Staking Dashboard: How to Change the Reward Destination Print
Modified on: Tue, 18 Jul, 2023 at 4:34 PM
Start your staking journey or explore more information about staking on Polkadot's Home Page. Discover this new Staking Dashboard that makes staking much easier and check our extensive article list in the Overview article to help you get started.
This article explains how to use the Staking Dashboard to change the destination account of your staking rewards.
In this example, we are using the Westend network, but the process is the same for Polkadot and Kusama.
How to change the destination account of your staking rewards
1. First, connect your account to the Staking Dashboard.
2. Navigate to the "Nominate" tab. Click on the "Update" button under "Payout Destination":
3. A new screen will appear where you can choose your reward destination:
You can choose between four options:
- Compound: Send your staking rewards to your stash and bond them so your stash keeps growing;
- To Your Account: Send your staking rewards to your stash without bonding them so they remain transferrable, and you can send them out of your account anytime;
- To Another Account: Send your staking rewards to the account you paste.
- None. Set no payout destination account.
Make sure that the balance of the account that receives staking rewards is above the Existential Deposit. Staking reward sent to an empty account can be lost if the reward itself is below the Existential Deposit.
Once you choose an option, you will see the estimated transaction fee for the change.
4. Choose the option you want and click "Submit" to sign the transaction:
That's it! You have changed your reward destination. This change will take effect in the next era.
If you are more of a visual learner, check the video guide below. It covers everything you can do after you start staking. You can skip to 3:44 to learn about changing your reward destination:
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Disclaimer: We always strive to provide you with the best support we can and we take all care to ensure that our instructions are accurate and concise. However, following these instructions properly, as well as the general management of your accounts and funds, is ultimately your responsibility. Web3 Foundation cannot be held liable for any accidental loss of funds or any other damage you might incur.