Today's article is primarily for those who want to know what is Binance Savings.

Traditional Bank Savings

Binance Savings is one of the other products of Binance. If we want to get a quick idea about balance savings, we have to give the example of a traditional bank.

Many of us use bank accounts for our own needs. Different types of bank accounts can be opened, current account, savings account, fixed deposit etc.

We will discuss Savings Account and Fixed Deposit in the case of Bank Account Types to get an idea about Binary Account Savings Account.

As you may know, if you open a savings account in a bank, you can deposit and withdraw money in this account at any time. And that savings account also pays an interest on your fixed fund as an annual.

And a fixed deposit is an account in which your funds are locked for a certain period of time. For example, 3 years, 5 years, etc. Money cannot be deposited or withdrawn from a fixed deposit account to a savings account from time to time. Because this account is kept fixed for a certain period of time. Due to which the amount of interest of this account is also given more.

After the expiry of the fixed deposit (which is called mature in the language of the bank) you will be able to withdraw your own capital and interest from this account.

What is Binance Savings?

If you understand bank savings account or fixed deposit then hopefully you will be able to easily understand what is binary savings.

Binance offers two types of savings accounts. One is Flexible Savings which is good for savings account in our traditional banking system. The other is locked savings which is called fixed deposit in our traditional banking system.

Flexible savings

You can save all the coins you see in the Flexible Savings option of Binance. In this option you can save the listed coins at any time and break or redeem it at any time.

The first of the two places marked in the picture above shows how much you will earn annually if you save from the following coins today.

And the second mark shows the savings interest of the coins mentioned yesterday. This means that the interest percentage of these savings is updated every day.

You will be paid interest on the coins you have saved on the day you start saving.

Now let's see how to save?

To save, you first need to transfer the balance from your spot wallet. To transfer the balance, click on the Transfer option of the coin that you will save.

After clicking on transfer you will see a pop-up window appear. From here, enter the amount you want to save in the Subscription amount. The interest per thousand marked in the screenshot above shows how much interest you will receive per thousand per day.

Since I want to make ADA savings here, it is shown here that if I make 1 thousand ADA savings, I will get 0.02822 as ADA interest per day. However, note that you will get that interest together after redeeming. Interest will continue to be calculated until redeemed. And that interest will be paid together after redeeming the savings.

Note that interest on your savings will be paid to your account within 24 hours after redeeming the savings.

And the picture above shows the maximum amount of coins you can save by Maximum subscription.

Enter the amount you would like to save the coin of your choice and click the Transfer Confirmed button by ticking the Saving Service Agreement. No fee is charged for balance transfer.

By clicking on the Transfer Confirmed button, your balance will be transferred and activated for savings. Now click on the Savings / Locked Staking account marked in the screenshot above to see your saved coins.

On this page you will see your saved coins. If you can't see your balance, click on the icon like the marked eye in the screenshot, next to which will be written Show Asset.

Now when you want to break your savings and accept interest, click on Redeem indicated by the arrow sign.

After clicking on Redeem, a pop-up window will appear as shown above. Now enter the amount you want to withdraw from Redeem or Savings Account. In the screenshot above you can see two options one is Fast redemption and the other is Standard redemption.

If you want to redeem your savings and take it to your spot wallet immediately, select Fast redemption. If you choose and redeem this option, you will not only get the interest of the day.

And if you choose Standard Redemption and redeem, the amount you want to redeem from your savings will be transferred to your Spot Wallet the next day. And you will also get interest on that day (i.e. the day you requested to redeem).

Click on History to view your savings account history.

From here you can see all the history of your savings account. From the options marked on the left, you can see the redeemed with your interest and what you are saving.

Locked Savings

There is virtually no difference between flexible savings and locked savings. The only difference between the two savings is time. In other words, locked savings is like a fixed deposit of our traditional bank.

You can make locked-in savings the same way you do flexible savings. However, you can redeem or break the flexible savings at any time, but you can redeem the locked savings after a certain period of time.

The 7 days, 14 days, 30 days, 90 days you are looking at here is the validity of these locked savings. You will not be able to redeem your savings before the expiration date of the period you choose from. And in locked savings you will get higher interest rate than flexible savings.

There was a discussion about the Bainness Savings product. If there is any problem in understanding this discussion, you can comment.

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