Setting tiered interest rates

To support dynamic pricing strategies, ModernFi allows institutions to set tiered account interest rates based on deposit levels for both existing and new accounts.

Below, we've provided an overview of how you can:

Set Tiered Rates for New Accounts
Set Tiered Rates for Existing Accounts
Re-Use Existing Tiers for New Accounts

Set Tiered Rates for New Accounts

To set a tiered rate on a new account, click on the Manage Program button and select the "Tiered Rates" option from the "Account Interest Rate(s)" pulldown.

Tier 1: Set the interest rate that you will pay for accounts with balances from $0 up to (<) the Tier 1 Max Balance
Tier 2: Set the interest rate that you will pay for accounts with balances from the Tier 1 Max Balance up to (<) the Tier 2 Max Balance
Click "Add Tier" to set the interest rate you will pay for accounts with balances in the next band
Repeat this process for as many tiers as required for your pricing structure
Use the final tier to set the interest rate paid for accounts with balances within (≥) the final band. The portal has checks in place to ensure each tier has higher interest rate than the previous tier

Set Tiered Rates for Existing Accounts

Should your institution want to transition an existing account to a tiered pricing structure, click on the Manage Program button and select "Set Account Interest Rate."

Now repeat the same process as above after selecting the account you wish to adjust under "Account Title."

After setting the tiered rates, click “Submit.” A Pending Request will be created in the Requests table reflecting the submission.

Re-Use Existing Tiers for New Accounts

After setting up a tiered pricing structure, the Admin Portal allows you to apply existing tiers on other accounts. This feature is useful for institutions who have a set tiered program with multiple accounts, saving you time from re-configuring the same tiers while ensuring consistency.

To apply an existing tier on either a new account or existing account, click on the Manage Program button and select either "Add Single/Multiple Account(s)" for new accounts or "Set Account Interest Rate" for existing accounts. Then, under the "Account Interest Rate(s)" pulldown, select "Use Existing Account Tiers" then choose the existing tier you wish to apply.