Fixed savings
Fixed savings is also known as lock savings because it required locking a cryptocurrency asset for a period of time. The Binance exchange platform offers the fixed savings options where investors can deposit any of the required cryptocurrency asset and earn passive income in the form of interests based on the duration’s APY.
Each of the duration time frame has its own interest rates. The lower the lock time, the lower the interest rate to be earned and the higher the lock time, the higher the interest rate to be earned. At the moment, Binance platform offers 7days, 14days, 30days and 90days lock period. 7days has the least interest rate and 90days has the highest interest rate.
Also, depending on the cryptocurrency chosen, the interest rate can also vary. For example, USDT and BUSD offer the same interest rates while USDC offer the least interest rates. To invest on fixed savings, all that needs to be done is to choose from one of the listed cryptocurrencies, pick a lock duration and transfer the cryptocurrency asset into the fixed savings to start earning interests based on the lock duration.
Flexible savings
Flexible savings is a bit different from fixed savings. By flexible, it means that it gives the freedom to redeem the cryptocurrency from the flexible savings account any time you want. The Binance exchange platform offers the flexible savings as one of the savings options where investors can deposit any of the required cryptocurrency asset and earn passive income with the freedom to redeem the cryptocurrency any time.
Unlike fixed savings that offer different lock duration, flexible savings does not offer lock duration, but have a much lower interest rate compared to fixed savings. At the moment, Binance offers a variety of cryptocurrency options that can be deposited for flexible savings. Each cryptocurrency has its own APY and interest rate.
The benefit of the flexible savings is that the cryptocurrency can be redeemed anytime, which means that there much less risk of loss due to cryptocurrency price losing its value. Once there is a dip in the market, the asset can be redeemed any time and sold to reduce losses that may arise from price crash. Binance offers a variety of different cryptocurrencies to choose from… All that needs to be done is to pick from any of the listed cryptocurrencies and transfer the desired amount to start earning interest.
