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How to change interest rates

Steps to follow when your bank has changed interest rates

Written by Jake Willis

Flinq should always correctly mirror your bank interest rates, to ensure that the cash management charge is correctly calculated. Therefore, when the bank changes rates on the client's accounts, you need to amend the corresponding interest profiles.

Flinq works with periods. Each time your rate changes you will create a new period for which the rate is active.

Steps

  1. Navigate to Interest Pools in the left navbar

  2. Select the interest pool you want to amend the rate for

  3. Click on Edit in the top right

  4. Click on 'New interest profile period'

  5. Pick the date from which the rate applies. The previous rate will end on the day before.

  6. The new period will inherit all values from the previous period. You can now amend them.

⚠ Remember to update the rate for each interest pool. There is no linkage between pools.

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