Crypto Invest

Luno Savings Wallet – How Much Can You Earn? (Review)

Luno Savings Wallet Review

Last updated on June 6th, 2021

You’re looking for a way to earn some interest on your crypto.

However, some crypto savings accounts charge you rather high fees when you purchase crypto with them.

Sending crypto from other exchanges may be really hefty too!

Here’s how Luno’s Savings Wallet may be something that you can consider:

Luno Savings Wallet review

The Luno Savings Wallet is a fuss-free way to earn some interest on your crypto. Coupled with the low trading fees, you are able to buy and hold your crypto all in one platform.

Here is the Luno Savings Wallet explained in depth:

What is the Luno Savings Wallet?

Luno’s Savings Wallet provides you with an opportunity to earn interest on your BTC, ETH and USDC. The interest is accrued daily and will be credited to your account at the end of the month.

The Luno Savings Wallet is separate from your crypto wallet!

Luno Crypto Wallet and Savings Wallet

To start earning interest, you’ll need to transfer your currencies from your crypto wallet to the savings wallet.

How does the Luno Savings Wallet work?

Here’s how Luno’s Savings Wallet works:

  1. Create a Savings Wallet
  2. Transfer your funds to the Savings Wallet
  3. Start earning interest on your crypto

#1 Create a Savings Wallet

Luno does not automatically create a Savings Wallet for you.

If you want to start earning interest on your crypto, then you’ll need to create your wallet first

Luno Savings Wallet Create Wallet

This will allow you to transfer your funds into your savings wallet.

Luno Create ETH Savings Wallet

#2 Transfer your funds to the Savings Wallet

After creating the wallet, you’ll need to transfer funds into your savings wallet.

Luno Savings Wallet Transfer In BTC

You can select the amount to transfer from your crypto wallet.

If you do not have any crypto with Luno, you can easily purchase the 3 currencies with Instant Buy.

Luno Exchange only charges 0.10% for each trade. This is one of the lowest trading fees of any crypto exchanges out there!

#3 Start earning interest on your crypto

Once you’ve transferred in your crypto, you can start earning interest on it!

The interest will be accrued daily, but will only be credited into your account at the start of each month.

Luno Savings Wallet Earn Interest

What I like about Luno is that they are really transparent about their interest rates.

They will tell you the average interest rate that you’ve earned for the past month,

Luno Monthly Interest Savings Wallet

as well as your expected yearly interest.

Luno Annual Interest Rate Savings Wallet

This helps you to see how much interest you’re expected to earn!

What currencies can you earn using Luno’s Savings Wallet?

Luno only allows you to earn interest in 3 different currencies:

  1. BTC
  2. ETH
  3. USDC

However, I don’t seem to be able to create a USDC Savings Wallet from Singapore.

The choices are really limited, compared to other savings accounts out there, like:

  1. Celsius
  2. BlockFi
  3. Hodlnaut
  4. YouHodler
  5. Nexo

What are the interest rates?

Here are the interest rates that you can earn with the Luno Savings Wallet:

CurrencyEstimated Interest Rate

The interest rates are only an estimate. It all depends on the market conditions, and it may be higher or lower than this estimate.

Luno is really transparent, so that will help you to see the actual interest you’re earning each month!

Moreover, your interest will be compounded as it is credited into your Savings Wallet.

This is different from Crypto Earn which credits your interest to your crypto wallet. As such, you are only earning simple interest!

Nevertheless, the interest rates are lower compared to other platforms.

Who does Luno lend your crypto to?

Luno lends your crypto to Genesis to earn interest on it.

Genesis collateralises their loans. This means that a lender on Genesis would need to secure their loan with something of value.

In case the lender defaults, Genesis will take possession of the collateral.

As such, this should discourage the lender from defaulting!

Is the Luno Savings Wallet safe?

Even with this collateral, there are still chances that the lender may default.

In this case, there is a chance that you may lose the crypto that you’ve lent out!

When you create your Savings Wallet, you would need to accept the terms of service. One of the things you’re accepting is the counterparty risk.

Under the Savings Wallet terms, Luno states that your crypto is not insured or guaranteed!

As such, you’ll need to be comfortable with losing your entire principal when lending your crypto!

To avoid losing all of your crypto, you may want to spread it out over different lending platforms.

Can I withdraw my funds from the Luno Savings Wallet?

You are able to withdraw your funds from your Luno wallet at any time.

All you need to do is to got to ‘BTC Out‘ on the wallet page.

Luno SAVINGS Wallet BTC Out

After that, you can select the amount that you wish to withdraw.

Luno Savings Wallet Select Amount To Withdraw

Luno claims that your withdrawal should be done in less than a day. However depending on the network, it may take up to 7 days before your funds appear in your crypto wallet.

One good thing is that you’ll be able to continue to earn interest on your crypto while it is being withdrawn!


Is Luno’s Savings Wallet worth using? Here are some key pointers about this lending platform:

#1 Limited number of currencies

Luno only allows you to earn interest with 3 currencies. Compared to the other lending platforms, this is really little.

#2 You are able to buy crypto with low fees

If you do not have any crypto, you can easily buy it on Luno’s platform. Luno’s only charges you a 0.10% fee for every trade that you make.

However if you use their Instant Buy, you will incur a 1% fee instead.

Luno Buy BTC Fees Instant

This is one of the most affordable ways of earning crypto!

Moreover, you are able to save on sending fees that you may incur when sending your crypto from another exchange.

As such, you are able to buy crypto on Luno’s platform, and then send it over to your Savings Wallet without any fees.

#3 Your funds are not guaranteed

There is a possibility that you might lose your entire principal. Moreover, your principal is not insured.

This is rather expected, given the high interest rates that the Savings Wallet offers you. Moreover, other lending platforms will have this same kind of risk too.

You’ll need to decide if it’s worth taking the risk for the higher interest rates you’ll receive!

#4 Luno is a very fuss free platform

Luno’s platform is really simple to use. You just need to buy your crypto, and then transfer it to your wallet to start earning interest.

Despite the drawbacks of the low interest and limited currencies, Luno still is a platform worth considering.


Luno’s Savings Wallet is a great way for you to earn interest on your crypto assets. However, the offering is only limited to 3 currencies.

The interest rates may not be that high. However, the ease of transferring your assets around may make up for that!

👉🏻 Referral Deals

If you are interested in signing up for any of the products mentioned above, you can check them out below!

Luno Referral (Earn SGD $30 in Bitcoin)

If you are interested in signing up for a Luno account, you can use the referral code ‘T5N74J‘ or my referral link to sign up for an account.

You’ll be able to earn SGD $30 worth in Bitcoin!

Luno Referral

Here’s what you need to do:

  1. Sign up for a Luno Account
  2. Deposit and buy ≥ SGD $200 of BTC via Instant Buy
  3. Receive SGD $30 in Bitcoin

You will need to purchase BTC using the Instant Buy function. The fees that you incur will be 0.75%.

It would be best to buy only $200 SGD worth of BTC, which only incurs you a $1.50 fee. The $30 SGD bonus will be able to offset the fee!

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