Shakepay Launches a Savings Account — Earn Interest Paid in Bitcoin

Shakepay launched a savings account today — and it does something no traditional Canadian savings account does: it pays your interest in Bitcoin.

The new Shakepay savings account gives Canadian users a dedicated place to hold both cash and bitcoin, separated from the everyday balance they use for spending and trading. Here is everything you need to know about how it works.

What Is the Shakepay Savings Account?

The Shakepay savings account is a new account type within the Shakepay app, designed to keep your savings separate from your everyday balance. It supports two types of savings:

Cash savings — hold Canadian dollars in your savings account, earn interest on that balance, and keep it clearly separate from the money you use day to day.

Bitcoin savings — accumulate bitcoin in a dedicated savings bucket. Rewards you earn through Shakepay — including ShakingSats — can be directed here automatically, giving your bitcoin a dedicated home away from your trading balance.

You can move funds between your savings and everyday accounts at any time.

Interest Paid Weekly in Bitcoin

Here is where the Shakepay savings account gets interesting. Rather than paying interest in Canadian dollars like a traditional bank, Shakepay pays interest on your cash savings in Bitcoin, deposited weekly.

The rate you earn depends on your Shakepay status tier. For most users, the standard rate is 3% APY on cash held in savings.

For eligible Shakepay Blue customers, there is a limited-time promotional rate of 5% APY on the first $100,000 of cash in savings. Any cash above $100,000 continues earning the standard 3% rate regardless of status.

This is a meaningful number — 5% on cash savings paid in Bitcoin is a compelling combination for Canadians who already believe in Bitcoin as a long-term asset and want their idle cash working harder in the meantime.

Bitcoin Savings: A Home for Your Stack

The bitcoin savings account gives your accumulated Bitcoin a dedicated place to live. When savings is active, eligible Shakepay rewards — including ShakingSats earned through the daily shake feature — can be directed to your bitcoin savings automatically rather than landing in your everyday account.

For Shakepay users who have been casually accumulating ShakingSats for months or years, having a clearly separated savings balance makes it easier to track what you have built up and resist the temptation to spend it.

CDIC Coverage — What Is and Is Not Protected

This is an important distinction that every Shakepay savings user should understand clearly.

Cash savings are CDIC-covered up to $100,000. Eligible Canadian dollar deposits held in Shakepay savings may be protected by the Canada Deposit Insurance Corporation up to $100,000, subject to CDIC rules and limits. This is the same protection you get at a traditional Canadian bank.

Bitcoin savings are NOT CDIC or CIPF protected. Bitcoin is not a deposit and is not covered by Canadian investor or deposit protection schemes. If you hold Bitcoin in your Shakepay savings account, you are taking on the same risk you would with any cryptocurrency holding.

This distinction matters. Your cash savings at Shakepay have real deposit protection. Your bitcoin savings do not — that is standard across all Canadian crypto platforms, and Shakepay is transparent about it.

How to Get Started

Shakepay savings is live in the app right now. Here is how to open it:

Open the Shakepay app on iOS or Android
Tap Open savings
Transfer cash, bitcoin, or both from your everyday account
Start earning interest on your cash balance, paid weekly in bitcoin

That is it. The account is part of your existing Shakepay login — no new registration required.

How Shakepay Savings Compares

For context, the major Canadian high-interest savings accounts from digital banks currently offer between 2.5% and 4% APY on cash. Shakepay's 3% standard rate is competitive, and the 5% promotional rate for Blue customers is above market for a limited time.

The differentiator is that interest is paid in Bitcoin rather than Canadian dollars. For Canadians who are already Shakepay users and comfortable with Bitcoin, this is a feature — your cash earns interest and that interest automatically converts to BTC each week. For Canadians who want guaranteed dollar-denominated returns, a traditional HISA may be more appropriate.

New to Shakepay? Claim Your $20 Bonus

If you do not yet have a Shakepay account, signing up now gives you access to the new savings account immediately — plus a $20 cash bonus for new users.

Sign up with referral code KRQ31DB, buy at least $100 in Bitcoin or Ethereum, and receive your bonus instantly — claim the Shakepay bonus.

Once your account is open, you can transfer funds directly into savings and start earning interest on your cash balance right away.

Verdict

Shakepay savings is a well-timed product for Canadians who are already using Shakepay and want to do more with their idle cash. A 3% standard rate — paid in Bitcoin — combined with CDIC protection on the cash side is a genuinely interesting combination. The 5% promotional rate for Blue customers makes it even more compelling in the short term.

The key thing to remember: cash is protected, bitcoin is not. Keep that distinction in mind when deciding how to allocate between the two savings buckets.

🎁 Claim Your Bonus

Use referral code KRQ31DB to claim your Shakepay bonus and start saving today.