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What is the APY and interest rate on my account? How is it determined and calculated?
What is the APY and interest rate on my account? How is it determined and calculated?

Landlord support

Mohanad A. avatar
Written by Mohanad A.
Updated over a week ago

The interest rate on your Baselane Banking Account is variable and will be between 1.95% and 4.19% APY. This interest rate and APY may change from time to time as determined by the midpoint of the federal funds rate target range as established by the Federal Open Market Committee of the Federal Reserve.

For additional details on calculating the interest that your account is eligible for, please refer to the table below or section 1.7 of the Deposit Agreement.

Interest Tier

End of Month Account Balance

APY earned (as of 11/15/2023)

Tier 1

$0-$9,999

1.95%

Tier 2

$0-$9,999 and use Baselane’s Rent Collection tool*

2.41%

Tier 3

$10,000 - $24,999

2.93%

Tier 4

$10,000 - $24,999 and use Baselane’s Rent Collection tool*

3.40%

Tier 5

$25,000 - $49,999

3.40%

Tier 6

$25,000 - $49,999 and use Baselane’s Rent Collection tool*

3.87%

Tier 7*

$50,000 and more

4.19%

* Must have collected rent via Baselane's Rent Collection tool in the prior 3 months to be eligible. Accounts with balances of $50,000 or more will receive the maximum APY regardless of whether Baselane's Rent Collection tool is used.


Frequently Asked Questions

When is the interest credited to my account?

The interest earned is credited to your account a few business days after the end of a month.

What determines my Interest Tier?

Your Interest Tier is determined by your end-of-month balance (summed across all the Baselane Banking accounts in your login) and whether you collected Rent into any Baselane Banking account over the last 3 months.

How will I know if my Interest Tier is changing?

You will be notified at the start of the month if there are any changes to your Interest Tier for that month. You can also check your status at any time if you log in and navigate to the Baselane Banking tab.

Do I receive the additional 0.46% APY for collecting rent on one of my Baselane Banking accounts, or do I have to collect rent into each of my Baselane Banking accounts?

The additional APY is applied to all bank accounts, provided that at least one account has received rent via Baselane's Rent Collection tool in the last 3 months.

When is the cut-off time for calculating next month’s Interest Tier?

The Interest Tier is determined at the end of the last day of the prior month.

Do all my Baselane Banking accounts receive the same APY?

Yes, all accounts within the same login get the same APY.

Will I still receive interest if I close my Baselane Banking account?

If you close your Account, you will receive any interest that has accrued as of the date your Account is closed. This interest will be issued via a mailed check.

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