Stepped: Difference between revisions
From ACT Wiki
Jump to navigationJump to search
imported>Doug Williamson (Create the page. Source: ACT CertITM.) |
imported>Doug Williamson (State which of the stepped basis and banded basis is more favourable for the customer.) |
||
| Line 1: | Line 1: | ||
Calculation of tiered interest at higher rates on larger balances, where the interest is calculated in increments on the balance that falls within that step only. | Calculation of tiered interest at higher rates on larger balances, where the interest is calculated in increments on the balance that falls within that step only. | ||
This is less favourable for the customer receiving credit interest, compared with a banded basis. | |||
