What key elements must be included in the disclosures provided to consumers under TISA?

The correct choice emphasizes the critical aspects of disclosures that institutions must provide under the Truth in Savings Act (TISA). TISA aims to promote transparency in savings account offerings by ensuring that consumers are provided with vital information that can influence their financial decisions.

Including the Annual Percentage Yield (APY) is essential, as it helps consumers understand how much they can earn on their deposits over a year. Also, revealing the interest rates gives insight into what consumers can expect to earn based on the balance in their accounts. Fees related to the account are crucial for consumers to know, as these can significantly affect the overall earnings from their accounts. The terms of the account, which may include details regarding how interest is calculated or compounded, provide important context for the consumer’s understanding of the savings vehicle. Lastly, minimum balance requirements highlight any stipulations that might incur fees or prevent consumers from earning interest, making it a key element of the disclosure.

This combination of information ensures that consumers can make informed choices regarding their savings accounts.