Iban Wallet: Short Term Deposits

S4F PlatformGuides Iban Wallet @ Savings4Freedom
I decided to stop promoting iban wallet on my blog. Too many questions without answers, too much smoke around people, locations, finances and operations. A warning message to all.
iban Wallet: A Warning Message
Risk Management

iban Wallet: A Warning Message

By November 4, 2020 0
I decided to stop promoting iban wallet on my blog. Too many questions without answers, too much smoke around people, locations, finances and operations. A warning message to all.
1 2 3 5

In case you want to explore how to open an Iban Wallet account, check the article How to Open a Iban Wallet Account before reading this one.

Additional Iban Wallet Investment Products

In June 2020, Iban Wallet answered the requests of multiple investors that are looking for different offers due to the times of uncertainty and constant changes imposed by the unexpected effects of COVID-19. To check the existing offering by Iban Wallet that triggered this reply, read How to Invest on Iban Wallet. For sure you relate to the fact of having offers that don’t demand you to keep your investments locked for more than 1 year.

Iban Wallet states that all investments are backed by a collateral (assets) and all loans come with a Buyback Guarantee as well as cover from Iban Wallet Safeguard Trust. To learn more about how the platform protects investors, read Iban Wallet: Platform Risk Analysis.

Iban Wallet: 3 New Investment Accounts

It was thinking of everyone that may feel like uncertainty is getting in the way of their personal finances that Iban Wallet launched this 3 new investment accounts with shorter fixed terms and higher projected rates that you can get with your basic Iban Account.

Instead of committing to an investment for 1 year or more, especially right now, now you can select among these new products available for 30, 90 and 180 day terms. Not only that, these products do not have a minimum investment amount required, as you can start with only €1.

This could be a great solution to maximize returns while maintaining various degrees of flexibility. They are now available once you log in into your account.

Iban Wallet New Investment Accounts @ Savings4Freedom
New Investment Product Offers by Iban Wallet

Iban 30 (1 month deposit)

Iban 30 main features:

  • Minimum deposit: 1€.
  • Yearly Interest Rate: 2.6% (AER).
  • 30 days term: if you decide to withdraw or deposit your funds before the term ends, there will be a penalty (2.5% penalty).
  • Daily Compound Interest – Which means that you will receive interest on interest that you have earned.

Iban 90 (3 month deposit)

Iban 90 main features:

  • Minimum deposit: 1€.
  • Yearly Interest Rate: 2.7% (AER).
  • 90 days term: if you decide to withdraw or deposit your funds before the term ends, there will be a penalty (2.5% penalty).
  • Daily Compound Interest – Which means that you will receive interest on interest that you have earned.

Iban 180 (6 month deposit)

Iban 180 main features:

  • Minimum deposit: 1€.
  • Yearly Interest Rate: 2.8% (AER).
  • 180 days term: if you decide to withdraw or deposit your funds before the term ends, there will be a penalty.
  • Daily Compound Interest – Which means that you will receive interest on interest that you have earned.

Again, remember that Iban Wallet is a investment account and you capital is at risk.

How is Iban Wallet Daily Interest Calculated?

Iban Wallet pays interest daily. Over the course of the year you will receive daily interest installments that will add up to the projected AER. But what is AER?

AER stands for Annual Equivalent Rate, which refers to the interest you would garner in your account provided you leave your principal an entire calendar year. AER standardization is designed to facilitate comparisons among financial products and takes into account compound interest (interest generated from your initial deposit as well as previous interest earned).

Iban Wallet calculates the daily interest by raising the AER to the power of 1/365 (AER ^ (1/365)). This is the formula used by Iban Wallet: 

Daily Interest = [Current Balance] x ( ( (1 + AER) ^(1/365) ) – 1 )

Let’s say you deposit €10,000 on your Iban Account, which has an interest rate of 2.5%. How much daily interest are you going to earn? 

Day 1 

Daily Interest =  €10,000 x ( ( (1 + 2.5%) ^(1/365) ) – 1 ) =  €0.67

Updated Account Balance = €10,000.67

Total Interest Earned = €0.67

Day 2

Daily Interest = €10,000.67 x ( ( (1 + 2.5%) ^(1/365) ) – 1 ) = €0.67

Updated Account Balance = €10,001.35

Total Interest Earned = €1.35

Day 365

Daily Interest = €10,249.30 x ( ( (1 + 2.5%) ^(1/365) ) – 1 ) =  €0.69

Updated Account Balance = €10,250

Total Interest Earned = €250

After 365 days have passed you will have earned €250 in interest and your account will have reached the 2.5% projected AER (assuming no further deposits or withdrawals were made).

You can also see that daily interest payments are increasing over time. That is because Iban Wallet pays compound interest (except on Iban Dynamic). Which means that every time you receive interest, it will be added to calculate interest based on your total balance (for that product) including interest that you have already earned.

iban Wallet: A Warning Message
Risk Management

iban Wallet: A Warning Message

By November 4, 2020 0
I decided to stop promoting iban wallet on my blog. Too many questions without answers, too much smoke around people, locations, finances and operations. A warning message to all.
1 2 3 5

What to learn more about Iban Wallet?

iban Wallet @ Savings4Freedom
Check all articles about Iban Wallet

Iban Wallet Alternatives and Competitors

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I decided to stop promoting iban wallet on my blog. Too many questions without answers, too much smoke around people, locations, finances and operations. A warning message to all.