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Frequently Asked Questions on Binance Pool Savings

Frequently Asked Questions on Binance Pool Savings

2020-09-24 09:12
1. What is Binance Pool Savings?
Pool Savings is a wealth management product for miners to grow their income. It offers a 1.5% annual principal-protected floating earnings.
Pool Savings is exclusive to members of the Binance Mining Pool community. Miners can deposit their daily Binance Pool mining earnings directly into Pool Savings to boost their income. Each user can only subscribe to a maximum of 5 BTC.
2. Who can participate in Pool Savings?
Only Binance Pool miners are eligible to participate in Pool Savings. Please note that you can only use your daily Binance Pool mining earnings to subscribe to Pool Savings.
If you’re a Binance Exchange user, you can use Binance Earn products to grow your passive income.
3. How do I participate in Pool Savings?
Log in to your Binance account and go to [Earn] - [Mining Pool].
Click [Pool Savings].
Click [Subscribe].
Toggle the button under [Switch] to subscribe or unsubscribe.
4. How do I check my interest and subscription history?
You can go to [Earn] - [Mining Pool] - [Pool Savings] to view your interest and subscription history.
5. Are my interest earnings principal-protected?
Pool Savings is a principal-protected flexible wealth management product. Please refer to the daily interest rate displayed on the page.
6. How is the interest cycle calculated? How long will it take to redeem my assets?
You'll start earning interest right away on the day you deposit. Interest is calculated by the day, from 00:00 on the current day to 00:00 the next day (UTC). You will not earn interest for the day you redeem your assets, and redemptions will be issued on the following day.
For example, User A subscribes to a Pool Savings between 00:00 January 1 (UTC) and 00:00 January 2 (UTC). On January 2, he'll receive the interest for January 1 and can continue to receive the interest for the previous day on the next day. User A redeems his assets between 00:00 January 5 (UTC) and 00:00 January 6 (UTC). He'll get his principal back on January 7, but the interest for January 6 will not be issued.
Same as mining pool payment, interest is issued every day between 01:00 - 08:00 (UTC).
7. Can interest be calculated continuously?
Earnings are calculated with compound interest. The interest issued each day will be counted towards the principal and can generate interest.
8. Which cryptocurrencies do Pool Savings support?
Currently, Binance Pool Savings only supports BTC.