What are 'duration periods' in relation to TISA?

Duration periods in relation to the Truth in Savings Act (TISA) refer to the specific time frames during which financial institutions must guarantee the rates and APYs (Annual Percentage Yields) they advertise. This is a critical element of TISA as it ensures transparency and protects consumers from unexpected changes in interest rates.

When a bank or credit union advertises a specific rate for a certain duration, it commits to maintaining that rate for the specified time. This allows consumers to make informed decisions about their savings based on stable and predictable returns. Understanding duration periods is essential for consumers to fully grasp how long they can expect their investment to yield the advertised returns, contributing to better financial planning and decision-making.

The other options suggest different meanings that do not align with the definitions provided under TISA. For instance, accessing accounts during specific periods or the relevance of promotional advertisements and application submission deadlines does not pertain to the guaranteed durations of interest rates that consumers rely on.