Nook Savings App X BeInCrypto AMA Session: How Nook App Is Democratizing Access to High-Yield Savings

Welcome to our exclusive AMA session with Joey Isaacson, CEO of Nook Savings App. Nook is a crypto savings application designed to offer a simple and accessible way for a broad audience to earn competitive yields. Behind Nook are notable backers such as Coinbase Ventures, Defy Ventures, and UDHC. The app is being built with Base, Moonwell, and USDC. To date, Nook has raised over $2.5 million in funding, and its beta version is set to launch soon.

In this conversation, Joey Isaacson shared valuable benefits that will be available to users after the launch, what interest rates they can expect, and what exciting features and goals are planned.

BeInCrypto: Community, today we welcome Joey Isaacson (@joeyisaacson), CEO of Nook Savings App We will discuss a really interesting topic – how Nook Savings App is going to make access to high-yield savings more accessible! 

Without further ado…

Joey, can you tell us about the vision behind Nookapp.xyz?

Joey: Sure! It’s a savings account with a higher rate. We want everyday people to be able to access the same rates of returns that those in crypto get. Not the standard 0.5% APY from large banks.

We created Nook as 3 co-founders from Coinbase because we saw how people that worked in the crypto industry were saving a lot more of their money using DeFi. It was totally different from what most people were doing, but it’s not easy to do. Every day when I talk to customers, they say that they have checked out DeFi, but that it’s too complex. The way it’s explained, the copy and the UX are all intimidating.

We want to remove that from the experience. We want the messaging, tone and experience all to be super simple and trustworthy. 

It’s something that we worked on together at Coinbase, when we launched a version of DeFi lending in 2022 before it was shut down due to regulatory issues. So we know it’s possible and we think we know how to make it as easy as possible for everyone. 

As crypto regulation becomes clear, the technology continues to improve and public sentiment continues to increase – we think now is the time to bring Nook to everyone and change how we save.

BIC: What are DeFi savings, and how can users benefit from them with the Nook Savings app?

Joey: DeFi savings comes from the many DeFi protocols that provide lending and earning opportunities. A traditional DeFi lending protocol operates much like the lending and borrowing function of a bank, where lenders can earn returns by lending money to borrowers who need capital to invest and spend. 

But unlike traditional banks, this is based on math and executed with smart contracts versus phone calls and signed PDFs.

Before I joined Coinbase, a friend of mine left Uber where we both worked in 2018 to join Compound Labs. This was the first time I had heard of DeFi Savings, and was blown away. Not just by the rates but by how it all worked. 

It was technically complex obviously but actually super simple in terms of the fundamentals. When people need to borrow money, the cost of borrowing goes up. And so the return for lending goes up. 

It was all so simple compared to normal banks and their process.

In 2018 it was still early, but protocols like Morpho, Moonwell, Compound have since come along and established that this is a real way to earn money and facilitate millions of loans. There is now over 113B+ of money in DeFi today, with 50M+ people interacting with it. And most importantly it has stuck around for the past 8 years, including stock market crashes, FTX implosion, etc. 

So it’s definitely here to say. 

BIC: What interest rates can users expect from the savings in the Nook App, and how do they compare to those offered by traditional banks?

Joey: The rates in Nook reflect the market – last year, the overall rate of return was 9.34% on Moonwell. And we think this year will be similar and maybe higher. This is about 20x a traditional bank that offers 0.5% and 2-3x a Neo-bank like CashApp and Robinhood.

And we think that based on the messaging from the government, bank rates are only going to go lower. So you could see a world where bank rates are now very low, and rates on Nook go even higher – or stay the same. Increasing the gap between the two.

But the key here is that when your money is directly in the market, it earns market rates. So if rates jump up to 20% like the did at the beginning of the week, you get all of those returns. Not Nook or a middle man.

With a bank, your rate is fixed at 2% or 3%. When rates in the market jump up, the bank keeps the difference. They get most of the upside. You do not.

So although it’s different from a normal bank, it pays to adopt this new paradigm.

BIC: How can users withdraw their savings early, and are there any fees or penalties for doing so?

Joey: Users can always withdraw their money from Nook at any time. There are no lockups, penalties, fees or minimums. Move money whenever you would like, in less than 60 seconds. 

That’s the beautiful thing about crypto. It executes automatically. No human-in the-middle to approve anything.

With savings accounts, CDs and bonds, there are minimums. Which makes sense. It’s built on pend and paper systems, and they need to know you will be around for a certain amount of time. But with Nook, it’s built on smart contracts using crypto. So you can add money for 10 mins or 10 years. You get paid out every 16 seconds. So you decide how long you want to earn for.

Customers have found this ideal for short term savings. If you have money put aside for a big purchase coming up in a few months or even weeks, but don’t want to lock into a stock or bond, Nook is good for moving money in and out quickly.

BIC: With Testflight now live, what kind of feedback are you hoping to get from users, and how will it help improve the app before the full launch?

Joey: I just need real feedback. I talk to customers every day, and every day we learn something new, about the messaging of the app, bugs, features, quality etc. If we can get feedback from the BeInCrypto community, then I can only imagine the high quality feedback we will receive.

