What is a Savings balance and how do I open one?
3 steps to create a new savings balance (with pictures)
Matthijs
Last Update 2 months ago
Beans lets you create two types of balances: spendable and savings.
A Spendable balance refers to the amount of money that is readily available for immediate use. You can have them in multiple currencies and they do not accrue yield.
A Savings balance refers to funds you've set aside for future needs. You can have them in multiple currencies, they accrue yield📈, and how much they do depends on the asset.
Both types of balances can be opened and maintained free of charge.
Let's look at how to open a Savings balance.
1. To create a new Savings balance, press the + icon next to the "Savings balances" tag (bottom-right).
2. Choose the currency you want to save in.
The yearly yield is displayed next to the currency. Yield is paid out daily.
3. Choose how much from your Spendable balance you want to convert to your Savings balance.
Finish the transaction by tapping the button at the bottom. Congratulations, you've created a savings balance!
