IB-Deposit-US
Savings Accounts
Earn Interest On Your Deposits
We offer Savings Accounts (also known as Interest-Bearing Accounts) in addition to a suite of other deposit products. Our Savings Accounts allow users to deposit and store funds, while earning interest. Interest is accrued daily and paid out monthly. Interest rates vary by contract.
You can choose between Savings Deposit Accounts (deposit accounts in the user’s name with an interest rate) or Savings Sub-Accounts (sub-accounts inside a platform FBO account with an interest rate). Interest rates vary based on the product you are offering and the deposits you would be keeping.
Savings Accounts are recommended when users have many deposits but few withdrawals. We offer two types of savings products: Savings Deposit Accounts and Savings Sub-Accounts.
Savings Deposit Accounts
Savings Deposit Accounts are interest-bearing deposit accounts created in the user’s name. These accounts require more KYC than Savings Sub-Accounts, however they are a good fit for platforms that want to remain outside the flow of funds.
Savings Sub-Accounts
Savings Sub-Accounts are held within a platform’s interest-bearing fiduciary account to which the platform can pay rebates to it’s users. These accounts require end users to complete less KYC, however platforms must conform to more compliance regulations.
At the API level, Savings Accounts work the following way:
import os
from synapse_pay_rest import Client
from synapse_pay_rest import User
from synapse_pay_rest.models.nodes import IbDepositUsNode
kwargs = {
'nickname': 'My Savings Account'
}
node = IbDepositUsNode.create(user, **kwargs)
