NOW accounts

Name: NOW accounts
Brand: Quizplus
Rating: 4.8 (49 reviews)

Question

NOW accounts

Quizplus · Accepted Answer

NOW accounts were introduced to allow depository institutions to compete with nonbank money market funds for funds that were leaving the banking system. They offer higher interest rates than traditional checking accounts and are not subject to Regulation Q ceiling rates. They also allow for transfers to checking accounts. However, the interest rates on NOW accounts may not necessarily be equal to those paid by money market funds.

NOW Accounts