Account Interest Base Rate Details
Purpose
Finance companies can tie their published interest rates to a benchmark rate plus a margin. The benchmark rate is referred to as a base rate. The advantage of using base rates is that when a rate changes, it need be updated in one place only, and that change will flow the correct interest rate through to all associated accounts.
Access
- Accounts | Edit/View Account Interest Base Rates | Select the rate |
- Accounts | Edit/View Account Interest Base Rates |
Dialog Details
First Line Entry
Additional Line Entries
Details Specific Fields
Field | Explanation |
Effective From | Date that the change in Base Rate should be effective from Note: On creation of a new base rate, this field will not be available. The Base rate will automatically be applied from the ‘start of time’. |
| Rate | Enter the base rate to be applied. |
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