Interest rate cards

Interest Rate Cards (rate cards) are pre-configured interest rate profiles assigned to accounts. Rate cards enable you to offer tiered interest rates to customers on demand. Tiered interest allows you to vary the interest rate offered to your customers based on the balance in their account. You can also have different tiered interest plans. You can offer tiered interest rates for savings accounts and general, purpose-driven accounts.

Rate cards are part of your product's core configuration. A default rate card is assigned when configuring a product even if it is the only rate card added to the product. This enforces the interest rate to any account opened for the product. Adding multiple rate cards to a product gives you the flexibility to change interest rates as required.

Because they are a part of a product core configuration, rate cards can only be configured by Cross River’s Operations Team. The rate cards are configured based on your interest requirements. Once the rate card is configured, we provide you with the applicable rate card IDs. It is important that you store all your rate card IDs in case you need to change a rate card on an account.

When working with the Cross River Operations Team to create your rate cards, the following information must be provided:

Field	Description
Tier	The tier number within the rate card. This is automatically assigned when a new interest rate card is created and when multiple tiers are added.
Start	The date the tier comes into effect. Optional field. By default, takes effect the date the rate card is created.
Rate Method	How the interest rate is calculated. For more information, see Tiered Savings Accounts - How Do They Work? | Ratehub.ca.
Partner %	The percentage of the Effective % paid by the partner
Min Balance	The minimum balance required for the rate tier
End	The date when the tier is no longer active. Optional field. By default, no value.
Effective %	The total effective interest rate provided by the tier

Tiered interest rate limitations

• Activity-based actions (for example, make one deposit and two transactions, your rate will be x%) are not supported

• Overall balance triggers (for example, the balance is >$10,000, pay 2% on entire balance, otherwise pay $0) are not supported

Linking a Rate Card to an account

Linking a Rate Card to an account is an additional step in the onboarding process. It is not an additional value in the onboarding process and the call.

1. Create a customer (POST /v1/cm/customers)

2. Create an account for that customer (POST /v1/dda/accounts)

3. Call PUT /v1/dda/accounts/{accountNumber}/rateCard to attach an existing rate card to the account.

   The rate card is defined in the rateCard attribute.