Test APY for New Deposit Accounts?

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Question:

With interest rates paying below 1% on deposit accounts, interest rate and APY is the same for most of our deposit accounts opened. Is it required to test APY for new deposit accounts or can we just test deposit statements? I work in compliance monitoring and I do not see the point of testing new account disclosures where the interest rate is the same as the APY paid. I'll appreciate you guidance.

Answer:

The purpose of the testing is to ensure that the interest rate has been input correctly to the system, that the system parameters continue to be set correctly to ensure that interest calculations are as expected, and that the calculation of the APY Earned for disclosure purposes continues to be accurate. I don't advocate taking shortcuts.