Under the Truth in Savings Act, how frequently must institutions disclose rates for accounts?

Under the Truth in Savings Act, financial institutions are required to provide disclosures regarding the annual percentage yield (APY) and other account terms at the time the account is opened and then annually thereafter. This ensures that consumers receive clear and consistent information about the interest rates and terms associated with their accounts, allowing them to make informed decisions. By mandating these disclosures, the Act aims to promote transparency and protect consumers from being misled about the financial products they choose.

This approach not only provides essential information at the beginning of the account relationship but also reinforces this information on an annual basis, ensuring that consumers are continually aware of the conditions of their accounts, including any changes in rates or terms.