Article Details
Id:12456
Product:finPOWER Connect
Type:NEW
Version:2.02.03
Opened:06/11/2014
Closed:26/11/2014
Released:04/12/2014
Job: J014444

Deposits; new option to "Fix" the Interest Rate from a Rate Table

A new option has been added for Deposit Account Types to set the Interest Rate to a Fixed Rate, but based upon a Rate Table.

This allows a Rate Table to be created to handle tiered Interest Rates based upon the Investment Value. For example, an investment value of up to $5,000 attracts 2%, over $5,000 it attracts 4%.

The new option "Fix Interest Rate from Rate Table?" is found on the Interest Options page of Account Types, under the "New Account Options" section.

Note, what this means is Interest is calculated based upon the Deposit's Opening Date and Investment Value from the Rate Table defined. When the Account is opened the Interest Type is converted from "Rate Table" to "Fixed Rate" at the Rate shown when quoted.