I've been using the Celsius Network to earn 10.51% APY on USDC. They make payments every Monday. I've earned over half as much in 3 weeks using Celsius as I earned from my bank in all of 2020, even though I had 2-3 times as much money in my savings account than what I've put into Celsius. It's nice! I'm not getting rich quick, but at least I'm earning something! And they have options for non-USA residents to earn even higher interest rates.
If this interests you enough to sign up, you can also create an account using my referral link and we'll both gain $30 worth of BTC after you make your first transfer of $200 or more. https://celsiusnetwork.app.link/1176188774
I just wanted to follow up on this now that it has been almost 6 months since I posted about it.
As things stand now, I still have more money in my savings account than I have in Celsius (for now). And Celsius lowered the rate from 10.51% APY on USDC to 8.88% some months ago. But I'm still earning about as much per week
in interest from Celsius as I've earned on my savings account for the entirety of 2021 YTD.
A few years ago, I was taking a "general life skills" class and one of the sections of the class was personal finances, and we had to research the various interest rate offerings from our bank and build excel spreadsheets about growing wealth over time, etc. All the examples in the learning material were "really old" and showed things like 2-4% interest rates. Meanwhile the rest of us in class shared the results from our research with each other, and among my group, my bank had the highest interest rate, at 0.75% for the savings account, and something like 1.3% on a 5-year CD. I remember at the time looking at the past year's performance of bitcoin and mentioning to my classmates that it was over 100% and half-jokingly told them we should put our money into bitcoin. But I was still new enough to crypto to think it was too risky to put too much money into it, so I didn't take my own advice.
But the point is, interest rates from the banks have only gotten worse since then. And, at least in my mind, crypto has only become even more of a sure thing.
This experience pretty much cements my opinion that traditional finance is dead. DeFi (decentralized finance) is where it's at! With DeFi you can cut out the bank as middleman, and pool your crypto with others into a smart contract that others can borrow against (fully collateralized, and therefore very low-risk) and repay with interest. And you keep most, if not all, of your share of the interest. Contrast that with the bank keeping >80% of it, or in some cases, charging you for loaning them money (i.e., negative interest rates)!