Update 12/10/21: Available again.
The Offer
- BlockFi is offering a bonus of up to $250 when you deposit funds into a BlockFi Interest Account (BIA). Tiers are as follows:
- Deposit $500 – $999 and receive $25 bonus
- Deposit $1,000 – $4,999 and receive $50 bonus
- Deposit $5,000 – $9,999 and receive $100 bonus
- Deposit $100,000+ and receive $250 bonus
The Fine Print
- Valid until 9/25/20
- Offer valid to 23:59:59 UTC on September 25, 2020.
- To be eligible for the promotion, you must have a balance of $0 on September 15, 2020, this must be your first ever deposit in the BlockFi Interest Account, and you must maintain a $500+ balance through 23:59:59 UTC on December 14, 2020.
- You must also have a valid promo code or receive a targeted email to be eligible for this promotion.
- This offer is not valid in conjunction with any other current or past promotions.
- The bonus will be paid in USDC on December 15, 2020. In order to be eligible for the promotion, you must have never funded a BlockFi interest account before.
- BlockFi Interest Accounts are available in most countries worldwide and all U.S. states other than NY.
- There is a maximum of one bonus per client. Terms subject to change.
Our Verdict
It says you need a promo code, but it should auto populate when using the link. The funds will need to be in there until December 14, 2020 so keep that in mind. As this is crypto there is no FDIC or NCUA insurance so there is a risk there. BlockFi offered a $100 bonus for depositing $200 in the past. Personally if something seems to good to be true it usually is. This product claims an interest rate of 8.6% annually, there is no way that is sustainable unless there is also significant risk. Personally I don’t think this is worth signing up for or risking $10,000 on.
The current bonus (as of 1/29/2022) is laughable
$15 – $100 to $1,500
$20 – to $20K
$40 – to $40K
$75 – to $75K
$100 – to $100K
$250 – above $100K
Bonus Payout Structure – https://d9hhrg4mnvzow.cloudfront.net/try.blockfi.com/partners-promo/634fd006-table-.svg
pass
Its $100k for $250 and not $10k, glad i double checked before clicking through.
Yep. Looking at payout structure, it’s pretty useless offer at the moment
https://info.tastyworks.com/opennow
good offer, anybody knows this trading platform?
We have a separate post on the Tasty $500 bonus
I enjoy the experience with BlockFi, but as the post mentions, this isn’t for emergency funds. They lend out your money to crypto trading firms, which is how you’re able to get the type of yield on those funds. They overcollateralize their loans, so for my personal risk profile, I am currently too worried.
Using this as a nice way to earn crypto and have a fairly automated way to DCA in a space I’m still unsure of/learning about.
Not sure what you mean by not being able to withdraw your fund for emergency funds. You can withdraw your stablecoin to fiat any time on the platform. Your funds are not locked like in a CD or anything. Sure for the promotion for 2 months you don’t want to withdraw any funds just to secure the BTC bonus.
I think he’s talking about the risk, i.e., for emergency funds he wants something with low risk, which this is not. Though, I think he meant to say “not too worried”, due to the loans being overcollateralized. But there’s other risks too, like theft (by the company or other people), accidental loss, government forcing them to shut down.
The risks could also be more subtle, like your account may look like fine until you try to withdraw, and then they say you look suspicious and they’re freezing the account. For a bank, a CFPB complaint may help; for this, maybe not.
Does anyone know how long you have to keep the funds at BlockFi?
The promotion terms have not changed since earlier this year.
Promotion terms
To be eligible for the promotion, this must be your first ever deposit in the BlockFi Interest Account, and you must maintain a $100+ crypto balance through the 14th of the month at 23:59:59 UTC two and a half months from the month of eligibility in order to remain eligible.
An instant 5% – >2.5% on a deposit. Maybe
Doc is only off by 10x on the deposit amount.
seriously, glad i double checked.
Darn I have no more monies. I’m $35K in the hole with crypto. Will have to start liquidating 3-5% interest accounts now to keep playing.
You might have to switch to eating cat food
Deposit $100 – $1,499 and receive $15 BTC bonus
Deposit $1,500 – $19,999 and receive $20 BTC bonus
Deposit $20,000 – $39,999 and receive $40 BTC bonus
Deposit $40,000 – $74,999 and receive $75 BTC bonus
Deposit $75,000 – $99,999 and receive $100 BTC bonus
Deposit $100,000+ and receive $250 BTC bonus
I think it is also just for new accounts too. Seems silly that the reward goes down as a percentage as you deposit more. You can deposit $100 and get $15 (15%) but if you deposit $100,000 you only get $250 (0.25%). Obviously not expecting 15% or even more than 1-2% on larger deposits but it is just an odd bonus structure.
Of course this is just for new accounts. Only new accounts can enter a promo code on account sign up.
Well the deal was much better in May 2020 when you only needed $20K deposit to get the $250 BTC bonus.