Mode Review: Easy-to-Use UK Crypto Wallet App with Interest Earning ‘Bitcoin Jar’

Mode crypto app earn interest

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Mode, described as ‘the next-gen wallet app for money & bitcoin’, is a UK-based app allowing users to buy, sell and store Bitcoin while earning an inflation-busting 5% rate of interest on their crypto.

In addition to being a Bitcoin wallet, The London Stock Exchange-listed company is rolling out a ‘shop, earn & save’ feature in the near future which will offer rewards, including BTC cashback, from a number of well-known brands.

Is the Mode crypto app good for beginners?

Sign-up is super simple with a quick and intuitive KYC and ID verification process that took just minutes to complete before whitelisting.

Once logged on you can use GBP or Euros to fund the app with near instant free top-ups from your existing banking account’s online app.

After your account is funded, you buy your Bitcoin, with a flat rate of 0.99% per transaction to do so. The same fee is incurred when selling.

This rate is competitive compared to exchanges such as Coinbase, but more expensive than crypto trading platforms like Binance.

However, with Mode and Coinbase you’re paying for ease of use and buying crypto on Binance is not as straightforward as other ‘beginner’ exchanges.

mode crypto app screenshot
The Mode crypto app is clean and easy to navigate.

The Mode app’s interface is minimalistic and incredibly simple to use making it ideal for those new to Bitcoin and crypto apps.

Navigating between the screens is fluid and at no point are you bombarded with jargon or complicated options.

How to deposit funds, buy Bitcoin and earn interest on Mode

To deposit GBP, you first need to swap from your default BTC account to your sterling account.

From here, you can deposit funds from your bank account then purchase your crypto which will then be credited to your account.

In terms of Mode as a banking app, one of the best features is the ability to earn interest on your Bitcoin while it sits in your account.

At 5% APY this is far higher than what’s available from high street banks and comparable to some of the US crypto apps which are available to UK residents, such as BlockFi and Nexo.

Mode crypto app logo

Get started with Mode >>

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This savings aspect of the account is called the ‘Bitcoin Jar’, and you can watch your Satoshis (the smallest unit of Bitcoin) stack up in real time. Interest is paid and compounded weekly.

For those of you who don’t already know, Satoshi Nakamoto is the pseudonymous creator of Bitcoin.

Related post: Who is the mysterious crypto Satoshi Nakamoto?

Some crypto interest earning apps require a lock-in period before you can withdraw your funds but with Mode you can access and transfer your coins out at any time.

What are the withdrawal fees on the Mode app?

One downside though is the withdrawal fee of 0.0005 (BTC) or 50,000 Satoshis per transaction, which at the time of writing was around £11.80.

Although this is on a par with other interest earning crypto wallets, other apps tend to offer at least one free withdrawal a month.

Bitcoin mining fees are still high, so this fee is probably justifiable. However, it’s still quite steep if you have a modest crypto holding which you want to withdraw.

However, a useful feature of Mode which slightly makes up for this is that you can send Bitcoin to your contacts who also hold Mode accounts free of charge and the payments will be completed instantly.

This makes paying your mates for that round of drinks when you’d forgotten your wallet a breeze.

Coinbase offers a similar ‘off chain’ option, both through its exchange and its mobile app. Its fees for ‘on chain’ transfers are currently lower than Mode’s.

Does the Mode crypto app have a referral scheme?

As with many other crypto wallets, apps and exchanges, there’s a referral scheme whereby you earn £10 worth of Bitcoin if your referral buys £100 or more of crypto within 30 days of creating their account. The person opening the account also receives the same amount.

The same scheme is place through exchanges such as Coinbase, although the pay out and purchase requirements are in dollars.

It’s great to have this feature as it allows you to stack some sats by sharing your referral link with family and friends who are also interested in crypto.

Are my funds safe and secure on the Mode app, and is it legit or a scam?

If you’re wondering if your funds are safe and secure on mode then yes, Mode is a completely legitimate service, and it certainly isn’t a scam app.

The custody of Mode’s Bitcoin is shared between crypto giants Coinbase and BitGo, two extremely reputable companies in this space.

However, the crypto world is still largely unregulated, and your funds are not covered by the Financial Services Compensation Scheme (FSCS).

Related post: Is my Bitcoin covered by the Financial Services Compensation Scheme?

Also, like virtually every company in the crypto space, Mode’s balance sheet is affected by the volatility in the Bitcoin and crypto market.

In February 2021 Mode Global Holdings (MODE) shares were trading at around 78.00p, but at the time of writing in June were down to 45.5p after the mood among investors turned bearish.

Several factors were blamed for this: Elon Musk backtracking on allowing customers to buy Tesla cars with Bitcoin, China cracking down on mining firms and effectively outlawing crypto, and jitters about how digital currency will be regulated by Governments in the future.


Platform: Android and iOS

Fees: Free cash transfers in from bank account / 0.99% on crypto buys and sells

Withdrawal fee: 0.0005 Satoshis per transaction


  • Great looking app / easy to use
  • High rate of interest on Bitcoin
  • Appealing for beginners
  • Cash-back move will appeal


  • No free Bitcoin withdrawals
  • You can only buy Bitcoin

Mode background

Mode started life as an iPhone-only app, but the platform was quickly rolled out to Android users as well.

The team behind Mode say the goal of the app is to simplify Bitcoin and make buying crypto intuitive for users, especially newbies.

From our initial review, they seem to have achieved this extremely well, and perhaps some work on the brand’s profile will go a long way to increasing user engagement and revenues.

The cashback facility is a positive move towards mainstream adoption and aligns with other providers’ moves to provide ‘traditional’ banking products, such as credit cards offering Bitcoin rewards.

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Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice.

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