Put money aside effortlessly with Vaults. savings vault. Earn interest with Savings Vaults and maximize your money.
The Savings Vault is a feature in the BlacPay app that allows retail customers to set aside funds that will earn interest.
BlacPay Vaults allow you to easily earn interest on your money.
What happens when I put money in a BlacPay Vault?
When you put money into a BlacPay Vault, we deduct it from your main BlacPay account held at any of our Commercial Bank, and then sends it on to an account.
You begin to accrue interest on your money when it arrives the BlacPay Vault Bank Account. This can take up to two business days after it is sent. In this Agreement, a business day is a day (other than a Saturday or Sunday or a Bank Holidays) on which banks are open for business in the location you have chosen to have your money.
However, it might take longer depending on how you deposit funds in your BlacPay account because we may not send the money to the bank until we receive the funds (which might take a few days). You can avoid this by making a deposit using funds that have already arrived with us or using funds that you received by bank transfer.
Any funds you deposit in your BlacPay Vault are held by our commercial Bank(s), which means your funds are fully insured by the Federal Deposit Insurance Corporation (FDIC) up to $200,000. This means that then if the Bank was to fail you are guaranteed by the FDIC to receive back any eligible deposits you have made with the particular bank (through BlacPay Vaults or otherwise) up to $200,000. If this were to happen, the FDIC would administer your claim. You can read more about FDIC protection from the FDIC's website.
We provide the function for you to make deposits in BlacPay Vaults using the BlacPay app, but all funds in the BlacPay Vaults are held at our partner Bank. We do so according to this Agreement and the Consumer Savings Account Agreement (the “Savings Agreement”).