Track Interest Rates for Accounts (edited)
Comments
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Hi there, @Chauncey!
That is such a great idea! Thank you for suggesting it, it definitely gets my vote!
-Coach Blake1 -
Hello All,
The Community Support Team reviews long-standing Idea posts for relevancy and current interest. This Idea seems to have fallen stagnant and we would like to gauge the current level of interest in this request.
If you would like to see this Idea implemented, please add your vote and a comment explaining how this request would be beneficial for you. More details on voting for Idea posts can be found in our FAQ here.
Thank you,
Simplifi Community Support Team
-Coach Natalie
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It would be really helpful to be able to have a quick view of total savings rate (across retirement, cash svaings, etc.) as this is a useful metric to track over time!
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Hello @Ian S,
Thanks for posting your suggestion to the Community!
Are you looking for something along the lines of what's been requested here where it will show the Interest Rate for your Savings Accounts? Or are you looking for a feature that tracks the interest you've earned over time?
If the latter, have you checked out the Net Income Report where you can filter the Report to view just your 'Interest' Category(s)?
If you're looking for something different than what's already been requested or the suggestion I outlined above, please add more description to your request. We need to know the specific type of feature/ability you'd like to see in Simplifi and how it would look to you. Otherwise, I am looking to merge this request with the existing request I linked above for the ability to track Interest Rates.
Please let us know so we can best assist!
-Coach Natalie
-Coach Natalie
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I use the Avalanche method for applying my funds to my debt, specifically during bonus and tax time for the most part. So the view that I believe the OP is speaking of, which would help me greatly, is more of a list of my debt accounts showing the below data, sorted by high interest to low interest (though a feature where you can control the sort would be better):
- Current Amount Owed
- Current Interest Rate
- Due Date
- Credit Limit
- Percentage of credit available.
I'll add that the reason I add #4 & 5 is that while yes, avalanche is so you apply your funds to the highest interest rate, I also like to keep each card near a certain percentage, so I may choose to apply funds to a card with a slightly lower interest rate in order to increase the percentage available.
I am working hard towards getting rid of all of my credit card debt so my ideal goal is having one or two cards with great cashback or travel perks, which I pay off every month. But doing the above until I get there. I adopted two teens and my costs skyrocketed. The worst part is that I was so busy with everything, I didn't even see how badly :-/ So here I am working software hard to try to knock out my debt :)
Obviously my way is unique. I would just love a way to view all cards with the info above so I can work out my plan without logging into every single account.
Sharing my spreadsheet view…. took over an hour to log into everything, open up the last statement for each, and plug everything in. They sure don't make it quick and easy to see how much interest they're taking from you lol
Hope this helps!
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I would also love having the feature of adding the interest rates and credit limit.
For myself, I would like to see the interest in the projected cash flow for each credit card. To foresee how that looks.
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I like to add that I would love to track interest paid on my accounts and establish credit limits for my credit cards. It would be helpful to show the available credit or have some type of alert if my credit card usage exceeds 30% of my credit limit.
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Adding to say I also would like this. Being able to see a projected interest rate on accounts can help give an overall picture of your debt and also help in determining whether snowball or avalanche (or some other method) would work.
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Most of my debt accounts cannot be linked in Quicken (student loans, auto loans).
I'd like to be able to create a manual debt account with a fixed annual interest rate (APY) and to set when interest is calculated/applied (per month).
I'd also like to link transactions and transaction series to this account.
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It seems you have a couple of requests in here, so one of the coaches will probably help you refine your suggestion.
You know that you can create a manual liability account for a student loan or an auto loan, and you can manually add payments and interest as you go? It won't figure the APY for you though.
Once you create the loan, you can make payments and create recurring transfers and recurring expenses such as mortgage interest or credit interest. It's very flexible. I have a lot of manual accounts, but paid off my student loans and car loans ages ago (thank Goodness).
Depending on what bank issued the car loan, you might be able to connect the account, but I don't think it will download transactions into that account.
Just some ideas for you. Here is a support article to help get you started:
Here's an idea for adding amortization schedule to loans, which you might want to vote for:
Steve
Quicken Simplifi (Safari & iOS) Since 2021
Quicken Classic (MacOS) Since 2009
MS Money (1991-2009) and Dollars & Sense (1987-1991)0 -
I'm mostly asking for interest to be applied automatically. I don't want to have to calculate the interest for each transaction every month. I'd like to set it and forget it essentially.
My auto loan is through the auto maker directly, so a traditional bank is not responsible for it.
I should have also included that my student loans are charged in a single transaction but there are multiple loans with different interest rates associated with that one transaction. It would be nice to accommodate this somehow. Whether I can group loans (accounts) together and apply a transaction to the total of the group, or break up a transaction to apply to individual accounts. Either way would work for me.
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Understand. But if it's a manual account, there isn't going to be any way to apply it automatically. If you get a regular statement, you can use that to enter interest. I assume when you make a payment, it is a transfer to the loan account from your checking account.
It's been a long time since I had an auto loan. They used to give you a book that included the interest amount and principal amount. I imagine those days are gone and they probably have a web site instead.
Steve
Quicken Simplifi (Safari & iOS) Since 2021
Quicken Classic (MacOS) Since 2009
MS Money (1991-2009) and Dollars & Sense (1987-1991)0 -
@ewd_20834756, thanks for posting your suggestion to the Community!
Since the main focus of your request is the ability to track interest rates for accounts in Quicken Simplifi, I have merged it with this existing request, which already has 22 votes.
Otherwise, as @SRC54 mentioned, you can already add transactions and create recurring transactions after you make a manual debt account. If you are looking for some form of automation where the recurring reminders are automatically entered into the account, we have other requests you can vote for, such as this one:
I hope this helps!
-Coach Natalie
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