This year we have been hard at work building out a full stack deposit product. So in the spirit of that effort, today we are launching our Interest-bearing accounts and clearing accounts.
For people familiar with our Deposit Account products, interest-bearing accounts work the same way — instead of DEPOSIT-US or SUBACCOUNT-US, you would spin up IB-DEPOSIT-US or IB-SUBACCOUNT-US.
IB-DEPOSIT-US are deposit accounts in the user’s name with an interest rate. IB-SUBACCOUNT-US are 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. They average around 0.50% but can go higher.
If for payment processing reasons you need to put funds into a clearing account without taking the ownership of the funds, then CLEARING-US would come in handy.
All funds associated with CLEARING-US are held in pooled accounts at our partner banks. These funds are not eligible for individual insurance, including FDIC insurance.
Interest-bearing & clearing accounts are now in public beta. If you wish to integrate this into your existing products, please feel free to reach out to us at firstname.lastname@example.org.