Ideas for the Mambu Banking Engine

Deposit interest method ‘Tiered per Period’ defined in calendar months

What

Mambu currently allows interest tiers per period to be defined by numbers of days only, but it should also be possible to specify interest periods equivalent to calendar months with varying numbers of days, and without the need for multiple products.

For instance:

Up until month 1: 0.5% (this could be 28 days in February, 31 for March, 30 for April, etc.)

Months 2 to 4: 0.75% (this could be between 89 and 92 days in length, depending on the months)

 

Why

Some organisations change the rates every X months as a reward for keeping funds in the deposit account, which is impossible to translate to ‘x days’ with the currently available options.

  • James Anderson
  • Nov 8 2018
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