How do Savings and Savings Plus work?

Mover has two distinguished savings products: Savings and Savings Plus. Besides the name difference, there is something else to it. In this article, we explore the difference between the two products. But before that, let’s answer some common questions:


How can I start earning interest?

You start earning interest as soon as you deposit funds into savings or savings plus. We are serious. The moment you deposit the funds into savings, smart contract system converts your deposited asset into USDC (a crypto stablecoin), and your balance starts earning interest for you immediately in real-time.

What network does Savings support?

Ethereum network only

What networks does Savings Plus support?

Savings Plus is an Omni-chain product. You can deposit and withdraw from any of the supported chain. Supported networks are Ethereum, Polygon, Fantom, Avalanche, BSC, Optimism, and Arbitrum with more to come.

Why do you use USDC?

USDC is a stable asset. It means that 1 USDC is always equal to 1 USD. It is issued by CENTRE and Coinbase and is the only regulated crypto stablecoin. Mover uses USDC as a base currency in savings to provide safer and more optimal performance.

What kind of assets can I deposit?

You can deposit any token, however, keep in mind that it will be always converted to USDC at the market rate at the time of the deposit. If you decide to withdraw your savings, you will receive your principal and interest back in USDC.

Is there a minimum deposit or withdrawal amount?

Yes, there is a 0.01 USDC minimum for both deposits and withdrawals.

Is the interest rate guaranteed?

No, it depends on the market conditions and can change. Though, don’t worry, Mover is built to automate the process of finding and allocating capital to the highest paying yield strategies.

When is interest deposited into my account?

Depositors earn interest in real-time, and the system distributes it daily! This interest is withdrawable, just like your deposits, 24/7/365.

After I deposit, is there a lockup period before I can withdraw?

Nope. Your money is only your money. Mover doesn’t have access to your funds and does not have any restrictions on them. You can withdraw or deposit your funds at any time, 24/7/365.

How does Mover generate interest for savers?

Mover has a complex yield aggregator infrastructure that determines the best strategy on custom vaults. All interest in Mover is generated by borrowers who use various yield-bearing smart contracts. Borrowers post cryptocurrency as collateral to borrow and are required to post more value as collateral than they are allowed to borrow. This over-collateralization mitigates the risks to lenders because even if borrowers never make a repayment their collateral can be sold to repay the depositors. This economy creates staking rewards (or interest) for lenders. Mover optimizes the performance of your funds by finding the highest paying vault and controls the depositing and withdrawal strategy.

How do interest rates work?

Interest rates are a function of asset utilization in various staking protocols. When an asset is highly utilized, it will have a high-interest rate. When its utilization rate is low, it will have a low-interest rate.

Utilization can change based on changes to either supply or demand of an asset — utilization increases when either more users stake their funds or when depositors withdraw money from protocols and decreases when either depositors deposit money into protocols or when users withdraw their assets from protocols.

Can the interest rates change?

Interest rates are determined by staking protocols and can fluctuate as frequently as every 20 seconds.

Will I have to pay taxes on the interest I earned?

Our lawyers say that we do not provide tax advice. Please consult with a tax advisor regarding your reporting obligation.

What are the risks of saving on Mover?

The primary risks associated with using Mover are:

  • Technical risk — you are using experimental software built by many companies, including Mover. While this software has been extensively tested, it is still relatively new and could have bugs or security vulnerabilities. It means there is a risk of losing all your funds.
  • Interest Rate risk — interest rates on various protocols are variable, meaning they can fluctuate even after you have deposited money or taken out a loan. This means that as a depositor you may earn less than the interest rate you saw at the time you deposited. Mover is not responsible for these interest rate fluctuations, which are based on a preset formula managed by the teams that support according to protocols.