What is a Bits label?

Using Bits labels makes it possible to connect multiple Bits savings plans to one bank account.

By using different labels (names) for your Bits accounts you can automatically send your bitcoin to their dedicated Bits savings plan or self-custodial wallet.

Example: You want to start saving in bitcoin for your pension with an amount of €75 per month. You create a Bits plan with the label Pension. You create a standing order in your banking app and once a month send €75 to the designated Bits bank account: NL75BUNQ2049482906 and use Pension as the payment description. Whenever we receive a bank payment with the ‘Pension’ description from your bank account we will allocate the bitcoin to your Pension savings plan.

You also want to start saving in Bitcoin for your daughters education for an amount of €50 per month. You create a savings plan with the label CollegeSarah. You then create a standing order in your banking app and once a month send €50 to the designated Bits bank account number: NL75BUNQ2049482906. Whenever we receive a bank payment with the CollegeSarah description from your bank account we will allocate the bitcoin to your CollegeSarah savings plan.

You now have two different savings plans connected to the same bank account. Your first Bits plan will be your main plan. Any bank payments we receive that have no corresponding labels or the main plan label will be allocated to this main account.