The interest rate on your Baselane Banking account is variable and will range from 1.66% to 3.56% APY. This interest rate and APY may change from time to time as determined by the midpoint of the federal funds rate target range as established by the Federal Open Market Committee of the Federal Reserve.
Baselane Banking Checking accounts no longer receive interest (APY); only Savings accounts will earn interest. This allows you to use your Savings account for what it's meant for—saving money and earning interest—while you use your Checking account(s) for all other real estate or personal expenses.
The below APY tier structure uses your balance across both Checking and Savings accounts to qualify your APY tier. However, only money in Savings accounts will earn interest.
For example, if you have a Baselane Banking account with $10,000 in Checking accounts and $25,000 in a Savings account, the interest rate tier will be determined by the total funds across your accounts, for a total of $35,000.
Therefore, the APY interest rate will be Tier 5 (2.89% or, Tier 6, 3.29% if you're collecting rent into your Checking accounts), and this interest rate percentage will be calculated and applied to the $25,000 in your Savings account only.
For additional details on calculating the interest that your account is eligible for, please refer to the table below or section 1.7 of the Deposit Agreement.
| Interest Tier | End of Month Account Balance |
APY earned in Savings Account (as of 11/7/2024) |
| Tier 1 | $0 - $9,999 | 1.66% |
| Tier 2 | $0 - $9,999 + Rent Collection | 2.05% |
| Tier 3 | $10,000 - $24,999 | 2.49% |
| Tier 4 | $10,000 - $24,999 + Rent Collection | 2.89% |
| Tier 5 | $25,000 - $49,999 | 2.89% |
| Tier 6 | $25,000 - $49,999 + Rent Collection | 3.29% |
| Tier 7 | $50,000 and more | 3.56% |
Frequently Asked Questions (FAQs)
How is the interest credited to my account?
The interest earned is credited to your Savings account a few business days after the end of a month.
What determines my Interest Tier?
The APY Tier is determined by the money across all of your accounts (Checking and Savings) and that APY % (based on your tier) will be applied to Savings accounts only.
For example, If you have $10,000 in the main Checking account and additional Checking accounts, and $25,000 in a Savings account, the interest rate tier will be determined by the total funds across your all accounts (Main Checking account, additional Checking account, and Savings account) for a total of $35,000. Therefore, the APY interest rate will be Tier 5 (2.89% or, Tier 6, 3.29% if you're collecting rent into your Checking accounts) and this interest rate percentage will be calculated and applied to the $25,000 in your Savings account only.
How will I know if my Interest Tier is changing?
You will be notified at the start of the month if there are any changes to your Interest Tier for that month. You can also check your status at any time if you log in and navigate to the Baselane Banking tab.
Do I receive the additional 0.40% APY for collecting rent on one of my Baselane Banking accounts, or do I have to collect rent into each of my Baselane Banking accounts?
The additional APY is calculated based on all bank accounts, provided that at least one account has received rent via Baselane's Rent Collection tool in the last 3 months.
When is the cut-off time for calculating next month’s Interest Tier?
The Interest Tier is determined at the end of the last day of the prior month.
Do all my Baselane Banking accounts receive the same APY?
No, only your Savings accounts within the same login will receive the APY earned.
Will I still receive interest if I close my Baselane Banking account?
If you close your account, you will receive any interest that has accrued up to the closing date. This interest will be sent to you via a mailed check.
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