Shakepay has launched a dedicated savings account, giving Canadians a separate place to set aside cash and Bitcoin outside their everyday balance. Here's what the new savings feature includes and how to turn it on.
What is Shakepay Savings?
Shakepay savings is a dedicated account for cash and Bitcoin, separate from your everyday Shakepay balance. It's designed so you can keep an emergency fund in cash and a long-term stack in Bitcoin without mixing either with the money you spend day to day.
With the savings account, you can:
- Earn interest on cash in savings, paid weekly in Bitcoin, based on your Shakepay Reward Status
- Keep cash savings CDIC-covered up to $100,000
- Accumulate Bitcoin rewards directly in your Bitcoin savings
- Move funds back to your everyday account anytime, with no lock-in
How much interest does it pay?
Shakepay Blue customers can earn 5% interest for a limited time on their first $100,000 in cash savings. Any cash balance above that threshold continues to earn the regular 3% rate. Interest is calculated on your balance and paid out weekly, in Bitcoin, not cash.
| Detail | Info |
|---|---|
| Blue customer rate | 5% on first $100,000 (limited time) |
| Standard rate | 3% on balances above $100,000 |
| Interest paid | Weekly, in Bitcoin |
| Cash protection | CDIC-covered up to $100,000 |
| Bitcoin savings protection | Not CDIC- or CIPF-protected |
Since interest is paid in Bitcoin regardless of whether you're saving in cash or crypto, your rewards accumulate in BTC over time even if the cash portion of your balance stays flat.
Cash vs. Bitcoin savings
The account holds two separate balances.
Cash savings is held by Shakepay Financial Inc. and eligible for CDIC protection up to $100,000. This is the better home for money you might need on short notice, like an emergency fund.
Bitcoin savings is held by Shakepay Inc. and not covered by CDIC or CIPF, since Bitcoin isn't a fiat currency or a security in the traditional sense. This is meant for Bitcoin you're planning to hold long term, kept apart from the BTC in your everyday wallet.
Rewards now have a home
Once savings is active, eligible Shakepay rewards, including cashback from the Shakepay Card and ShakingSats, can be routed straight into your Bitcoin savings account instead of your everyday wallet. That keeps the Bitcoin you earn passively separate from the balance you spend from day to day, so it's easier to actually let it accumulate.
How to set up Shakepay Savings
- Open the Shakepay app
- Tap Open savings
- Choose how much cash and/or Bitcoin to transfer in
- Confirm, your savings account is active immediately
- Optionally route future rewards into your Bitcoin savings
There's no fee to open the account, and you can move funds back to your everyday balance whenever you want.
Is Shakepay Savings worth using?
It's a solid fit if you:
- Want to earn a competitive rate on cash without opening a separate high-interest savings account elsewhere
- Already stack Bitcoin through Shakepay and want to keep long-term holdings separate from spending money
- Like the idea of interest paid in Bitcoin rather than cash
It's less useful if you'd rather have your interest paid in Canadian dollars, or if you're not comfortable with any portion of your savings sitting outside CDIC/CIPF protection.
Frequently asked questions
Is my cash safe in Shakepay savings? Cash savings are held by Shakepay Financial Inc. and are CDIC-eligible up to $100,000, subject to standard CDIC rules and limits.
Is my Bitcoin savings balance protected? No, Bitcoin savings aren't covered by CDIC or CIPF, since Bitcoin isn't a CDIC-insurable deposit or a CIPF-eligible security.
How is interest paid? Interest is paid weekly in Bitcoin, regardless of whether it's earned on your cash or Bitcoin savings balance.
Can I withdraw from savings anytime? Yes, you can move funds from your savings account back to your everyday Shakepay account whenever you like.
Do I need to be a Blue customer to use savings? No, the savings account itself is available to all Shakepay users, but the 5% rate on the first $100,000 in cash is specific to Blue customers for a limited time.
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