Bank Interest Rates

At present we can add bank details and also an overdraft limit. Would it be possible to also add the interest rate that the bank account is currently achieving?

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Yeah I really like that idea :bulb:

Not sure how we’d get that info from the bank, so might have to be a case of manually adding it yourself?

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Think the ability to manually add it would be great. Interest rates change quite frequently and would be good to see which accounts are working hardest for you

Yeah definitely!

I wonder how many people keep check of the changing interest rates? Or, make an effort to switch to better accounts?

That’s a real bug bear for me and something I’m keen on keen check on. Also need to be very careful to make sure that any interest earned each month isn’t wiped out by a bank account charge!!

Couldn’t you identify the monthly interest charge and calculate from that?

Do all bank accounts have a monthly interest charge? I thought some only paid interest yearly?

I don’t know of any bank that charges overdraft interest annually

Quite a few banks pay interest on a monthly basis

I can imagine the team pushing back against it being manual. It’d be awesome if we could somehow pull through the current interest rate automatically :mage:t2:

Just wondering why there would be any push back as the reason for this is just to show which accounts are giving the best interest rates. There is a similar option already on Moneyhub?

Companies like Emma should feedback to whoever is in charge of setting open banking rules/guidelines that it would be good if banks were required to provide more metadata about accounts via open banking connections.

One useful thing would be interest rate associated with the account. Something else that would be useful, for credit cards, is current bill amount and payment due date.

An alternative approach for getting interest rate date might be to partner with someone that compiles interest rate tables - e.g. Moneyfacts.co.uk . Might be a challenge matching up such data with customer accounts though.

This is a feature I’ve been after for a long time.

Any update on this potential feature?

Would be great to manually add an interest % for each account (not even that fussed about calculations).

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Maybe just a line for notes under each account, then you could add any details you wanted

As a work around I’ve added an interest rate to the end of the bank account name. However I do feel that the ability to add an interest rate separately for each account would be useful - a bit like you can add an overdraft limit at the moment?

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We’ve let the product team know about this, but we don’t have a timeline yet for adding this feature :blush:

This is a good idea!

Hi Rebekah

Think there are a number of things we need to consider with regards to interest rates.

Firstly there are a number of banks that offer a higher interest rate for the first year only. After which it automatically reduces to a much lower value. Something similar also applies to many savings accounts where after the first year the account type automatically changes to one with a much lower interest rate. Could we add something that highlights this - such as a maturity date. This would then highlight the rate changes and prompt you to do something about it if you wish.

On some savings accounts the rate is fixed and on others the rate can be varied by the bank. Could we add a field in the bank account information that shows whether the rate is fixed or variable.

Lastly a number of savings accounts, and particularly ISA accounts pay interest at different times. As these accounts can’t presently be connected through Open Banking (where any interest paid would automatically be added) would it be possible to add something that allows the user to note when interest payments are made. This would then enable them to add a manual transaction to the account that reflects the interest paid?

Hope the above makes sense?

Glyn

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