How do I open a savings account?
In the Shakepay app:
Tap the Savings card.
Tap Set up.
Choose whether to route eligible rewards to Savings.
Tap Continue.
How do I add or withdraw funds?
Open Savings, tap Add or Withdraw, select CAD or bitcoin, enter an amount, and confirm.
Transfers happen between your Savings account and the corresponding main Shakepay account.
Can my rewards go to Savings?
Yes. You can automatically route eligible bitcoin rewards, including interest payments, to bitcoin Savings. You can change this preference in Savings settings.
How much interest can I earn?
Blue personal customers earn 5% on the first $100,000 CAD held in Savings, then 3% on the remaining balance.
Business customers earn 5% on the first $100,000 CAD held in Savings, then 2% on the remaining balance.
All other eligible personal customers earn the same CAD interest rate in Savings as on their primary CAD balance.
Interest rates are subject to change. Shakepay will provide at least 30 days’ notice before changing the 5% rate.
Does bitcoin held in Savings earn interest?
No. Only eligible CAD held in Savings earns interest. Bitcoin held in Savings does not earn interest. Interest earned on your CAD Savings balance is paid weekly in bitcoin.
How is interest calculated?
Interest is calculated daily and paid weekly in bitcoin. For more details about how Shakepay Interest works, including rates and payouts, see What is Shakepay Interest?
Who can use Savings?
To use Savings:
Personal accounts: Your account must be at least partially verified. Your email address and phone number must be verified, and your account must not be blocked or suspended.
Business accounts: Your account must be fully verified and have the required risk profile completed. Your email address and phone number must be verified, and your account must not be blocked or suspended.
Availability may be introduced gradually.
How are my Savings funds protected?
Eligible CAD funds held in Savings are protected by CDIC, subject to CDIC coverage rules and limits. CDIC is a federal Crown corporation that protects eligible deposits if a member financial institution fails. You don’t need to sign up or apply for CDIC coverage. It applies automatically to eligible deposits.
This protection applies to eligible CAD funds in Savings. Bitcoin is not protected by CIPF or CDIC.
You can read more about CDIC here.
Why can’t I use Savings?
Savings may require the latest version of the Shakepay app. You may also need to complete verification or resolve an account restriction. Contact Shakepay Support if the issue continues.