Our clients automatically receive interest on the cryptocurrencies stored in their Savings Account!
Clients can deposit and withdraw cryptocurrencies anytime and any amount from the Inlock Savings Account and they can expand their balance anytime, while the new balance is automatically added to the Savings Account.
To access the platform, enter the prod.inlock.io website or the Inlock mobile application, where you will find the deposit option for that cryptocurrency. Please copy the blockchain address offered correctly for the transfer, paying attention to lower and uppercases, otherwise, the transferred amount may be lost forever. If you have any problems with the transfer, please contact Inlock Support, where our colleagues are at your disposal. It is important to only deposit cryptocurrencies to those addresses which were generated for that purpose.
Interest is accounted for daily and credited on a weekly basis. Interest is paid in the same currency as the one stored in the Savings Account by default, except if the client particularly asks for receiving the weekly paid interest in ILK tokens.
The amounts deposited in the Savings Account starts to carry interest from the first full day.
In case of withdrawing, interest can be credited after cryptocurrencies stored in the Inlock Savings Account until the last closed day. Interest is paid on a pro-rata basis. Interest periods start every Wednesday at 0:00 AM and end on the following Tuesday at 23:59. We publish the valid interests for the given periods a day before (on Tuesday) in newsletters and on our social media channels. The credited interest produced on the given week also continues to carry interest!
The interest rate for a given period may differ slightly each week. Regarding the extent of the change, Inlock is not bound by any framework, but it seeks to ensure that the extent of the change does not exceed 25-30 basis points.
The overview mode can help you get accurate information about the total balance of the Savings Account converted to USD, including the previously earned interest and the pending interest already accounted for the current period!
The Inlock Savings Account is available free of charge.
The interest rates indicated for certain crypto assets are valid for one year of continuous placement. These interest rates may vary by clients, depending on the amount of ILK token they store in their accounts. The ILK token is the proper, native token of the Inlock platform, and owning them comes with several benefits. One of the most prominent is receiving higher interest. To reach higher interest rates, clients must own at least 25,000 ILK. In this case, the amount of interest paid weekly on the published interest rates increases by 5%. This increase in volume is 12% for owning 100,000 ILK and 20% for owning 1 million ILK. Inlock reserves the right to change, introduce or cancel new levels of the three fixed amounts of bonuses listed above. However, in all cases, Inlock must inform clients in advance.
How can the extra interest of the ILK token be calculated in the case of USDC?
Let’s see specific example
1000 USDC was transferred before the given period and the base interest rate for the given period is 8%.
If the customer does not have an ILK token, they will earn an average of ~ 1,538 USDC interest per week.
If they have at least 25.000 ILK tokens, they will be entitled to get a 5% increase in interest, so they will receive ~ 1,615 USDC interest weekly on average.
If they have at least 1.000.000 ILK tokens, they will be entitled to get 20% more interest, which means they will receive 1,845 USDC weekly on average.