The interest settings for an account
You can apply an interest rate to an account, to forecast the amount of interest that will be applied to the account. This is useful to forecast how much extra you will pay with loans and credit cards, as well as how much you will earn with savings accounts.
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Details about the interest settings
Until further developments are made to our interest calculation feature, please take note of the following:
- If you apply interest calculations to an account, you cannot assign transactions to that calculation (like you would assign other transactions to a category). So there will be possibly two interest categories shown on the Cashflows page.
- If you set the interest rate at 10% on a credit card account, that account will have a 10% interest charge calculated (at your designated frequency) and then added to the account's forecast. This can be useful if you have money owing on that credit card, in order to see a more accurate reflection of the forecast. However, if your credit card balance is above $0, interest will continue to be calculated and added to this account's forecast.
- Similarly, with a savings account, if the account is in the positive, the interest you set for that account will be reflected in your forecast. However, if that balance of that account reaches below $0, you may like to consider turning the interest setting off at this point.
Change the interest settings for an account
You can change the interest settings for an account at any time with the instructions below.
- Go to the Account Summary page ( Accounts > Account Summary)
- Select MANAGE ACCOUNT for the account you'd like to change the interest for and select Interest
- You can then select the frequency that the interest will be applied, such as weekly, fortnightly, monthly or quarterly. You will also need to enter the annual interest rate
- Click Save