This may seem elementary to many of you, but we've had many new users sign up recently, and I've seen virtually nothing on Steemit explaining savings accounts. This post is meant to educate newly-born Steemians.
You just signed up and are getting acclimated to the Steemit platform. You click on your wallet, and you see there's an option for "savings." Is there a difference between having my Steem/Steem Dollars in savings versus not in savings? You may ask.
My wallet says "savings" is subject to a 3 day withdrawal period. Do I transfer to savings to avoid impulse buys?
That is an option, but it's not the purpose of savings.
The real reason for savings accounts
If your account gets hacked, your Steem Power is safe, but the thief will have access to all of your Steem and Steem Dollars. That is, unless you have it in savings. If you have it in savings, the thief will have to wait three days before it can be transferred to another account. They'd have to wait seven days before they could transfer any Steem Power.
These three days should be plenty of time to recover your account or change your passwords, locking the hacker out of your account.
Does it say 0% interest because my savings are empty, or do savings never collect interest?
Apparently, at the beginning it was earning interests and then the witnesses must have voted to remove that.
Yea, that was what I was looking to find out.
is there any way to transfer savings back to steem dollars (SBD) or STEEM ?
i transfered my STEEM to Savings by mistake..
I wanted to transfer it to SBD, but i am new here and made a mistake.
Just "Withdrawl" it back to STEEM and then you can sell it on the Market for SBD, but I'm not sure why you would do that.
Thanks :)
PS: i wanted to use SBD with some Bots.
I bought steem and needed to transfer it to SBD... (but i transferred it to Savings by mistake).
Your advice has worked.. but i need to wait 3 days for the transaction to happen.
Thanks for the advice Dean ;)
Since STEEM is lower than SBD, I would just turn it into Steem POWER and earn more SBD to spend on the bots.
I personally do not like bots.
This post received a 2.9% upvote from @randowhale thanks to @ericwoelk! For more information, click here!
I feel like there's a lot of knowledge about Steemit that a lot of the new comers don't realize
There is a lot of information out there. If you're curious about something, just do a search for it and you'll probably find what you're looking for.
How to cancel steem to savings
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Were does your savings go when you transfer your savings?
Does that mean if I withdraw, it can only go to a different account like on Binance? And then, I would have to exchange Steem Dollars for Steem to re-deposit in my wallet?
Now I get it, thank you so much for the info!
Worth reading.
Now we know...thanks
Now you know....and knowing, is half the battle...
YO JOE!!
Tnx! Another mystery solved..
Let me know if there are any more mysteries you need answers to!
Further thinking on this one, is savings subject to any fluctuation in price as steem and dollar are?
Yes, they're subject to the same price fluctuation.
Tnx..
Also a new comer, thanks for the input
As always, thanks for posting something useful. You've got me hooked :)
Thank you, in advance, for showing me how to keep my Steemit safe from thieves...
Great info & I would upvote twice, if I could! :)
Thanks for the good info! I was wondering about this yesterday. Do you recommend putting all SD into savings?
Thank you for this information. This concept did cross my mind until now.
Wow thank you! That has helped a lot. Have never thought of that :P
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is the steemit wallet safe to keep plain old steem? I don't keep my eth in coinbase because its in someone elses hands and online, like steemit?
also is it possible for a hacker to change your password thus keeping you from doing anything about the hack?
A hacker can only change your passwords if they have your master key. If they change your master password, you can proceed through account recovery to get your account back. To do so, you'll need one of the keys you've used in the past 30 days.
As long as you keep your keys secure, the steemit wallet is safe. However, if you know you're not going to use the Steem in the next 3 days, you should put it into savings.
disclaimer: I'm not a security expert.
So how do you move steem to savings? I don't see how you can that. I'm still a noob. Thanks.
I figured it out. Duh.
In your wallet, click the drop-down arrow next to "STEEM," then click "transfer to savings"
Thanks. I was able to figure it out. Took me a little while to find. But I appreciate your response. Thanks again.
You're welcome!
Can I, from savings, transfer the funds to a crypto exchange? I've moved my steem dollars into savings, but I want to use it to exchange for btc....is it capable to transfer those funds to a poloniex account from savings?
No, you need to withdraw it from savings first. You can transfer it to an exchange after three days (the withdrawal time frame).
Ugh...ok...so I need to withdraw it back to myself before I can put in a poloniex account?
Well I just wasted 3 days putting it in savings then.
Grrrr
I'd recommend only putting it in savings when you know you aren't going to be using it in the next three days. If that's the case, then savings is a great idea in case of an account hack.
Great basic info on savings. Your post made me realize that a comprehensive Steemit FAQs section is truly needed.
thanks for this article man! It's really helpful! I just got hacked earlier today, but I'm all good now. You're the best! :-D
Thank you for your post, it is good to find people who are thinking about the new ones to the platform. I have received my first 0.014 Steem and Steem Dollars, and I didn't know what is transfer to savings. I was happy to find our post :)
Are they ever going to give interest on savings? it reads 0% percent on both savings and in wallet.
There's been 10% interest in the past, but it will depend on market conditions.
I honestly don't know why I have to google search this and not available on steemit by default. or is it?
Hi @Sheanigator, So i had some money in my savings account and i clicked withdraw the money and it gave me a request number. It has been four days since then and i just wanted to know where did that withdrawal go? Did it go back to my steempower or steemdollars?
Hope to hear from you!
It went back into your wallet as Steem Dollars. If you were to have Steem in savings, it would be returned to your wallet as Steem after 3 days.