I wanted to update you on what I have been doing with my constant.com account and share some of my thoughts on how the site is working for me so far.
I came across the site after a contact on instagram had mentioned it, that was about a month ago. There are several different aspects of the site and different advantages to each of them but I will just talk about the ones I have actually tried.
If you head over to the site and get past the Know Your Customer (KYC) requirements you will see that you are able to link your US bank account to the site. I know that some people are sometimes hesitant to provide personal information but providing your information helps protect against fraud and other illegal activities like money laundering.
Additionally the ability to link your bank account is great because it allows you to send money through an ACH transfer. You are also able to send a wire transfer but honestly my bank charges way too much for wire transfers.
Zelle is a service which allows you to send money back and forth between US bank accounts and is usually pretty fast. I have Zelle but my issue is that mine is connected to a different bank account and Zelle had given me issues in the past while trying to connect multiple bank accounts so I don’t use this option but it might be quicker than the ACH transfer since it will take a couple days to get the money into your Constant account.
I am always skeptical in the beginning and I only transferred $60 as a “test run”. Once my first deposit hit my constant account it went directly into my “flex” account.
I really like the flex account for two reasons. The first reason is that any funds in the flex account earns you a %4 return. We all know that the way current interest rates are it is impossible to find that kind of a return in any traditional account.
The second reason I really like the flex account is the fact that this money is earning interest and is compounded every second. You might be curious what that would look like. Well, depending how much money you deposit you can literally watch the money growing.
Something that is really cool, and I wrote about this in my first article about Constant is that they actually give you a trial deposit of $3,000. That really gets the interest machine cranking.
Another feature that Constant has and that I have boosted my deposit level is they give you interest on three different crypto coins. The current rate is set at 9%. So, if you are like me and have a little crypto sitting in your wallet earning nothing you could be raking in 9% on that idle crypto.
The concept of giving interest on crypto deposits is something that others are starting to adopt and I think it will continue grow in popularity, especially as crypto becomes more mainstream. I will add that the others sites that are offering a return on crypto deposits are not as high as Constant’s return.
As with the Flex account the interest on your deposited crypto is also compounded every second. The counter for the crypto does not move as quickly as the one in the Flex account but if you watch it for a minute you will actually see it increasing.
I currently have a small amount of Bitcoin (BTC) stored with them that I am holding onto in the hopes that the value spikes in the near future. If the value does shoot up to my personal sell point then I am able to transfer it out and sell it right away.
The thing about the Flex and the Crypto accounts is that these are highly liquid, meaning you can withdraw them whenever you would like. There are no delays, lock ups, or fees which you will not find with some of the other sites who are offering similar opportunities.
For me the whole idea of not having fees is great, and something I am always searching for. Too often sites will add a small fee to whatever plan they are offering and although it might not seem like much in the beginning those fees carnally add up over time.
There is one more feature that I am currently using through constant that I am stoked about. It is the ability to loan your money from your Flex account at an even higher rate than the 4%.
Although I have made several p2p loans through this portion of the site, I have yet to have any of them reach maturity. I think it would only be fair to write about this feature once the loans have gone full circle. If you check back in a couple weeks (mid September) I will have an updated post about how this is working for me.
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