Tiered rate ads

Question:

We want to place an advertisement in a community newspaper. The allotted space is quite small. Is it permissible to advertise only the highest interest payable on tier rated accounts?

Answer:

No. An advertisement for a tiered-rate account that states an annual percentage yield must also state the annual percentage yield for each tier, along with corresponding minimum balance requirements. Any interest rates stated must appear in conjunction with the applicable annual percentage yields for each tier.

Learn more about Patricia’s webinar UDAAP & Truth in Savings: 10 Common Errors .