Rates and charges
How to change interest rates
Create a new interest profile period when the effective bank rate changes.
Written by Katrin Erb Updated Published Change the rate for an interest pool by creating a new interest profile period. Earlier periods remain available for historical calculations and audit.
Before you start
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You need permission to create or edit interest profiles.
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Confirm the effective date, tier limits and rates supplied by the bank.
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The new period must start after any earlier closed period and after the latest payment run for the pool.
Create the new rate period
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Go to Interest Pooling > Interest Pools.
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Open the relevant pool and select Edit.
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Open Interest Profile Periods.
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Select the action to create a new period.
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Choose the Start Date.
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Review the inherited tiers and update each Lower Limit and Interest Rate.
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Add or remove tiers if needed, then save.
Flinq ends the previous period on the day before the new period starts. Rates are stored per pool, so update every affected pool when a bank changes rates across several arrangements.
Check related settings
The pool's tiering method and day-count convention affect the calculation. If the pool also has a standing rate, confirm that the new effective rate and payout profile still produce a valid client return.
Do not edit a historical period that has already been used in payment entries. Create a new effective-dated period instead.
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