Rate Changes

[Jessie Keleske]

I am wanting to know how other banks handle rate changes for checking and money market accounts. With the Fed changing rates, I am wanting to learn best practices from other banks.
1. How do you handle special rate accounts?
2. Do you create rate numbers and apply that to the account?
3. Do you add rate variances to each account?
4. We were thinking about having a rate number be the Fed rate and then adding variances to the account to give the client the rate we agreed upon. Then when the Fed changes rates then we would only have to adjust one rate number.

Right now we are just changing rates using the floor rate and the ceiling rate. Trying to determine the best practice for rates.

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