The Interest Rate Pocket offers you the opportunity to earn a variable interest rate on EUR and USD deposits right from the Vivid app. To access the most up-to-date percentages, kindly check this link for EUR funds and this one for USD funds and refer to the "30-Day Yield" within the "Portfolio Characteristics" section. For example, on the 30th October 2023 you could have potentially earned as high as 5.38% on your USD deposits and up to 3.70% on your EUR deposits (on an annual basis) based on the variable interest rate on that day.
Using the Interest Rate Pocket, there's no need to lock your funds away for a specific duration to start earning interest. Interest accrues daily, and you have the flexibility to deposit or withdraw funds.
Kindly note that the funds you place in the Interest Rate Pocket are strategically invested in BlackRock money market funds. BlackRock is a global leader in asset management, specialising in short-term money market instruments to optimize the growth of your assets.
What are money market funds?
Money market funds (MMFs) are investments that typically consist of a diverse selection of short-term bonds issued by financial institutions or governments, here are some key points about MMFs:
MMFs are not publicly traded on an exchange; instead, they are traded directly with the fund issuer and are priced on a daily basis.
All MMF orders are executed once a day, and the specific time for this execution can vary depending on the particular MMF.
Read more about costs and fees here.