Interest Bearing Account Intro

Interest Bearing Account resources

General description and explanation

Our interest bearing accounts allow you to create typical savings accounts that allow your users to accrue interest on their deposited funds. Users accrue monthly interest and are limited to 6 withdrawals per month. Interest rates are determined within your contract. Synapse supports two types of interest bearing accounts, both of which function very similarly:

  • IB-DEPOSIT-US
    These are interest bearing FDIC insured deposit accounts held in the end user's name at our partner bank. These accounts are opened in the end user's name and require the same KYC as a typical deposit account DEPOSIT-US. Typically this is a user’s base doc, SSN and government issued id.

  • IB-SUBACCOUNT-US
    These are interest bearing subaccounts held on the end user's behalf within a platform's FBO account. These accounts are held within the platform’s FBO account, so they require less KYC from users. Subaccounts are eligible for FDIC insurance with the appropriate disclosures and account setup. Interest accrued on the FBO account as a whole will be distributed among subaccounts as "rewards" (rather than interest).

Frequency

Interest/Rewards are deposited the first of every month

Node Type

TYPE
PERMISSION
COMMENT

IB-DEPOSIT-US

CREDIT-AND-DEBIT

Just like DEPOSIT-US but with an interest rate. Interest rates vary per platform but usually are around 1.00%

IB-SUBACCOUNT-US

CREDIT-AND-DEBIT

Just like SUBACCOUNT-US but with an interest rate. Interest rates vary per platform but usually are around 1.5%

NODE STRUCTURE

_id:
string

Object ID of the node

_links.self.href:
string

HAL style link for the node

allowed:
string

Denotes the account standing. Look at the node permissions section below to learn more

client.id:
string

ID of the client that created the node

client.name:
string

Name of the client that created the node

info.nickname:
string

Any nickname/common name given to the node. Eg. Savings Node

info.name_on_account:
string

[Deprecated] Name of the user who owns the node

info.balance.amount:
double

Balance associated with the node.

info.monthly_withdrawals_remaining:
integer

Remaining withdrawals available.

info.balance.currency:
stringUSD

Currency of the node

type:
string

Type of node IB-DEPOSIT-US or IB-SUBACCOUNT-US

timeline:
array of objects

Array that tracks node updates as they occur

is_active:
booleantrue

If the node is indexed or marked deleted.

user_id:
string

ID of the user who owns the node

extra.supp_id:
string

Any supplied ID given by the client that created the node

Node Permissions

Every account has the following permissions associated with them:

PERMISSION
COMMENT

CREDIT-AND-DEBIT

Node can be used for sending or receiving funds

INACTIVE

Node has been disabled and cannot be used for any transactions

LOCKED

Node has been locked and cannot be used for any transactions. This can be used in the case of fraudulent activity.