Veem is introducing a yield on Veem Wallet balances for Premium and Platinum users in the USA and Canada.
How much is the Yield?
Annual percentage yield (APY) is 1.50% for Premium users and 3.50% for Platinum users in the USA and Canada. These amounts are subject to adjustment based on changes in the federal funds rates, which may take effect immediately upon any such changes at Veem’s election.
How is the Wallet Balance Yield calculated?
The yield is accrued daily on end-of-day Wallet balances and is paid out once at the beginning of each month.
When will I receive my yield in my Veem Wallet Balance?
The yield will be deposited automatically in your Veem Wallet at the start of the following month.
Do I need to take any action to receive the Yield?
No, you will receive the yield automatically from Veem.
Are my Veem Wallet balances and Yield protected?
Banking services are provided by Citi Bank and FDIC-insured up to $250k.
Are amounts earned taxable?
Yes. Veem will report yield earned as interest income on a Form 1099-INT that will be made available to you in the Veem account portal.
How do I check what Plan I have?
Your plan details are displayed in the top right corner of your screen side, next to your name and email address.
How do I upgrade to Premium?
After logging in to your Veem account, go to your account Settings and look for the “Account Plan” section on your screen. From there, you can compare both plans and select what works best for you. Follow these steps for more help with making changes to your Veem plan.
Have more questions?
Please feel free to reach out to your Account Manager, contact Customer Service, or visit our Help Center to find answers to commonly asked questions.