Slash now offers a high-yield savings account to complement your Cash Account.* This new feature allows you to transfer funds to your savings account and earn interest on your savings account balance.**
Savings Account Interest Rates
The applicable interest rate for your savings account is based on the balance in your savings account at the close of each Business Day and the current Effective Federal Funds Rate (EFFR)***. These applicable rates may vary daily depending on your end of day balance. Below are the current interest rates as of Jan 8, 2025:
Deposits of greater than $1,000,000: 1.89%****
Deposits of $10,000 - $1,000,000: 1.42%****
Savings rates are tied to percentages of the EFFR as follows:
Steps to Deposit Funds to Your Savings Account
To start earning interest, follow these simple steps to transfer money from your transactional account to your savings account:
Log into your Slash Platinum account.
Navigate to the “Move money” section.
Select “Transfer between” accounts.
Choose your Cash Account as the source and your Savings Account as the destination.*
Enter the amount you wish to transfer.**
Confirm the transfer.
Once the funds are in your savings account, you will start earning interest based on the applicable rate. You can make up to six withdrawals per month between your savings account and your Slash Platinum account. The limit resets at the beginning of each month.
Important Notes
Daily Rate Fluctuations: The applicable interest savings rate is calculated daily and depends on the balance in your savings account at the close of each Business Day and the current Effective Federal Funds Rate. Check your account agreement for the latest rates.
Minimum Deposit for Interest: Ensure your savings account deposits meet the minimum threshold of $10,000 to qualify for interest.
If you do not have any funds available in your cash account, please first add funds from an existing bank account.* Please refer to this help article on how to fund your cash account: https://help.joinslash.com/en/articles/6377448-how-to-add-funds-to-your-slash-account-from-a-connected-bank-account.
* The Cash account is not a bank account and is representative of the combined funds held in the Slash Platinum Transactional and Collateral Accounts offered by Column N.A., Member FDIC.
** A minimum initial deposit of $10,000.00 to open the savings account. To earn interest on the funds in your savings account, you must maintain a minimum balance of $10,000.00.
*** Effective Federal Funds Rate (“EFFR”) is reported by Federal Reserve Bank of New York and available at https://www.newyorkfed.org/markets/reference-rates/effr.
**** Interest rates advertised are accurate as of January 30th, 2025. Deposits of $10,000 to $1,000,000 earn 32.75% of EFFR and deposits greater than $1,000,000 earn 43.6% EFFR.