Shakepay just launched a dedicated savings account — and it’s one of the more interesting savings products to land in Canadian fintech this year. You can now set aside both cash and bitcoin in a separate account from your everyday balance, with interest paid weekly in bitcoin.
Here’s what launched and what it means if you’re already a Shakepay user or considering signing up.
What Is the Shakepay Savings Account?
The Shakepay savings account is a dedicated account that sits separately from your everyday Shakepay balance. It holds two things: cash savings (CAD) and bitcoin savings — each stored in their own space so you’re not mixing your long-term stack with the balance you spend from day to day.
You can move funds in and out at any time. There’s no lock-in period and no minimum balance requirement.
Interest Rates
Interest is earned on cash held in the savings account and is paid out weekly in bitcoin — not cash. That’s a distinctive design choice: Shakepay is nudging savers toward accumulating bitcoin rather than simply growing a cash balance.
- Shakepay Blue customers: 5% APY on the first $100,000 in cash savings — for a limited time
- Above $100,000: the standard 3% APY applies to any amount over that threshold
- Non-Blue customers: earn the standard 3% rate
The 5% rate for Blue customers is promotional and time-limited, so it’s worth checking the current rate in the app before making decisions based on it.
Is the Cash CDIC Insured?
Yes — eligible CAD deposits in the Shakepay savings account are CDIC-covered up to $100,000, subject to CDIC rules and limits. This is through Shakepay Financial Inc., the regulated entity that holds the cash side of the account.
Bitcoin savings are held separately by Shakepay Inc. and are not CDIC or CIPF protected — the same as any crypto holding in Canada.
Where Do Shakepay Rewards Go?
With savings active, eligible Shakepay rewards — including ShakingSats from the daily shake — can be directed into your bitcoin savings rather than your everyday balance. That means your accumulated sats have a dedicated home where they stack separately from the money you’re spending.
How to Open It
The savings account is live in the Shakepay app now. To get started:
- Open the Shakepay app
- Tap Open savings
- Transfer cash or bitcoin from your everyday balance
- Start saving
That’s it — no application, no waiting period.
What Is Shakepay Blue?
Shakepay Blue is Shakepay’s premium tier, which unlocks higher interest rates and other benefits. The 5% promotional rate on the first $100,000 in savings is only available to eligible Blue customers. If you’re on the standard tier, you’ll earn the 3% rate.
Is This Worth Using?
For existing Shakepay users, yes — especially if you’re already holding cash in the app anyway. Moving it into savings earns interest (paid in bitcoin) with no lock-in and CDIC protection up to $100,000. There’s no downside to using it over leaving cash in your everyday balance.
For Blue customers, the 5% promotional rate on the first $100,000 is genuinely competitive with the best high-interest savings accounts in Canada — and the interest is paid in bitcoin, which adds a compounding element if BTC appreciates over time.
For new users, this makes Shakepay a more complete financial tool than it was before. It’s no longer just a place to buy Bitcoin — you can now save cash, earn interest, and accumulate bitcoin rewards in one app.
New to Shakepay?
If you haven’t signed up yet, new users earn a $20 cash bonus when they sign up with referral code KRQ31DB and buy at least $100 of crypto.
🎁 Claim your $20 Shakepay bonus →
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