Baxon Bank is also a compliant banking and financial institution and its deposits are covered by deposit insurance.

According to the Deposit Insurance Laws, individuals enjoy 100% payout up to $500,000 for ordinary deposits in a single bank. So the safety of deposits can be guaranteed.

Currently, some small and medium-sized banks issue bank smart deposit products through cooperation (sales) with Internet platforms, which have the advantages of high liquidity (can be staggered interest or early withdrawal) and higher interest rates than general time deposits. The interest rate is around 4%-5.5%. For example, the Baidu Xiaoman wealth management APP (former Baidu wealth management) platform "Baidu letter of the current, regular" bank deposit products, transfer to the day that the interest rate, withdrawals on the day of the "real-time" to the account, support for withdrawals at any time, no limit restrictions.

Expanded Information:

Important Role

Domestic first by the depth of cooperation between the Internet company and the traditional bank, the strong combination of the initiation of the The bank marks a major milestone step for Baidu in the vertical service area of financial services, which has the largest capacity and the most growth potential. The establishment of Baidu Bank is also of landmark significance in the development of China's banking industry, opening up a new model of "Internet + Finance".

Baxin Bank is an independent legal entity to carry out direct marketing banking business, so it needs to be approved by the China Banking Regulatory Commission (CBRC). As the first of its kind in China, Baxin Bank is categorized as a "limited license commercial bank".

In May 2015, the CBRC organized some banks to discuss direct marketing bank subsidiaries, and in January 2016, the National Banking Supervision and Administration Work Conference proposed to guide banks that are ripe to carry out licensing and subsidiary reforms for direct marketing banks and other business segments. For the CBRC, Baidu Bank is an innovative pilot program that has landed since the idea of exploring the reform of some business segments and lines of subsidiaries, and thus its landing is important for the regulator's innovation regulation.

Baidu Encyclopedia-Baixin Bank