What are Flexible Savings products?
Flexible Savings is a Binance financial product that allows users to lend and earn interest. Each user can lend their idle crypto assets to Binance Margin and begin making returns.
Flexible Savings acts as your Crypto savings account. Simply designate your held crypto as loanable to begin earning interest. The scheme is flexible and allows you to redeem your funds at any time. After withdrawing your loaned funds, you will receive a total amount that includes daily interest in real-time funds credit.
What are the terms of Flexible Savings products?
Average annual return: The average annual return (AAR) uses the average daily interest rate from the past 7 days, multiplied by 365. It is a reference to the daily interest you are entitled to, but does not necessarily equal the exact interest rate you will receive. It uses past performance to predict future earnings, so there is always a margin of error involved.
Interest per thousand: The daily interest per thousand coins/tokens of a particular asset based on the latest daily interest rate.
Subscription and redemption
- Flexible Savings can be subscribed to and redeemed at any time. Your funds are then credited in real-time. There’s no waiting period to deal with.
- The time frame for subscription and redemption is open from 00:10-23:50(UTC) every day.
- Interest is calculated from the day after you subscribe. Your day of subscription is not calculated. Your interest earned can only be distributed two days after subscribing.
- On the day of subscription, you can choose between fast redemption or standard redemption to redeem your assets.
- For standard redemptions, the full amount will be returned on the second day after redeeming at 00:00 AM (UTC). This also includes your earned interest. Any delay in funds credited may be due to the interest calculation process, as the day of redemption is included in the interest calculation period.
- For fast redemptions, you will receive the full amount of your digital assets back on the day of redemption without interest.
Automatic Subscription
- The automatic subscription function can be enabled on the Flexible Savings page.
- If the function is turned on, the system will transfer all total available assets from the user’s spot wallet to their savings wallet automatically from 02:00 AM (UTC).
- When automatic subscription is enabled, the system will estimate whether the total flexible product quota has exceeded the individual cap. The subscription of any exceeding parts will be canceled automatically.
- Digital Asset/Individual Cap/Redemption Limit and Total Savings Quota are adjusted according to market conditions and the risk level.
- If the total flexible savings quota of one digital asset has exceeded the upper limit, subscription is not allowed until the total quota is less than individual cap.
Interest calculation
The interest levels of Binance Savings come from the income of Margin. Binance will calculate and distribute the income according to the platform’s rules.
Binance Savings calculates and distributes the interest amounts of Flexible Savings products that have been accrued the previous day into your exchange wallet.
The total interest daily = the distributable income/total subscribed on that day.
Minimum accountable interests
Interest earned is distributed daily. This amount is based on the number of redeemable tokens. The interest amount is rounded down to 8 decimal places.
Total interest earned and today’s interest earned
The total interest earned on the Assets page is the cumulative interest earned through Savings.
Interests distribution
Interest will be calculated and distributed between 0:00 and 8:00 (UTC + 0) on the second day after your day of subscription.
However, due to network delays, system calculations, and other problems, this distribution may possibly be delayed.