NEW2.01.00 · Released 27 June 2014

NEWfinPOWER Connect

Released in

2.01.00

27 June 2014

1. Opened24 Apr
2. Closed24 Apr
3. Released27 Jun

Article 11825 Job J013150

Interest Cycle; "At Maturity" option added

A new Interest Cycle of "At Maturity" has been added.

When used, Interest will only be charged the day before the Maturity date for the entire Term of the Account. After Maturity, Interest stills accrues and will show as accrued Interest. Closing the Account will charge the accrued Interest.

Note, in addition a small change has been made to the logic applied to Interest Cycle changes. Previously, after Interest has been charged, Interest Cycle changes prior to the new Interest period are applied, meaning the new Interest period will apply the new cycle. Now, any Interest cycle changes up to and including the first day of the new Interest period are applied.