> For the complete documentation index, see [llms.txt](https://docs.eiva.money/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.eiva.money/withdrawals-and-redemptions.md).

# Withdrawals and redemptions

How you get money out depends on the vault.

## Open: withdraw any time

You choose how you're paid.

|      | Instant                                | Standard                                                                  |
| ---- | -------------------------------------- | ------------------------------------------------------------------------- |
| Paid | Now, from the instant liquidity sleeve | As invoices settle \[typical wait once there's settlement history: Alpha] |
| Fee  | 1%                                     | 0.25%                                                                     |

The sleeve is 5% of Open's balance, kept in USDC and never used to fund invoices. The app shows how much is in it. If your withdrawal is bigger than the sleeve, use standard or split it.

Standard withdrawals join the queue. When an invoice settles, the queue is paid before any new invoice is funded. Interest accrues until the day you're paid. \[Longest a standard withdrawal can wait: solicitor]

## 6 and 12 months: redeem with 45 days' notice

You can ask to redeem a fixed note at any time in the app. It's paid within 45 days of your request, usually around 30, as invoices settle.

* \[Rate paid on early redemption: Alpha]
* \[Whether interest accrues during the notice period: Alpha]
* \[Minimum left in a note after a partial redemption: Alpha]

## When invoices are late

If invoices settle late, standard withdrawals and redemptions are paid pro rata as money comes in, and the app shows your place in the queue and the expected date. \[Order between Open withdrawals and fixed note redemptions: Alpha] \[Deferral terms: solicitor]

## Refilling the sleeve

Once the queue is paid, settlements top the sleeve back up to 5% of Open's balance.


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