If I have any family or friends with some liquid savings sitting in Ally, Capital One 360, SoFi, Marcus, or another High-Yield Savings Account (HYSA) or even worse a checking or savings account, consider looking into BlockFi (referral link) as an alternative.
If you don’t have much savings but are HODLing onto some cryptocurrency, consider modifying this plan to gain some interest.
Here’s the tl;dr
If you follow these steps make sure you have strong, unique passwords and 2FA, and address whitelisting.
BlockFi has some pretty good instructions here: https://blockfi.com/earn-interest-coinbase/ but you should use my referral links. (:
What is BlockFi? Is it safe?
BlockFi is a financial institute that is focusing on cryptocurrency. It’s backed by some big players in this space - Coinbase (more on them later), SoFi, Gemini, and the Winklevoss twins, if you’re into them.
This gives me a level of comfort that other companies in this space do not. It’s not FDIC-insured but does have some insurance to protect you against security breaches (not account takeovers due to your own poor security).
So for me, it’s safe enough.
Why is it better than a HYSA?
Uhh, the rates.
Also, because you’re buying USDC (USD Coin) it’s pegged to the US Dollar so each coin should stay at $1 - taking away the volatility that everyone has learned to love with traditional cryptocurrency. These are called Stablecoins and there are a whole bunch of them now. That being said, there’s certainly more risk than holding a dollar somewhere. (Search for the controversy around USDT if you’re interested).
Here are today’s (9/28/20) rates:
How can they offer these rates?
They say that they loan $ using up to 200% collateral, so for a $1000 loan they’ll secure the loan with $2000 of BTC, for example. Even with highly-volatile prices there is plenty of margin to go around so it’s win-win. The individuals that borrow money get to keep their cryptocurrency (with the hopes that it’ll keep going up) so it’s actually win-win-win!
I’m in! How do I do it?
Coinbase
Sign-up for Coinbase and get verified by them. Level 3 verification allows you to Buy or Sell via ACH up to $25,000 per day.
Buy some USDC and wait the 4 or so days for the transfer to complete.
While you’re waiting, create a USDC address and label it “BlockFi whitelist”.
Don’t to forget to add your 2FA!
BlockFi
Sign-up for BlockFi and get verified by them.
Setup your 2FA!
Add your Coinbase address to the Allowlist and enable it.
And deposit your funds.
→ 
Good Luck!