Blog Posts

October 28, 2017

Interest-bearing and clearing accounts

Sankaet Pathak
CEO

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.

Interest-bearing 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.

Clearing Accounts

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.

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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 hello@synapsepay.com.

Sources

Interest-bearing and clearing accounts

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Sankaet Pathak
October 28, 2017

What’s a Rich Text element?

The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.

Static and dynamic content editing

A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!

How to customize formatting for each rich text

Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.