Guide on Steemit Savings Account, Everything you need to know about this Feature that Helps Secure your STEEM & STEEM DOLLAR

in #steemit6 years ago (edited)


I came across this post from @luzcypher, who is seeking for Answers On The New Steemit Savings Feature

Since there is so much content going around Steemit, I would like to dedicate this post to talk about this new Steemit Feature. Before i continue, please do know that I previously mentioned this announcement in my Ready for Steem Update 0.14.0 Post.


The lasted Hard fork , or update 0.14.2 introduced two new balances, a Savings STEEM balance and a Savings SBD balance. The benefit of these balances is that they have a timed withdrawal of 72 hours, and during that time the withdrawal can be canceled at any time. This 72 hour window provides a layer of security and time to secure your account in the event that there is a security breach.

Haven't Seen this new Feature yet, Check out your Steemit Wallet!


All transfers out of savings accounts will have 3 Day delay during which the sender can notice, recover their account & cancel the transfer, an ideal way to minimize the event of a successful security hack. This way Steemians will be encouraged to adopt Savings accounts as it add's an extra layer of security and ideally curbs liquidity from speculative trading.

Note that there 3 Assets that make up Steemit's Financial Market ;


As you may know by now, STEEM POWER is not transferable! (You can Power UP other Steemit's Accounts but using your liquid STEEM)
This means that only to get back your STEEM that you converted into STEEM POWER, when you make the decision to Power Down which will take up to 2 years.

This makes it extremely safe from Hacks, unless you have not been active with your Steemit account for more than 2 years. Would be hard for Hackers to steal your STEEM POWER as it takes a reasonable long period of time to receive back your VESTED STEEM.

That means your STEEM and STEEM DOLLAR may go missing at any given moment when someone gains access to your personal account. Once someone has breached into your Steemit user profile they are likely to want to steal your hard earned money and can do so, by instantaneously sending the currency to many ghost accounts.

If they know how to get into your account, they will most likely know how to withdraw money from your account and restrict your access to it! Now you can officially secure STEEM and STEEM DOLLAR in a Saving Accounts, it will take 3 Days for you to have zero restriction when it comes to transferability of your personal Digital Tokens.



So, why do we actually need this feature, well it's primarily for security and to also provides Steemian's a safe heaven to store their valued cryptocurrencies.

This allow Users to lock funds into a contract, so that it would take 3 days to execute a transaction. An individual will have enough time and opportunity to reverse the withdrawal, in the event in which his/her account got hacked due to result of unwanted activities initiated by their own Steemit user profile. You can ideally either exhaust the hacker and get your withdrawal or you could also take other actions, like making a public announcement on to address the issue.

Not only does it Secure STEEM and STEEM DOLLAR, but it also will have effect Market liquidity of STEEM. Knowing that there is a reasonable amount of people out there taking extra securities measure to lock up their STEEM, you can expect that many will keep their digital tokens in their personal accounts. But of course your given the choice as no one is forced to lock up their STEEM or STEEM DOLLAR.


Personal Opinion

I believe many of us will have a reasonable amount STEEM and STEEM DOLLAR in the future, so now we have a personal Saving Account which offers an extra layer of security for our funds. I have been hacked before using a BitX account, a theft of 0.945 Bitcoin were stolen, I have no idea how they manage to get into my account but all I can say is that your not going to get back your bitcoin. I feel that at the moment there seems little possibility to regulate Cryptocurrency Theft, you will be helpless when someone steal your cryptocurrency away from you.

You can check the blockchain explorer, but highly doubt that without any further investigation conducted by hired professional, you'll most likely won't be able to retrieve backs your digital tokens. At this moment without much Government Regulations or without many available Crypto Anti-Theft Agencies you can expect Criminals to steal from you without you being able to take any action against them.

Not only does this feature offer Security, it would be a good opportunity for Steemian's to show their support for the Platform by simply securing your liquid STEEM and STEEM DOLLAR. This would be a good way to see who actually likes to speculate with Steemit's Financial Asset, I'm sure many of you don't speculate around with STEEM especially in the initial stage of the project.

It could become some sort of Ethical Practice to lock up personal Funds, not only for security reasons but also to curb STEEM Market liquidity. Less of us will be in a rush to convert our digital tokens, trust me as a trader I know that there are Millions of people out there trying to game the system for profit. It's normal for people to speculate and markets will always be influenced by them but rest assured that many Steemians will lock up their funds, no matter how bad or good situation is. Short Term < Long term = A more Sustainable Strategy , it's a good idea that many of us Power Up and are able to lock up in our STEEM or STEEM DOLLAR.

A wonderful feature from Steemit !

How to Guide

  1. Let's Secure my STEEM DOLLAR

  2. Go to 'Wallet' and click the 'Downwards Arrow' press on ''Transfer to Savings''

  3. A pop up will appear, Key in the amount of STEEM DOLLAR you which to transfer to saving's, then ''Submit''

  4. Enjoy Extra Security, here we got 5 STEEM DOLLAR Saved up

Additional Information & Sources

To check out the Current Interests rate for STEEM DOLLAR, please check out your ''Wallet'' there will be a note there

Tokens worth about $1.00 of STEEM, currently collecting 10% APR.

