How does TISA impact promotional interest rates?

The Truth in Savings Act (TISA) requires that promotional interest rates be accompanied by clear and specific information regarding their duration and any conditions that may apply. This requirement ensures that consumers understand the terms of the promotional rate and are not misled about how long the rate will be available or what specific actions they might need to take to qualify for it.

By necessitating that the offer's duration and conditions are stated, TISA promotes transparency and allows consumers to make informed decisions when comparing savings account options. This discourages misleading advertising practices and helps in building trust between financial institutions and their customers.

The other options do not align with TISA's disclosure requirements, as they either suggest a lack of necessary information or imply that promotional rates are exempt from disclosure obligations entirely.