An interest profile is set up for the unique combination of a bank and currency, where accounts earn the same interest. You can have an unlimited amount of pools to manage different terms.
Before you configure an interest pool in Flinq you should have already arranged this setup with your bank. You'll have to have a few details handy when you configure it.
Details you need to set up an interest pool
Details you need to set up an interest pool
management account number (where the interest will be paid to and the clients will receive their return from)
day count convention the bank is applying to the account
interest rates being earned on the account
return you will be giving the clients
Steps
Navigate to Interest Pools in the left navbar
Click on 'new interest pool' (top right)
Follow the wizard. It will prompt you to
give the pool a name - this will help you identify it later
choose the bank for which you are creating your profile
choose the currency for which you are creating your profile
input the management account number
configure the interest profile - what the bank is paying
configure the payout profile - what you are retaining
š” Good to know: you can amend the profile details after it's created
Troubleshooting
All accounts within one pool need to be on the same interest and payout profile. If some accounts are earning differently, set up a new pool
Can't see a bank or currency in the wizard? Make sure your office admin has enabled them in the settings. Can't see them in the settings either? This bank or currency may not be supported. Reach out to us to get it configured.