This is your guide to how to create crypto savings accounts.
Below is a quick high-level overview of how platforms are able to interact with savings accounts.
1. Create Wyre Account
Create an account on Wyre and message [email protected] that you'd like the savings feature activated for your account. You will need to sign a short agreement prior to starting.
2.) Creating Crypto Savings Account
Create a sub-wallet within your account and give it the "savings" label. This will be your dedicated savings account. Within this wallet, you'll have dedicated USDC, BTC, DAI, and ETH addresses.
PLEASE NOTE: - you're able to send any support ERC-20 currency to your wallet ( USDC, DAI, ETH) and all of their associate rates are listed within the savingRatePercentages.
3.) Transferring Balances in and out of Account
Throughout the month, you will send money in and out of your dedicated savings sub-wallet. Funds need to be in the wallet for over 24 hours to start accruing interest. You'll need to use the Transfer API to accomplish this (for balances located within your Wyre Account) OR simply send money to the deposit addresses located within your savings account.
Start here if you're unfamiliar on how you can use transfers to move money around Wyre: https://docs.sendwyre.com/docs/transfer-resources
4.) Receiving Interest and Reviewing Account Balance
You're able to review your "pendingInterestBalances" (the interest balance that has accumulated since the last interest payment). Interest payments will be paid out monthly in the deposited source cryptocurrency.
To review balances, you'll need to use 1 field:
walletId- The identifier for the wallet
Reach out to us if you have any more questions.