Interest Bearing Accounts (
) (also referred to as savings accounts) are depository accounts that pay interest but don't enjoy the full capabilities of standard deposit accounts (
DEPOSIT-US)(also referred to as checking accounts). Interest Bearing Accounts are FDIC insured up to $250,000 and can be opened for both individuals and businesses. Regulation limits these account types to six withdrawals per month, after this point it is not possible to generate additional withdrawals.
Interest Bearing Deposit Accounts (
): FDIC insured interest bearing depository accounts held in the end user's name at Synapse's bank partners.
Interest Bearing Sub-Accounts (
): Sub-Accounts 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. Sub-Accounts are eligible for FDIC insurance with the appropriate disclosures and account setup (click here for more info). Interest accrued on the FBO account as a whole will be distributed among Sub-Accounts as "rewards" (rather than interest).
Interest Bearing Accounts are equivalent to a traditional bank's savings account and are commonly used to emulate them.
Recommend User Creation and KYC Submission Flow
Please look at our KYC Overview for our suggested user creation and KYC addition process. Not following this process can lead to bad user experience and unnecessary efforts by the platform.
KYC information below is for our Interest Bearing Deposit Account, for the FBO KYC please refer to our FBO Accounts page. Please note, KYC requirements will differ between individuals and business users, and might further vary depending on the use case and the nature of the user.
Name, Date of Birth, Address, Email, Phone.
(We would only require for you to submit the number/code of document).
Social Security Number (
SSN) with W-9 Verification.
(We will require you to submit a picture of the document which we would process with our computer vision stack)
US Government Photo ID (
To open a business IB account, you must supply the KYC of the table below as well as submitting a UBO form, we offer an API for this. To learn more about the latter please look at our generate UBO/Reg GG page.
Business Name, Address, Entity Formation Date, Entity Type (LLC, Corp, etc), Entity Scope (Industry), Email & Phone Number of Business
Taxpayer Identification Number (
EIN Verification Letter issued by IRS (
EIN_DOC), Company Bylaws (
BYLAWS_DOC). Articles of Incorporation (
AOI), User Due Diligence Form (
If the business has one or more beneficial owners (an individual owning 25% or more of the entity) we would require the following additional KYC for each of those persons.
Name, DOB, Address, Email, Phone
SSN with (
US Government Photo ID (
For more information on the specific documents allowed for each KYC category and our verification process please refer to KYC Documentation and Verification.
Please refer to our FBO Accounts page.
Interest Checking Account provide less interest than IB accounts but enjoy the functionality of deposit accounts (ex. no transaction limits).