Setting account interest rates

To set or change the interest rates received by your individual customer accounts, click on the Manage Program button and select “Set Account Dividend Rates.”

Select whether you would like to change the dividend rate for all accounts in the program or for an individual account. Selecting “For all accounts” will set a new rate for all depositor accounts in the ModernFi program.

If you are setting a rate for all accounts, enter the new Account Dividend Rate and click “Submit.” If you are setting a rate for an individual account, select the Account ID from the dropdown menu, enter the new Account Interest Rate, and click “Submit.” A Pending Request will be created in the Requests table reflecting the submission.

Account interest can be set to a variety of structures, including:

• Fixed Rate: static interest rate (can be set nominally or as APY)
  • Nominal: stated annual interest rate that does not account for compounding
  • APY: effective annual return that includes the impact of compounding interest
• Floating Rate: variable rate set based on a nominal spread to the Median Effective Federal Funds Rate
• Tiered Rate: rate structure that applies different interest rates to accounts based on balances held in the network (can be set nominally or as an APY)

You can choose to apply an interest rate change to all accounts in your program or to an individual account:

• Selecting For all accounts applies the new rate across every depositor account in your ModernFi program, excluding those that are currently in a Pricing Group.
• Selecting For an individual account allows you to specify a particular account ID from the dropdown, enter a new interest rate, and submit the change. If an account is currently in a Pricing Group, it must be removed before you can adjust its interest rate individually - all Pricing Group accounts will not display in the dropdown.