Shakepay Interest allows you to earn bitcoin on the USD & CAD balances you hold on Shakepay, with no minimum balance requirement. Interest is calculated daily on the lowest balance you hold and is paid out weekly. At this moment, interest is only available to customers who are verified on Shakepay and who are sole Canadian tax residents, and you can earn interest on your CAD and USD balance.
The APY you are eligible for will be displayed in the Shakepay app.
More information on interest for business accounts can be found here
How does Shakepay Interest work?
Interest is calculated daily using your lowest CAD & USD balances for the day and the rate that you qualify for. Your accrued interest is then added up for the week in CAD and USD before being converted to bitcoin and paid out to you.
If you are eligible, your interest is paid out weekly from the day that you opt in. There may be a 1-2 day delay with your first payout but will be weekly thereafter.
Example:
Let's say you're holding $5,000 exactly every day for a week. At 2.00% APY (current as of April 2025), you would earn around $100.00 in interest annually (2.00%*$5,000), or around $0.27 of interest each day. At the end of the week, your total interest earned of $1.89 would be converted to BTC at the time the reward is paid out and deposited into your account.
* The amounts provided in the example are not exact calculations
What does APY mean?
APY means Annual Percentage Yield. This means a rate that you earn per year. We pay your APY out weekly though, so you don't have to wait a whole year to reap the benefits!
To find out the APY you are earning:
- For CAD: Head to the Cash balance screen found inside your CAD wallet. There, you will see your interest percentage.
- For USD: Click on your USD wallet. There, you will see your interest percentage.
What is the APY I qualify for?
APY means Annual Percentage Yield. This means a rate that you earn per year. All eligible customers who opt in will receive the base rate with the option to receive the bonus rate (for CAD) if you have qualifying CAD payroll direct deposits totalling at least $2,000 in the past 33 days.
The rate you qualify for may change over time, and you will be notified in advance of any changes and your new rate. To see the APY you are currently earning, head to the Cash balance screen found inside your CAD wallet or click on your USD wallet to view the interest rate.
How do I earn interest?
You can start earning interest as soon as the feature is opted into. Once opted in, you will start earning interest on both your CAD and USD balances. Please ensure your Shakepay app is updated to the most recent version, then follow the steps below for CAD or USD interest:
CAD Interest:
Go to your CAD wallet > Cash balance screen > Earn interest button and follow the steps.
USD interest:
Click your USD wallet > Earn interest button and follow the steps.
Please note that Shakepay Interest will only be available to verified Shakepay customers who are sole Canadian tax residents with a valid Social Insurance Number (SIN).
How can I qualify for the bonus rate?
To qualify for the bonus rate, you must set up direct deposit and receive qualifying payroll and pension deposits totalling at least $2,000 in the last 33 days. As long as you continue to meet this criteria, you will continue to receive the bonus rate for your CAD balance.
Check out our FAQs for more information on how to set up direct deposit.
Is there a bonus rate for for USD interest?
Currently, we only offer a bonus rate on CAD interest.
Do I need to pay taxes on my interest?
Yes, any interest earned in your Shakepay account must be reported to the relevant tax authorities. If you earn a combined interest of $50 CAD (or the equivalent) or more during the calendar year, per account, Shakepay will issue a T5 (Statement of Investment Income). The amount reported on your T5 will be the total CAD value of your earnings at the time of each payout, before conversion to BTC, minus the spread.
Your T5 will be available in the Shakepay app by March 1st each year for the previous calendar year. We recommend downloading and saving a copy for your records.
It is your responsibility to determine and fulfill your tax reporting obligations with the Canada Revenue Agency.
How does Shakepay generate interest?
Shakepay holds customer funds in a segregated in-trust bank account with its banking partners, keeping them separate from our own assets and holding them for the benefit of our customers. These banking partners may pay interest on the funds held in these accounts, and Shakepay may choose to pass a portion of this interest to you.
The interest rate and amount distributed to customers can vary based on market conditions and the rates offered by Shakepay’s banking partners.
Is my money insured on Shakepay?
Yes! We follow strict protocols to keep your money safe.
Your funds are always held in segregated in-trust bank accounts with authorized deposit-taking institutions in Canada. As a CIRO-regulated dealer, your cash assets - the combined total of your CAD and USD balances - are also protected by the Canadian Investor Protection Fund (CIPF), which covers up to $1,000,000 CAD per customer.
For added security, we strongly recommend taking all steps to protect your account, such as enabling the use of Passkeys.
How do I opt out?
To opt out of Shakepay Interest, please reach out to the Shakepay support team. The opt out process may take up to 3 business days. See our FAQs for more information on how to do so.
Please note that if you opt out of Shakepay Interest, any interest accrued since your last payout will not be paid. Interest is calculated and accrued daily, but you must remain opted in on your payout date to receive it.
Why do you need my SIN?
When you earn interest on your Shakepay balance, you are required to report it for tax purposes. To help you with this, we prepare the necessary documents, which involves collecting your Social Insurance Number (SIN).
Rest assured, your SIN - like all your personal information - is handled with the highest level of security and is only accessible to a limited number of authorized personnel who need it to provide you with this service.
For more details on how we protect your information, please refer to our Privacy Policy.
What is the current APY / interest rate?
As of April 2025, the current APY are:
CAD interest:
Base rate: 2.00%
Bonus rate: 3.50% *
USD interest:
Base rate: 3.00%
* To qualify for the bonus rate, you must set up at least one direct deposit and receive qualifying payroll deposits totaling at least $2,000 within the last 33 days. As long as you continue to meet this criteria, you will continue to receive the bonus rate.
Check out our FAQs for more information on how to set up direct deposit.
Please note, the APY could change over time.
Do my interest payments include spread?
Yes, Shakepay Interest payments include our spread.
Your accrued interest is added up for the week in CAD and USD before being converted to bitcoin at the current buy price at the time the reward is paid out and deposited to you.