Managing your accounts
Your accounts and their respective balances will always show on the app's Home Screen:
Checking Account: Your regular USD bank account.
UGLYCASH Earn Account: Your eUSD account that earns rewards. 😏
How to move money to your Earn Account?
It’s very simple!
Go to the app Home Screen and in the UGLYCASH Earn account section, click on The upper right arrow.
Then click on Move Money.
In the From field, select your UGLYCASH Checking account and enter the amount you want to transfer.
Click on Transfer.
And that's it! Instantly and without fees, your balance is now generating rewards in your Ugly account. 🤑
What is eUSD?
The eUSD is a virtual asset that reflects the value of the collateralized US dollar. This means that for every 1 eUSD, there will always be 1 USD backing it, simple and secure. You can read all the documentation and statistics about the eUSD RToken here.
Disclaimer: UGLYCASH Earn is not insured by the FDIC. UGLYCASH Earn are not deposits or other obligations of Bangor Savings Bank, and are not guaranteed by Bangor Savings Bank.
How the Reward will work
Daily Balance
When you transfer your balance to the Earn account, it will be converted into eUSD, and from there it will start earning rewards 💸. These rewards are calculated daily and added to your Earn account in eUSD once a day.
How much you have earned
You can see your earnings at any time, directly on your Home Screen in the UGLYCASH Earn section, and by clicking on the arrow in the top right corner of this section, you can see how your balance has grown each day.
How the rate (APY) works
In UGLYCASH Earn, the earnings are added to the initial amount, allowing you to earn interest on what you earned the previous day 😮.
For example, if you have $1000 over a year, you would have earned approximately $80, plus what is generated by the daily interest for a total account balance of approximately $1083.28.
Something important to know ☝🏾 is that although we set the daily reward rate and it can change at any time, you will always be notified in advance by email. The same applies to any changes to your Earn account.
You can learn more in our Terms and Conditions.