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:
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.
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).
Interest/Rewards are deposited the first of every month
DEPOSIT-US but with an interest rate. Interest rates vary per platform but usually are around 1.00%
SUBACCOUNT-US but with an interest rate. Interest rates vary per platform but usually are around 1.5%
Object ID of the node
HAL style link for the node
Denotes the account standing. Look at the node permissions section below to learn more
ID of the client that created the node
Name of the client that created the node
Any nickname/common name given to the node. Eg. Savings Node
[Deprecated] Name of the user who owns the node
Balance associated with the node.
Remaining withdrawals available.
Currency of the node
Type of node IB-DEPOSIT-US or IB-SUBACCOUNT-US
Array that tracks node updates as they occur
If the node is indexed or marked deleted.
ID of the user who owns the node
Any supplied ID given by the client that created the node
Node can be used for sending or receiving funds
Node has been disabled and cannot be used for any transactions
Node has been locked and cannot be used for any transactions. This can be used in the case of fraudulent activity.