284 votes - Finance - First release: 2020-01-23T08:00:00Z
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Description - 4+
Donut is the easiest way to work your money harder and earn 4% APY with DeFi. Start growing your money 20x faster than the national average, through fixed or variable interest, all powered by DeFi.
Supported by world class investors and featured in Forbes, TechCrunch, a16z and Coindesk.
HOW IT WORKS
When you save with Donut, your US dollars are automatically converted to digital dollars (stablecoins such as DAI).
We put those dollars to work for you in decentralized finance ("DeFi") markets.
Our partners lend your dollars through a global pool of lenders and borrowers to generate a fixed 4% APY or variable rate up to 10% APY.
Your principal is always covered. We use 100-200%+ collateralization to keep your funds secure.
Our lending partners include large institutional funds and DeFi lenders such as Compound.
Sit back and quite literally watch your money grow in real-time.
GET STARTED IN UNDER 5 MINUTES
Set up in just a few quick steps:
1. Create an account and verify your identity
2. Connect your bank (9600+ US banks supported)
3. Deposit funds, set up Collect and Recurring automation and start earning!
IS DONUT SECURE?
DeFi lending on Donut is highly collateralized, typically over 100%, which means you have access to your funds as your principal is always covered if a borrower defaults. Our lending partners, such as Compound, have over $17 billion in assets earning interest safely in decentralized markets. However, as with all digital currency services, DeFi lending on Donut is not FDIC insured.
Additionally, all user accounts are encrypted using AES-256 standard alongside two-factor identification and private PINs, while our payment/banking partners Plaid and Evolve Bank & Trust are industry leaders.
BOOST YOUR INTEREST
Invite friends to Donut and you'll each receive a +1% APY Boost for 30 days. Simply share your personal referral link with a friend. Once they sign up and make their first deposit, you'll each receive a +1% APY Boost for 30 days. It pays to pay it forward on Donut.
COLLECT YOUR SPARE CHANGE
Automatically collect your spare change from everyday purchases such as groceries, coffee or gas and save every time you use your card. Donut puts this spare change to work immediately earning high interest with the power of DeFi. You can also multiply every cent you collect by 2x, 5x or 10x to save and earn even more.
WITHDRAW ANYTIME
Donut has no fixed terms, lock-ins or minimums. Unlike traditional high-yield savings products, you can move funds in and out of Donut without annual commitments. To cash out, simply withdraw via ACH and receive your funds in 1-5 business days.
EARN WITH DEFI
Donut believes anybody should be able to grow their wealth with digital assets and we're firmly committed helping our community discover DeFi earning opportunities in a safe, secure and transparent way.
As with any financial product, certain risks are involved when investing in digital assets with Donut and users should exercise discretion accordingly. Digital currency is not legal tender, is not backed by the government and Donut accounts are not FDIC insured.
*Note that Variable interest rates fluctuate based on dynamics in the decentralized finance markets for DAI and other digital assets. Interest rates have varied between 1% and 12% APY since July 1, 2020.