At the moment, your deposits earn 5% (as of 7 Jan 2020, the Flex rate is 4%) APY through Flex, a secured lending pool with unlimited free withdrawals.
We introduced Flex in September 2019, offering bank-beating interest on your balance, compounded and paid every second.
But recently we got thinking…
Shouldn’t it be up to you what happens to your balance?
After all, you might prefer Prime Trust’s insured escrow to the collateral-backed investment of Flex.
Well, now the choice is yours.
If you’re happy with Flex, you don’t need to do anything. Since most people deposit to invest anyway, the 5% APY (as of 7 Jan 2020, the Flex rate is 4%) is a great rate while waiting for a match.
On the other hand, if you’d rather escrow your balance instead of investing it, you can now disable Flex from the Settings menu (see below).
Important things to remember
Before you decide what to do, here are a few things to note:
- Whether your balance is in Flex or Prime Trust, all withdrawals are free and unlimited.
- You won’t earn any interest if you escrow your balance with Prime Trust.
- You can go back to Flex whenever you like. Switching your balance from Flex to Prime Trust, or vice versa, is very fast — usually the same day.
- This choice applies to your whole balance only. You can’t have a portion of your balance in Flex and another portion in Prime Trust.
How to disable Flex
- Log into your account.
- Click the profile icon on the top right.
- Click Settings.
- Click Account details.
- Scroll to the bottom until you see “Earn 5% (as of 7 Jan 2020, the Flex rate is 4%) APY on your balance with Flex?”.
- Toggle this setting off.
- Click yes to the popup confirmation.
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