Aave launches retail savings app with up to 9% APY to compete with banks

With higher yields and flexible deposits, Aave’s new app marks a deeper move into the consumer banking terrain as inflation drives demand for better savings tools.

Aave, a popular decentralized finance (DeFi) protocol, has unveiled a new savings app that offers higher-yield deposit options and real-time interest tracking for retail users.

According to a Monday blog post, the Aave App will offer 5% to 9% APY and show interest accrual in real time. The app includes up to $1 million in balance protection, lets users model potential earnings and supports recurring deposits.

The app accepts deposits from thousands of banks, debit cards and supported stablecoins, and offers instant withdrawals with no waiting period. A waitlist is currently open for early access.

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