Super-NOW The savings-checking account
Just as bankers were gearing up last week to launch the new money-market accounts that pay high interest, federal regulators authorized financial institutions to offer yet another option beginning Jan. 5 that will almost totally blur the distinction between savings and checking deposits. The account will require a minimum balance of $2,500, but it will have no interest ceiling, and depositors will be able to write an unlimited number of checks. Similar to so-called NOW checking accounts that currently have an interest lid of 5ΒΌ%, this latest innovation has already been dubbed the...
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