Deposit Accounts

When we launched our name change, we also announced a new banking partnership. With the new partnership came our updated legal agreements.

Most of the updates are fairly standard, but there is a fundamental change in how we are now approaching deposit accounts.


Traditionally we accounted for all deposit-related matters in our own terms of services, making it a three party agreement between us, end-customers and our banks. It worked well when the only ambition was just to provide pass-through FDIC coverage.

With the new agreements customers get deposit agreements directly with the partner banks. Not only is this better for regulatory reasons, but it also prepares us to be able to scale this into a full stack deposit product.

A compelling full stack deposit product needs accomplish the following:

  1. Eliminate anxiety with storing funds (within Synapse).
  2. Build an incentive to store savings (within Synapse).

Eliminate anxiety with storing funds

To be able to eliminate anxiety, we need four things:

  1. Allow users to deposit payroll straight into Synapse.
  2. Allow users to pay all their bills with Synapse.
  3. Give users 24/7 access to their funds.
  4. Do not charge fees.

We are working towards doing all four this year.

Build an incentive to store savings

We also want Synapse to be a savings platform for people, which means providing a high interest yielding product. The goal is to build an RIA product that can deliver consistent returns.

We also hope to accomplish this by the end of the year.


It goes without saying that all these features will be API products. Things are about to get a lot more exciting! Stay tuned for upcoming blog posts on improvements and new features.


Originally published at Synapse’s Blog on Aug 28, 2017.