ICONFi’s Auto Renewal Feature Explained
Dear ICON Community,
Some of you have asked for some explanation regarding the “auto renewal” feature available on the Fixed Term Savings Products (“fixed products”), and we’d like to highlight its purpose and the relevant procedures behind toggling it.
We understand that some users prefer to have the option of being able to “roll over” the fixed product to the next lockup period. For example, if you have a 90-day BTC fixed product with the “auto renewal” feature on, then that product will roll over automatically for another 90-day period, and keep rolling over until you turn off the feature. At that point, your deposit & compounded interest would be transferred back to your Flexible Savings Account on the then-applicable lock up end date (unless you turn it back on).
This feature allows you to “roll over” a Fixed Product without having to re-apply for Fixed Term Savings Products after each lockup end date. Please note that you can toggle this feature on at any time, even if it was off at the beginning of your fixed product application. If you want to turn an existing “auto renewal” feature off, you can do so at any point up until the 5th day prior to the lock up end date. Please remember that you cannot turn this feature off during the last 5 days of the lock up period, so we highly recommend that you check your fixed products prior to that period to make sure you are rolling over only when needed.
The “auto renewal” feature can be toggled by going to: Account Information (at the top right of each fixed product) -> Edit. Once you toggle it, you can hit “save”.
If you have any questions or feedback, please open a ticket at #support channel on https://discord.gg/YdWsjaW8Eh.
ICONFi is a digital asset savings platform that provides simple and intuitive earn products so that anyone can easily multiply crypto assets. ICONFi aims to simplify the complicated processes often associated with crypto assets and offers a sleek, straightforward user interface which supports saving, staking and airdrop activities at the palm of your hand.