Check out this Video!

Check Out Other Post:
@jesta - Using a Savings Account (transfer_from_savings and transfer_to_savings) to protect your liquid STEEM and SBD

SIP - Time-locked Savings Accounts

@ausbitbank - updates - Savings accounts, New payout options, New registration process and more [release 0.0.20161011 PR 460]

Please Check out:

This Feature was part of an update, there was announcement about this previously

Written on 12 October 2016


Awesome and very very helpful! Much apreciation!

Thank you very much for posting this. Im new here, have not earned anything yet, but just in case do earn in the future, this is a very helpful article.

Thank you for supporting a minnow. :)

Hard for me to get into all this, but I understand the message! Thank you :)

It was really useful. Thank you!!!
I believe you can be a good guide on steemit xD

This article goes in-depth. Thank you for taking the time. I have transferred my first $0.8 earnings into the savings account!

Thank you for posting this. I just did it!

Thanks for the info :)

Excellent! This post is very helpful. I have saved it to my favorites for future reference.

Thank you for posting this, it is greatly appreciated.

Steem on,

I was looking for this information, and you answered all my questions.
Great post.

I don't understand how you then recover your account. Ok so you put your money into Savings. Someone gets your account information, and tries to take the money out, but you cancel the withdrawal... Then what? You can't take the money in your savings account out yourself b/c then the hacker will be able to spend it so all your money is locked up till one of you tires out?

You're Giving more time to sort things out! If a hacker has access to your account at least you know he won't be able to steal your Steem Power. With Steem and Steem dollar you immediately transfer the funds out of the account. If put them into a saving at least you have 3 day period to contact Steemit Developers to request recovery of your account. If you cancel the transaction, all the money goes back to you! Just extra security measure! You would have to recover your account and request help from Steemit Developers

Hi @steemitguide, I just stopped back to let you know your post was one of my favourite reads today/yesterday and I included it in my Steemit Ramble. You can read what I wrote about your post here.

Very helpful post. I'd suggest adding a note of "10% APR on all Savings accounts" for this new feature. When I first saw it, I was unsure whether it carried the same interest as the previous feature.

I Got this from the

Earn Interest on Savings
SBD pays users who hold it interest. This interest rate ensures that SBD can be safely held with minimal opportunity cost. The actual interest rate can be changed by consensus of the active miners. This gives STEEM the flexibility to adjust the interest rate to be appropriate for market conditions.

Where does Interest come from?

Steem creates new SBD to pay interest on existing SBD. This increases the debt-to-equity ratio of STEEM. STEEM creates financial incentives for 90% of all virtual STEEM to be vesting for at least a year. The virtual STEEM supply is the amount of STEEM that would exist if all SBD were converted to STEEM at the current feed price. The impact of creating new SBD to pay interest is to increase the virtual STEEM supply and reduce the percent of vesting STEEM. As the percent of vesting STEEM falls the rate of return paid to vesting STEEM automatically increases to attract new long-term capital.

If we ignore the accounting details, the economic impact of paying SBD interest is to transfer value from holders of non-vesting STEEM to SBD holders. This value transfer benefits both parties because holders of SBD are effectively extending credit to Steem. This credit gives STEEM holders leverage that increases their profits when STEEM rises and increases losses when it falls.

Decentralized Price Feed
A price feed is produced by 21 active miners. Once per hour the median published feed is logged. The median of all feeds logged over the past week is used to determine the rate at which SBD converts to STEEM. With this process it takes 51% of active miners colluding for 3 and a half days to meaningfully corrupt the feed. It is safe to say that STEEM holders with a vested interest in the future value of STEEM will be very pro-active in voting for reliable miners to produce feeds.

Tokens worth about $1.00 of STEEM, currently collecting 10% APR.

Check out Steemit's Wallet also

The savings offers some interest too?

It can be adjusted by Witnesses

How to cancel steem transfer to savings

Posted using Partiko Android

Thank you for the explanation, I think I'm starting to understand the Steemit system.

wow 10% i love that i will save save save my money is just sitting around why not get paid 10% on it i love that go steemit i love this site

Thank you for sharing this information. I should have reached your account before 28 days. It's been nearly a month since I joined Steem. Everyday I'm learning something new. Your article was very helpful.

Its showing paying out at 0% interest so does it not update unless I deposit first?

The video shows it very good. Resteemed.

Awesome detailed information. Thanks

Thanks for the helpful posts!

Thank you for a great explanation. I was wondering about these things myself! Do any of the interest rates change?

I resteemed this to help get the information out there. I have seen a lot of questions from the community about these new features.

Nope you still get the same amount of Interests ; You see the set rate under ''Wallet'' at this moment it's 10% APR for STEEM Dollar

I was wondering what these new features were when I saw them. Thanks for posting this up now I know what exactly they're for ;)

Thanks, I was wondering about this when I saw it this morning.

