The Truth in Savings Act requires financial institutions to disclose the _____ on savings accounts.

Question

Quizplus · Accepted Answer

The Truth in Savings Act requires financial institutions to disclose the annual percentage yield (APY) on savings accounts, which is the total amount of interest earned on the account over a year, including the effects of compounding. This allows consumers to compare savings accounts and make informed decisions about where to save their money. Liquidity, tax rate, and safety certification may also be important factors to consider when choosing a savings account, but they are not specifically required to be disclosed by the Truth in Savings Act.

The Truth in Savings Act Requires Financial Institutions to Disclose