This is useful for forecasting how much extra you will pay with loans and credit cards, as well as how much you will earn with savings accounts.
Beta feature
The interest calculation method is currently in beta.
If you notice any issues or have any feedback about the interest calculation method, please let us know.
Details about the interest settings
Until further developments are made to our interest calculation feature, please take note of the following:
- 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.
A new option to use a separate category for your forecast interest has been released into beta. This solves the problem of there being no association between interest transactions that appear in an account, and the forecasted interest shown on the Calendar. A new option has been released to solve this – read more here.
Manage the interest settings for an account via the Account Summary page
You can change the interest settings for an account at any time
- Go to the Account Summary (Manage > Account Summary)
- Select MANAGE ACCOUNT for the account you'd like to change the interest for and select Interest
- You can then select the interest period as well as the annual interest rate
- Select the interest calculation method, you can select:
- Final balance - where the interest is only calculated on the balance at the end of the interest period
- Daily accrual where the interest is calculated daily and the total is shown at the end of the interest period
- Average daily balance - where the interest is calculated on the average balance of the account during the interest period
- Click Save
Remove the interest setting from an account from the Account summary page
- Head to the Account Summary (Manage > Account Summary)
- Select MANAGE ACCOUNT for the account you'd like remove the interest settings from and select Interest
- Select No Interest from the payment frequency drop-down, then click SAVE
Manage the interest settings for an account via the Organize Accounts & Scenarios page
You can also manage the interest settings for an account on the Organize Accounts & Scenarios page.
- Head to the Organize Accounts & Scenarios page
- Navigate to the Account you’d like to adjust the Interest settings for
- Hover over the settings cog and select Edit
- Select Interest from the available options
- Adjust settings as desired, then click SAVE
