I like it. A win/win situation for all. People need to stop leaving their hard earned money with the banks. Something as simple as this offers much better interest than you would ever find in a traditional brick and mortar bank.
Question though. Does this SBDBank have anything backing it? what exactly is the risk of a deposit depreciating or being completely lost?
The risk is all on our side. Irrespective of SBBank's performance we have committed to returning customer's deposits, with interest.
Regarding our risks, there are few things we have to consider: tx fees and exchange risk (SBD being expensive when a term expires), theft and fraud, as well as immeasurably slim risk of default by our counterparties. We have tried to set interest rates at a level that accounts for all these risks, whilst still delivering exceptional returns for a term deposit product.