Australian households had the opportunity to earn more on their capital to boost their Christmas cushion.
The leading fintech Finder has added a bonus of 2% per annum – on top of an already attractive 4.01% – for those with over 5,000 TAUD in their Finder Earn account in September and October.
That’s TAUD 391 Australians could earn in 2 months based on a Finder Earn balance of TAUD 39,439 – equivalent to the amount of AUD the average Australian has in savings according to Finder research.
The announcement comes as Australians grappling with rising inflation and interest rates look for ways to raise capital.
Finder Earn launched in November 2021 and has grown steadily with over 300,000 TAUD (equivalent to over $300,000) in earnings paid out to date.
To use Finder Earn, a member converts Australian dollars (AUD) into TAUD stablecoins at an exchange rate of 1 AUD = 1 TAUD. These TAUD stablecoins are then loaned to Finder.
In return for lending Finder capital in the form of TAUD stablecoins, Finder pays a base rate of 4.01% per annum, which is paid daily. On top of that, Finder offers a 2% bonus rate for deposits of TAUD 5,000 or more.
Angus Kidman, Editor-in-Chief of Finder, said Finder Earn makes crypto assets more accessible to everyday Australians.
“Australians are increasingly looking for ways to increase returns on their capital as the cost of living takes a bigger share of paychecks,” he said.
“Although interest rates are rising, the prices consumers have to pay for goods and services are rising faster.
“We established Finder Earn as a way to take niche digital assets to the mainstream – it’s a preferred way for Australians to earn a return.
“Earning 6.01% per year on any asset class is an achievement, especially one where you can withdraw anytime without fees,” he said.
Based on the Finder Earn model at 4.01% per annum, if someone were to allocate 20,000 TAUD in Finder Earn, they would earn 66 TAUD per month and 818 TAUD per year.
With the bonus rate of 6.01% per annum, 20,000 TAUD would yield 198 TAUD during the months of September and October alone.
Kidman said now is the time for Australians to realize the benefits that digital assets can unlock.
“Our mission is to help people make better financial decisions and save and grow their money.
“The soaring cost of living is taking its toll on Christmas budgets – now is the perfect time to bring good news in time for the holiday season.”
Finder Wallet is a digital currency exchange registered with AUSTRAC.
The bonus rate is available until November 1, 2022 for those with over 5,000 TAUD in Finder Earn.
The Finder app is free and can be downloaded from both the App Store and Google Play Store.
Learn more about Finder Earn and how to use it here.
Finder Earn is not a banking product or savings account, and we do not invest on your behalf or manage your capital. It is offered exclusively through the Finder app and powered by Finder Wallet Pty Ltd. Finder Earn is free to use and you are free to withdraw your capital at any time.
It is important to understand that Finder Earn is not without risk. When you lend us your capital, you transfer ownership of the TAUD stablecoins to us. If we become insolvent or subject to a hack or other cybersecurity event, you may suffer a partial or total loss of capital. If we become insolvent, you will be an unsecured creditor to your principal and any accrued returns.
Finder Earn also takes advantage of a unique category of cryptocurrencies called “stablecoins”. Unlike other cryptocurrencies you may have heard of, such as Bitcoin, stablecoins are rarely volatile, which means their price doesn’t fluctuate often. Indeed, they are usually “indexed”, “backed” or “collateralized” to the corresponding currency or asset they aim to reflect, digitized in the blockchain ecosystem. However, stablecoins are not official currencies and are not endorsed or guaranteed under any government guarantee program.
The minimum deposit is $25 and the maximum balance you can hold is currently set at 100,000 TAUD. Once your Finder Earn balance reaches 100,000 TAUD, you will no longer be able to convert and transfer additional capital, but this does not limit the daily TAUD earnings that will be paid into your Finder Earn balance, and your earnings will continue to accumulate and accumulate. each day.
The bonus rate of 2% per annum will be paid daily on Finder Earn balances that hold 5,000 TAUD or more during the promotion period from September 1, 2022 until 12:00 AEST on Tuesday, November 1, 2022. The bonus rate is will apply to a member’s entire Finder Earn. balance.