds into a linked savings or checking account.
  • Eco payments. Use your Eco balance to pay for Uber, UberEats and DoorDash as well as Instacart. You might also like


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