Aave Labs to launch new savings app

Aave Labs is launching a new savings app, The Block reported. The app will support deposits and withdrawals from over 12,000 banks and debit cards, as well as stablecoin transfers. Users can earn a base annual interest rate of 5%, with a maximum rate of 9%. Deposits will be protected up to $1 million. The app is set to launch first on the Apple App Store, with an Android version also in development.