Excellent information. Thank you for sharing.

There should be a "Best Practices" page linked from the home page, with this post included. I think it would be very helpful to new members. I have reposted. :-)

This post answers my questions with clarity and completeness. I wish I could Upvote you forever. Thank you so much. Big hi-five and praises all around. Upvoted and resteemed.

I found this article extremely helpful in both understanding the differences between steem, power and savings, as well as informing me on how to secure my steem.

Thank you!

Thank you. informative. nice to read you

How do we withdraw steem dollars from savings and where does it go? Help.

How do I transfer steem savings to power ? I didnt really want any in savings for now.

To withdraw from Saving Accounts takes 3 days, you will need Steem! Just press on the drop down bar next to the Steem and you'll Power up. You directly power up liquid Steem any time

i have SBD in my savings (moved it there just to try it out) Now i want to move that SBD from SAVINGS back into POWER. How do i go about that? the only option for my SBD(in savings) is to withdraw(but it doesnt say where i'm withdrawing to). I hope that was clear.

You'll withdraw it to your Wallet! Don't worry, it won't get withdrawn to some random Wallet Address

How about adding a pin number as well for added security.

@steemitguide Is the interest paid out every 30 days?

Interests is gradually added over the Year! Steem Inflation is now 9.5% from 100+%. Steem Power receive 15% of that Annual Yearly Inflation directly credited to the Account

The Steem Power that receives 15% APR does not have to stored in Savings?

Savings Accounts, is term used of locking of your Steem Dollar. Instead of storing your Steem Dollar in your account, you can lock it up for 3 days. I'm sure that you can still earn interests on top of Steem Dollar (it's set 0% APR now though) even if it's not locked up Savings

Once you lock Steem up in Steem Power, you'll be earning Interests and credited to your account. You'll see your Steem Power increase over time, that is the Interests being added to your account

Thanks for that information! Converting STEEM to Steem Power rather than Steem Dollars seems to be the way to play the Interest earning gains right now.

Any idea when the Saving Account will yield an APR again?

Not sure, i have seen the interest change between 0-11% on Steem Dollar. This is set by Steem Witness who also update the peg on the USD with Steem, for now Steem Dollar offer Interests to incentive more users to hold Steem Power and also reduce the debt burden of SDB. The way SDB is priced on external exchanges, shows growing support for this Assets that users are willing to pay a higher price however this causes more Debt for the Steemit Community who back this debt instrument, hence why Steem Witness reduced the interests to 0% to provide more incentive to holding more Steem or Steem Power. If you want to be socially active on Steemit, it really pays to hold Steem Power but holding Steem after the Inflation rate change is not so bad aswell! Lock up some Steem to Steem Power and sell several years down the line

great info for the noob that I am, thank you

Cool info. Thanks. Does your STEEM earn interest when it's locked in savings ?

Yes, you will Still earn Interests when it's locked!

Thanks a lot. Finally, i was able to understand it through your words. I hope i establish myself here

just found this post, Thanks for explaining what the savings tab is for. I just started 7 mos ago. :D very helpful indeed.

Great post, thank you! I had no idea what that feature was all about. If I ever accumulate enough to warrant it, I'll definitely use this!

Now that point is how do i transfer from savings. Out to an external wallet or account. Note from savings

Do you still earn interest on the steem dollars put into savings?

Thanks a lot, I needed this guide, you rock! :)

Is it possible to get back STEEM I have sent by mistake to an account?
E.g. I sent STEEM to @minnowboster ( with one o instead of @minnowbooster with 2 o's?
I mean, there should be an option to reverse your actions within a given time frame.

There is no reverse option available at this moment. You would have to contact them via comment, i'm sure that Minnowbooster will refund you the amount. There will be future services that will offer this time of service, perhaps offering a third-party escrow that integrates Steem Payment, this would be ideal for a Marketplace

Thanks for your kind answer and takind your time to read my comment.

Well, I don't want a refund from minnowbooster, as it's not their concern, it was my own mistake.

This service would be really nice, because mistakes can happen everytime; the possibility to reverse them will put even more trust in steemit; I mean, you are even able to edit a post up to 7 days, so of course there should be an option to "edit" aka reverse transfers.

Have a nice weekend!

I know this is an older post, but is there any way to find out what the current interest rate? It's no longer listed in the wallet.

Hello @steemitguide....i hope you are still active ! I transferred steem tokens to my savings with a hope of withdrawing ! All seemed fine as you see from the announcement in my activity !!

3 days ago Transfer from savings 16246.494 STEEM to gomeravibzRequest ID: 1653145428
3 days ago Transfer to savings 16246.494 STEEM to gomeravibz

But it has not arrived and savings account is at zero ?? I am the only account with this name ?? How is this possible ?? Can you advise me once you receive this message ?? thanks @gomeravibz

I transferred 45$ in steem to savings, 3 day wait period begins. What happens after three days? Do I have 45$ to put into my bank account??

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