Finder’s crypto deposit product is now available to all Australians aged 18 and over — and it could be a real game-changer for Aussies struggling to save in the era of ultra-low interest rates.

Finder is offering 4.01 per cent returns on its Finder Earn product, which it has been trialling since November to 1,000 members on its waitlist.

Users deposit Australian dollars into the Finder Wallet, which is then converted into a stablecoin called TrueAUD that is then loaned to Finder to earn a 4.01 per cent annual return.

There’s a $25 minimum and a $50,000 maximum initial deposit. Returns are paid daily, and there’s no lock-up periods or fees for withdrawals.

This reporter tried it this morning with a $50 deposit and found the process simple and painless.

Opening an account took maybe two minutes — you do have to go through a know-your-customer process, which in this case simply involved disclosing my driver’s license number and home address. Once that was sorted a deposit could be made instantly using the PayID/Osko system.

It’s important to note this isn’t a banking product, and that deposits aren’t insured by Australia’s Financial Claims Scheme.

But if you’re comfortable with that, these are much better returns than you’re going to find in the world of traditional banking, where it’s a struggle to find a saving account paying 1.0 per cent per annum.

And while Finder can’t legally call this a “savings” account, it has the potential to function as one. I was able to immediately convert between TrueAUD and “real” Australian dollars in the Finder App.

After making my $50 deposit and converting it to TrueAUD, I converted $10 of it back to AUD. I found I couldn’t withdraw it back to my bank account for three days since my account was just opened, but once that waiting period is over withdrawals should be free and instant.

‘Nothing like this in Australia’

Angus Kidman, Finder’s editor-at-large, said that Finder Earn was a good option for those who want attractive returns on digital assets without the volatility normally associated with cryptocurrency.

“There is nothing like this in Australia that pays you a daily return on your capital,” he said.

“In this economic climate, it’s fantastic to be able to offer 4.01 per cent p.a.”

“Being able to earn like this might have seemed far-fetched 12 months ago – but the world of crypto is moving fast.”

“The financial world as we know it is changing and we are giving Aussies a chance to participate in this new ecosystem.”