In this use case we will explain and illustrate how to change account type interest conditions for only new accounts to adapt to the general interest rate change on the market.
Suppose you have set up the account type interest method for saving accounts using the fixed interest rate settings shown in the As is column of the table below.
However, the interest rate level in the market has decreased, and you want to adjust your interest conditions to the values shown in the To be column of the table below.
You want to apply the adjusted interest conditions to the new accounts only because you want to keep the As is interest terms for existing accounts.
Default interest rate
4.75%
3.95%
Min interest rate
4.25%
3.45%
Max interest rate
5.25%
4.45%
Start date
A past date
A future date,
April of 21st in the current example
The changed account type interest condition will function as shown below.
To make the intended change to the account type interest conditions, follow the steps below.
Go to Accounts > Pricing > Account type interest.
Fill in the search parameters and click Search.
Find the Account type interest method in question and click the Account type interest method ID to access the method details page.
Fill in new parameters for interest conditions on the opened interest conditions edit view. As this example intends to adapt to the interest rate change on the market, then we select:
New accounts for the value of Accounts to which the interest applies and
Standard conditions for the value of Reason.
Click the Save button to save the new interest condition configuration.
To enforce the configured new interest conditions, you must approve them by clicking the Approve Conditions button.
Click on the Action log link below the particular interest condition ID to view its full status and validity history.
To follow the progress of the interest condition change process, click on the Interest action history link at the top of the content page.
The click opens the modal, and you can view the complete history of interest actions.
Before the interest condition change date, you will notice the new Interest condition created with ID-000000001028. The Application rule set for New accounts does not initiate the mass change. Therefore, the Mass change ID, the Status code and the Completed date-time are left blank to indicate no mass change will occur.
After the interest condition date change, you notice the Mass Change ID, Status Code, and Completed Date-Time fields remain blank, indicating no mass change has occurred. Notably, the new rate has not been applied to the existing accounts.
On the Account type interest methods page, scroll down to find the section for Interest conditions. Click the copy icon next to the interest condition you want to change.
