Aave Launches Consumer-Facing Savings App Offering High Yields and Enhanced Features
Aave, a long-established Ethereum DeFi protocol with over $30 billion in total deposits, has introduced a consumer-facing savings app called the Aave App, which is described as a neobank-like product. This new app offers up to 9% yield on savings and balance protection of up to $1 million, significantly higher than the $250,000 protection offered by many FDIC-insured banks.
The Aave App supports integration with 12,000 banks and cards, featuring automated savings, a yield compounding visualizer, and advanced security and recovery options. It is currently available for early access on iOS, with Android and web versions planned for release later.
With this move, Aave aims to compete directly with traditional banks and neobanks by providing users with higher yields alongside crypto-native benefits such as 24/7 liquidity and a global reach.
