Set up a savings account

To set up a savings account, establish a connection between your savings account and an existing currency account. This involves configuring the savings account’s Account type interest method with parameters that match the Method assignment code, Account holder type, and Currency of the currency account. Once completed, the currency account will function as the servicing account for the savings account.

Configuration steps

To create a new account type interest method, follow these steps:

1. Find any currency account that you intend to use as the basis for the savings account.

2. On the Account details page, check the following parameters: Default currency, Person type, Interest method assignment code. These values must correspond exactly to the appropriate settings used when setting up the savings account.

1. Create a new account type interest method for savings accounts.

   1. In the Interest method main settings section, enter values for Method assignment code, Account holder type, and Currency, ensuring they match the corresponding values assigned to the servicing account.

   2. Select Savings as the Account type.

   3. Set all other parameter values according to your requirements.

1. After completing all required fields, click Create new account type interest.

Once the interest method is created, proceed to open a savings account linked to any currency account which Account type interest method matches the configured settings.