BIC: Can you explain how the $20 on-ramp bonus works and how new users can take advantage of it?

Joey: Absolutely. Once you join Nook and add $50 or more to your account, we will send $20 directly to your Nook account. There are no strings attached, no terms for the bonus. 

This is just a small thank you for trying it out so early on. 

In the future, when we go live more widely, this will be available to you as well as you add more friends to Nook. But we wanted to start small with just you today.

BIC: There’s also a bug bounty program. Can you tell us more about this and how users can participate?

Joey: Yes. The terms of the bug bounty program are undisclosed, but you can earn up to $5,000 for spotting any critical bugs. But we think we have covered any critical issues. But try your best!

You can DM or email me and the founding team at team@nookapp.xyz directly if you spot any issues

BIC: What security features are in place to keep users’ savings safe in the Nook Savings app?

Joey: We have partnered with some of the best in the industry to keep our customer funds safe. This includes Privy and Bridge, who have developed top tier systems, which means we don’t have access to your data.That data is encrypted in their systems, not ours. Your wallet, your information, is always yours. Not Nooks. And you can always export it and leave Nook whenever you want. A few highlights:

• We don’t control access to your wallet. Only you do. Your keys, your crypto. You can always export your keys when you want.
• We are only working with the best on security. Our user management system, Privy, already powers 50m+ accounts. And Moonwell is already managing $638M in funds. We are building on top of well-established products.
• We have removed the ability for someone to scam you. A lot of people lose their crypto because they fall for a fake website, meant to mimic Coinbase or Uniswap for example. Because there is only one Nook app in the App store, we can’t be faked or mimicked. 

Unlike some other Centralized Exchanges and Web2 companies that contain your address, bank information and personal information that puts you at risk.

BIC: What are your goals for the Nook Savings App in the coming year, and what new features or updates can users look forward to?

Joey: We have one hard but straightforward goal. To make Nook Savings the easiest way to save with DeFi. I think we are close, and I am curious to get people’s feedback – but we still have a bit to go.

That is the main focus for now. Having one very simple flow that we have mastered, versus 20+ features in our app.

We think that we can reach a point where 1% of the DeFi lenders in the space is coming from everyday people through Nook. It may sound small now, but that’s actually incredibly ambitious. 

After that, we will continue to make it easier to grow and maintain your balance; this includes more data on your earnings, more ways to earn more and potentially ways to spend it with a Nook debit card. 

We have found that when people find out how easy it is to save money with Nook, they get excited – but immediately want to learn more and earn more. So we have a very busy year ahead of us.

Another consideration is expanding to Web and Android. We know we have to do this at one point to support everyone – but we want to make sure we land the fundamentals first.

BIC: Wow, cool! Joey, thank you for this discussion Now let’s move to the questions from the Community.

@Velimu01: In what ways is Nook Savings addressing the common barriers faced by retail investors and everyday users when it comes to accessing lucrative DeFi savings products, and how does its platform design promote financial inclusion?

Joey: Communicating the high APY but fluctuating rates is definitely tricky. We are building graphs plus easy to ready articles and videos that explain how this works. Because this is definitely new and confusing to users.

BIC: @Sergeyyuin: Does the Nook Savings App provide educational resources such as tutorial videos or a YouTube channel to help users better understand the platform?

Joey: Yes! We have a YouTube video to follow along and get started to learn more about DeFi and Nook! Please take a look and share any questions or feedback.

BIC: @CZAy4: Could the APY ever drop below traditional HYSAs? If so, how would you mitigate user frustration? Would you consider a “floor rate” guarantee or historical performance charts?

Joey: The rate can drop below HYSAs which are around 4% here in the US, but realistically never would, because then there is an arbitrage opportunity and the market will close that gap. The market tends to take care of these things.

BIC: @TungVuu: Beyond savings, are there plans to expand into checking, investing, or crypto (like SoFi/Robinhood)? If so, how would Nook maintain its core savings appeal while diversifying?

Joey: Good question. We want to meet customers where they are. So if they want a debi card / credit card / checking account to spend with, then we will build it. If we can become the best place to save, then everything else is easy.

BIC: @lukasNguyen4: Considering potential macroeconomic trends (e.g., rising inflation, tighter monetary policy, or increased regulatory scrutiny on DeFi), how is Nook App preparing to adapt its yield algorithms, collateral sourcing, and risk management frameworks to maintain competitive interest rates while safeguarding user assets over the next five years?

Joey: Sub-dividing accounts is something we have designs for but haven’t executed on yet. We think that people should set their goals, and then Nooks saving automation can take care of the rest. Will reach out to you when we start to build that!

BIC: That’s it! Joey, thank your for being here today! 

The AMA session with Joey Isaacson gave us an inside look at how Nook is making crypto savings simple, accessible, and rewarding — offering competitive yields without the usual complexity. Joey shared how Nook strips away the friction of DeFi, empowering everyday savers to earn yield with no lockups or hidden fees.

Big thanks to Joey Isaacson for walking us through the future of savings with Nook and for engaging with the BeInCrypto community!