The default interest repayment option for Fixed Account is having your earnings credited to you in full at the end of the holding period. However, upon account creation, you can choose the Monthly Interest option instead.
What is Monthly Interest?
This feature is for those who want to get interest every month instead of waiting till the end of the holding period.
How does it work?
Every time the monthly interest is credited, it reduces the scheduled interest and increases the earned interest by its amount.
Scheduled and Earned interest in Account Details – Web platform
Note: Earned Interest shows how much has been credited to the Wallet, and Scheduled Interest shows how much will be credited to the Wallet through the remaining payments.
How do I enable the feature for my Fixed Account?
You should turn the Monthly Interest option on in the Create Account form and confirm your choice.
Monthly Interest option in the Create Account form – Web platform
Note: Enabling the Monthly Interest option lowers the Annual Rate.
When is monthly interest credited?
It is automatically credited to your Wallet every month on the same day and time you created your Fixed Account. For instance, your monthly interest for a Fixed Account set up on January 10 at 17:00 will be credited on February 10 at around 17:00 and so on till the end of the period.
You can see the Next Payment Date by tapping the Details button next to the desired account in the web app or by pressing the account card in the mobile app.
Next Payment Date in Account Details – Web platform
Where can I check my next monthly payment?
Go to your Fixed Account card (or Account Details in the web app), where you can see the Next Monthly Payment field.
Next Monthly Payment in Account Details – Web platform