Mode has officially launched a new interest-generating account, through a feature which the company has named the ‘Bitcoin Jar’. The Bitcoin Jar will allow Mode customers to use their Bitcoin to generate interest (in Bitcoin), unlocking the full potential of their digital assets rather than simply holding them speculatively in a wallet or on an exchange, waiting for the value to rise.

Mode’s Bitcoin Jar aims to give people access to higher-interest earning products than those they are accustomed to by offering a 5% APY for the first 8 weeks after launch with no lock-up periods – making it one of the most flexible, high-yield products in the Bitcoin market.

Janis Legler, Head of Products and Partnerships at Mode, explained: “We’re excited to offer our new Bitcoin Jar feature. Decentralised finance products are becoming increasingly sophisticated, rivalling that of traditional banking and savings products. At Mode, we see a strong future for interest-bearing accounts for digital assets, which is why we’ve made it our aim to make them available globally, to every kind of investor and traditional banking app user.”

Mode generates interest by working through partnerships with market-leading institutional lending providers including New York-based Celsius Network. Celsius Network generates yield by lending out Bitcoin and other digital assets to carefully vetted borrowers.

“Celsius is proud to be a part of Mode’s newest product launch,” says Celsius CEO, Alex Mashinksy. “With a commitment to do what is best for the crypto community, we are proud to partner with Mode, which shares our same values.”

Bitcoin Jar users are free to withdraw their funds at any time, with no lock-in periods and no fees on deposits or withdrawals. Interest is accrued daily, compounded and paid at weekly intervals. This provides a major advantage over most investment or interest-generating products which often come with withdrawal restrictions, fees and/or penalties.

We expect that the Bitcoin Jar will appeal to investors who have bought Bitcoin to hold as a long-term store of wealth, and who also want to earn interest on their assets. As users can also buy Bitcoin through the Mode app with some of the most competitive fees in the UK, Mode is becoming one of the most attractive mobile banking apps to buy, store, and grow Bitcoin holdings.

The existing Mode Banking iOS app, which went live in Q1 2020, has also undergone a major redesign to compliment Mode’s new product launch. The new product and app design are part of Mode’s commitment to making Bitcoin and digital assets easily accessible to all.

The Mode Banking app focuses on delivering a unique and simple UX & UI, having recently been nominated for the ‘Best UX/UI’ in the Crypto A.M. awards, led by the widely circulated London-based newspaper City A.M.