In this use case we will explain and illustrate how to change account type interest conditions for all accounts to adapt to the general interest rate change on the market.
Suppose you have set up the account type interest method for currency 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 all accounts to keep consistent interest terms for all clients.
Default interest rate
3.75%
3.25%
Min interest rate
2.95%
2.5%
Max interest rate
4.75%
4.15%
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:
All 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 Actions 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-000000001027. The Application rule set for All accounts plays a pivotal role here, as it initiates the Mass change with ID-000000001013. The Status code is marked as INSERTED, and the Completed date-time is left blank, indicating that the change is yet to occur.
Once the interest condition change date has passed, the mass change Status code becomes PROCESSED, and the Completed date-time displays the exact moment when the actual condition change occurred.
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.
