---
title: Interest rates
slug: concepts/accounts/account-features/interest-rates
description: Cross River offers flat and tiered interest rates using a compounding method. Interest accrues daily and is posted monthly. 
docTags: 
createdAt: 2025-05-04T12:52:48.594Z
---

## Cross River rates

Cross River offers both flat and tiered interest rates using a compounding method. Interest accrues daily and is posted monthly, on the last day of the month.

When you set up an interest-bearing account [product type](docId\:Es1qAnf1SsnUr2Gq4IfSe), the interest rate profile is part of a product's core setup. We assign a default interest rate profile when configuring a product type, even if it's the only rate card added. This ensures the interest rate applies to any account opened for that product type. Adding multiple rate profiles gives you the flexibility to change interest rates as needed.

Since rate profiles are part of the core setup, only the Cross River operations team can configure them. Once configured, we provide you with the `rateCard ID`s. It's important to store all your rate card IDs in case you need to change a rate profile on an account.

:::hint{type="warning"}
**IMPORTANT**
There is no endpoint or attribute that allows you to view information on the rate profile created for your products. You must store that information as well as your rateCard IDs we provide.
:::

## Tiered interest rate accounts

Tiered interest rate accounts are an excellent way for you to offer customers higher interest rates as their balances grow. With these accounts, the interest rate can be configured to increase with higher balances, providing a better return on their money.

Here's how it works: The rate card is divided into different tiers, each with its own interest rate. For example, the first tier might offer 1% interest on balances up to $1,000. If the balance exceeds $1,000, the next tier might offer 2% interest on the amount above $1,000.

This setup encourages customers to save more since higher balances earn higher interest rates, helping customers grow their savings more effectively. It also provides a clear and structured way for you to offer competitive savings products. By using tiered interest, you can attract and retain customers who are looking for better returns on their deposits.

**Tiered interest rate limitations**

- Not available for customers using savings account sweeps functionality
- Activity-based actions (for example, make one deposit and two transactions, your rate will be x%) are not supported
- Overall balance triggers (for example, the balance is >$10,000, pay 2% on entire balance, otherwise pay $0) are not supported

## Configure your rate profile

When working with the Cross River Operations Team to create your rate profiles, you must provide the following information, regardless of whether or not you want to create tiered interest:

| Field       | Description                                                                                                                                      |
| ----------- | ------------------------------------------------------------------------------------------------------------------------------------------------ |
| Tier        | The tier number within the rate card. This is automatically assigned when a new interest rate card is created and when multiple tiers are added. |
| Start       | The date the tier comes into effect.<br />Optional field. By default, takes effect the date the rate card is created.                            |
| Rate Method | How the interest rate is calculated                                                                                                              |
| Partner %   | The percentage of the Effective % paid by you                                                                                                    |
| Min Balance | The minimum balance required for the rate tier                                                                                                   |
| End         | The date when the tier is no longer active.<br />Optional field. By default, no value.                                                           |
| Effective % | The total effective interest rate provided by the tier                                                                                           |

## Link a rate card to an account

Linking a rate card to an account is an additional step in the onboarding process. To link a rate card to an account:

1. Create a customer ([POST /v1/cm/customers](docId\:Td-K_prObOXEklwM6CnnG))&#x20;
2. Create an account for that customer ([POST /v1/dda/accounts](docId\:Td-K_prObOXEklwM6CnnG))
3. Call `PUT /v1/dda/accounts/{accountNumber}/rateCard` to attach an existing rateCard ID to the account. The rate card is defined in the `rateCard` attribute.