Interest Bearing (Savings) Accounts

IB-DEPOSIT-US, and IB-SUBACCOUNT-US

Introduction

Interest Bearing Accounts ( or ) (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.

Types of Interest Bearing Accounts Offered

  • 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).

Common Use Case

Interest Bearing Accounts are equivalent to a traditional bank's savings account and are commonly used to emulate them.

Previous Steps

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.

Create Account API Call

Create an IB Account.

Next Steps

Once an Interest Bearing Account is opened and verified you can make transfers to and from the account and create account and routing numbers .

KYC Requirements

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.

Minimum KYC Requirements for Individuals

Minimum KYC for Individuals

Base Documentation

Name, Date of Birth, Address, Email, Phone.

Virtual Documents
(We would only require for you to submit the number/code of document).

Social Security Number (SSN) with W-9 Verification.

Physical Documents
(We will require you to submit a picture of the document which we would process with our computer vision stack)

US Government Photo ID (GOVT_ID,GOVT_ID_BACK)

Minimum KYC Requirements for Businesses

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.

Minimum KYC for Businesses

Base Document

Business Name, Address, Entity Formation Date, Entity Type (LLC, Corp, etc), Entity Scope (Industry), Email & Phone Number of Business

Virtual Documents

Taxpayer Identification Number (TIN).

Physical Documents

EIN Verification Letter issued by IRS (EIN_DOC), Company Bylaws (BYLAWS_DOC). Articles of Incorporation (AOI), User Due Diligence Form (REG_GG).

Minimum KYC for Beneficial Owners

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.

Minimum KYC for Beneficial Owners

Base Documentation

Name, DOB, Address, Email, Phone

Physical Documents

US Government Photo ID (GOVT_ID,GOVT_ID_BACK)

For more information on the specific documents allowed for each KYC category and our verification process please refer to KYC Documentation and Verification.

Sub-Resources

General Interest Bearing Account APIs

FBO IB Accounts

Please refer to our FBO Accounts page.

Other

Interest Checking Account provide less interest than IB accounts but enjoy the functionality of deposit accounts (ex. no transaction limits).

Interest Bearing (Savings) Accounts


IB-DEPOSIT-US, and IB-SUBACCOUNT-US

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