Add a savings account product

You can add a savings account product from Pismo Control Center. A savings account is an interest-bearing account that earns interest on deposited funds. With savings account products such as variable-rate savings accounts or money market accounts, your customer has the flexibility to withdraw money at any time without penalty. Savings accounts generally have lower interest rates than time deposit accounts.

When you add a savings account product, the interest plan that you want to use must already exist on the Pismo platform. For more information, refer to Interest plans.

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You must contact your Pismo representative for assistance with setting up interest-bearing accounts.

To add a savings account product:

1. From the main menu, select Configurations > Deposit products.
2. On the Deposit products screen, select Create.
3. On the Select Deposit product type screen, select Savings account and select Next.
4. On the Create your savings account product screen, enter a descriptive name for the product in the Name field.
5. In the Interest plan menu, select the interest plan that you want to use and select Next.
6. On the Attach processing codes screen, enter the processing codes (by name or by ID) to be used in the following cases:
   1. Interest processing code—used for crediting accrued interest to this product.
   2. (Optional) Withholding tax processing code—used for calculating tax withholding for this product.
7. Select Next.
8. On the Review screen, verify that the information you provided is correct, then select Finish.

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Activate the deposit product

A deposit product is created with the initial status Created, but can't be used until it is activated. To activate a deposit product:

1. On the Deposit products screen, select the deposit product.
2. On the details screen, select the Created button and choose Active. (This button could also be labeled Inactive.)
3. In the Update status dialog, enter a reason for the change and then select Yes.