Wayflyer offers a single type of account currently which is our interest bearing checking account. Incorporating a generous interest rate with the ease of access of a checking account allows you to organize your accounts to fit your business needs, while not having to spend time transferring funds between internal savings and operating accounts.
Interest Rate:
The Wayflyer checking accounts offer earned interest for all checking accounts. This is a variable Annual Percentage Yield (APY) based on the FFR, currently 2.68%. Earned interest accrues at the start of the month for the previous month, and is calculated based on your daily account balances.
FDIC Insurance:
Your banking account with Wayflyer offers FDIC Insurance up to $3 Million. FDIC Insurance up to $3 Million is available for funds on deposit through Thread Bank, Member FDIC.
Wayflyer is a financial technology company and is not a bank. Banking services provided by Thread Bank, Member FDIC.
Frequently Asked Questions:
How many accounts can I open with Wayflyer?
You can open 5 different banking accounts within a single company with Wayflyer
Are there any limits for deposits or withdrawals?
Yes, when moving funds into or out of your account there are limits based on the method of transfer.
ACH transfers - $250,000 daily limit, and a $600,000 monthly limit.
Wire transfers - $100 minimum wire, with a $250,000 daily limit, and a $600,000 monthly limit.
Can I transfer funds between my Wayflyer accounts?
Yes, Wayflyer offers immediate transfers of funds between Wayflyer accounts in a single company.
For support questions for the Wayflyer Banking product, please do not hesitate to reach out to [email protected].
Wayflyer is a financial technology company and is not an FDIC-insured bank. Banking services provided by Thread Bank, Member FDIC. FDIC deposit insurance covers the failure of an insured bank. The Wayflyer Visa debit card is issued by Thread Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used anywhere Visa cards are accepted. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply.
Your deposits qualify for up to $3,000,000 in FDIC insurance coverage when placed at program banks in the Thread Bank deposit sweep program. Your deposits at each program bank become eligible for FDIC insurance up to $250,000, inclusive of any other deposits you may already hold at the bank in the same ownership capacity. You can access the terms and conditions of the sweep program at https://thread.bank/sweep-disclosure/ and a list of program banks at https://thread.bank/program-banks/. Please contact [email protected] with questions on the sweep program. Pass-through insurance coverage is subject to conditions.