Blog Posts

August 27, 2018

Multi-Bank Savings Accounts

Sankaet Pathak
CEO

Later last year we launched white labeled Savings accounts, which enables developers to issue interest bearing accounts for their users in seconds.

Starting next week, all the savings accounts will also get $16M in FDIC coverage per user. We call this feature Multi-Bank.

As the name suggests, Multi-Bank spreads customer deposits across multiple banks to increase FDIC coverage. Essentially, we try not to keep more than $250,000 per user with each bank.

We also make sure that deposit accounts held only in banks categorized as “well-capitalized” by the FDIC.

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At the API level, setting up this account very straightforward:

  1. Create a user: https://docs.synapsefi.com/docs/create-a-user.
  2. Create a savings account: https://docs.synapsefi.com/docs/deposit-accounts. (Account type IB-DEPOSIT-US)
  3. Move funds from a deposit account to IB-DEPOSIT-US or vice versa: https://docs.synapsefi.com/docs/create-transaction.

That’s it. Just three API calls.

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We believe this is the best savings account product in the market today. Here are some of the reasons:

  1. Insurance: The account is FDIC insured, up to a maximum of $16M compared to $250,000.
  2. High APY: These savings accounts offer 1.5% APY.
  3. White-Labeled: Developers work on top of the APIs and build their special sauce around it. We are just the pipes behind the scenes.
  4. No Minimum Balance: Unlike other savings products in the market, we do not have any minimum balance requirements here.

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We are really excited about this product, and we think this will translate to increased credibility for our customers. If you wish to learn more or want to build some cool products on top of this, please reach out to us at hello@synapsefi.com.

Sources

Multi-Bank Savings Accounts

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Sankaet Pathak
August 27, 2018

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