How to edit a savings product

A savings product that made sense when you launched it may not perform the same way three months later. You might notice that customers aren’t funding it regularly, that the minimum deposit feels too high for your target audience, or that the interest rate no longer reflects your cost of funds.

Consider this scenario: you launch a savings product called Monthly Flex for young professionals saving for travel. After a few weeks, you notice that users are signing up but not making regular deposits. After speaking to a few customers, you realize the minimum deposit is too high. Rather than creating an entirely new product and migrating users, you can edit the existing one directly from the Lendsqr admin console, update the minimum deposit, rename the product to something more relatable, and have the changes take effect immediately.

This guide explains how to do that, what each section of the edit form controls, and what you should know about how edits affect users already enrolled in the product.

What is a savings product on Lendsqr?

A savings product on Lendsqr is a configurable offering that allows your customers to save money through your lending platform. As a lender, you define the rules: the minimum and maximum deposit amounts, how interest is calculated and paid out, how long money must stay locked in, and whether customers can withdraw before a target date.

Savings products are a useful tool for lenders who want to:
• Build customer relationships outside of loan cycles
• Encourage customers to build a savings habit, which in turn signals creditworthiness
• Generate float or working capital from pooled customer deposits (where applicable and licensed)

Over time, market conditions change, customer feedback comes in, and business priorities shift, which is why being able to edit a savings product quickly and cleanly is an important admin capability.

When to edit a product versus creating a new one

Editing an existing savings product is appropriate when:

• You want to adjust parameters like the minimum deposit, interest rate, or product name
• The change applies to the same customer segment and the product structure stays the same
• You do not want to disrupt the experience of customers already enrolled

You should consider creating a new product instead when:

• The change is so significant it amounts to a fundamentally different offering
• You want to run both versions simultaneously for different customer segments
• You need to preserve historical data on the old product configuration

What you can edit on a savings product

When you open the edit form for a savings product, you will find some parameters you will have to set. Each controls a different aspect of the product. Some of which are:

• Product name: The name customers see on your app
• Product description: A short summary of what the savings plan is for
• Product status: Whether the product is active or inactive (visible or hidden to customers)
• Product logo: The visual associated with the product on the customer app
• Minimum deposit amount: The lowest amount a customer can save at a time
• Maximum deposit amount: The upper limit per deposit or total balance
• Interest rate
• Savings type, etc.

How to edit a savings product on the Lendsqr admin console

To edit an existing savings product, follow the steps below.

1. Log in to your Lendsqr admin console.
2. From the left-hand side navigation, go to “Product Management” and click the “Savings Products” sub-tab.
3. On the savings products list page, click on the row of the product you want to edit. This takes you to the product detail page.

4. On the product detail page, click the Edit product button at the top-right corner of the page.

5. You will be taken to a pre-filled edit form. Update the fields you want to change across the page.

6. Once you have made all your changes, click “Save changes” at the bottom of the form.

Your savings product is now updated. The changes will be reflected in your customer app.

Related docs: How to create a savings product | Configuring offer letter on your savings product

Read further: Your customers can now choose how they want to fund their savings 🆖 – Lendsqr

Frequently asked questions

Can I edit a savings product that already has active customers enrolled?

Yes, you can edit a savings product even if customers are already enrolled. However, some changes, such as interest rate adjustments, may only apply to new enrollments.

What is the difference between editing and deactivating a savings product?

Editing a savings product updates its configuration while keeping it live and available to customers. Deactivating a savings product removes it from your customer app so no new customers can enroll, while existing plans continue to run under the previous terms. Use deactivation when you want to phase out a product, and editing when you want to improve or adjust one that is still active. See also: How to activate or deactivate a savings product