A Magnr Savings Account is used for the purposes of storing bitcoin that you wish to hold for longer periods of time. By depositing your bitcoin with Magnr, you will be rewarded with Interest Payments based on how much and how long you deposit with us.
Your Magnr Savings account should not be considered as a wallet, which otherwise would allow you to regularly receive and spend bitcoin quickly.
Deposits are subject to 3x confirmations before being applied to accounts.
Fund Withdrawals are subject to manual audit and processing.
- The current Interest Rate is a fixed Annual Equivalent Rate (AER), sometimes also referred to as the Annual Percentage Yield (APY) in the United States.
- Interest is awarded on the last day of every month, paid out by the end of the first day of the new month.
- The advertised rate is a Promotional Rate, expiration dates are shown separately.
- After the promotional period, any rate changes will be published throughout the website.
- The Interest accrued compounds on a monthly basis.
- The maximum amount you can earn interest on is 100 bitcoins.
- You can deposit more than 100 bitcoins for safe storage, however interest will only be paid on 100 bitcoins.
- Withdrawals can be made at anytime, however, you will only earn interest on the balance held on your account.