Interest Account is a CoinLoan new product that offers best of the worlds of crypto and traditional banking. It works as a bank deposit and enables users to earn an 8% interest rate just for depositing USDC, USDT, and PAX. Shortly, we are planning to exceed the list of supported currencies.
Interest Account is available to anyone. No matter where you live, no matter what is your role on the platform. Both lenders and borrowers can use our Interest Account, as well as every person or company that registers an account. There are no limits at all.
Interest accrues from using deposited funds on the CoinLoan Lending Platform. We bring deposits all together and use that aggregated amount of to offer loans and accept requests. Thus, you have no hassle with choosing terms, placing an offer, and waiting until it is approved.
Either way, interest is guaranteed. That's why users shouldn't care about what we're doing with deposited money. Whether we successfully invest your money or not, you watch your interests accrued to your account every day. Currently, the fixed interest rate is 8%. Please be aware that the number can be changed; check your account to obtain current information.
How Does Interest Account Works?
In the left-sidebar on the CoinLoan platform, there is a new Interest Account tab, see Figure #1 below. Here, you can deposit and withdraw your funds in one click. Minimal deposit balance is 100 units in any currency available, maximal is unlimited.
Figure #1. CoinLoan Interest Account tab.
Please note, that all the operations at the Interest Account are executed daily at 14:00 UTC. It means that your request for deposit or withdrawal will be in a pending status until processed in due time. You can have only one pending deposit/withdrawal request in the same currency. However, you can always cancel the pending request to create a new one.
All the pending and complete deposits are available in the Transactions section of the Interest Account tab, as shown in Figure #2.
Figure #2. Transactions section of Interest Account.
Interests are accrued to your account daily at 14:00 UTC, while interest payments are processed monthly, on the first day of the next month, at the same hour.