Truth in Savings Act
A 1991 federal law that requires depository institutions to disclose key terms — including APY, fees, and minimum balance requirements — in a uniform format so consumers can comparison-shop.
The Truth in Savings Act, passed in 1991 and implemented as Regulation DD by the Consumer Financial Protection Bureau, requires every depository institution that advertises a deposit account to disclose specific information in a standardized format.
The disclosures cover: the APY, the interest rate, the minimum balance to earn the APY, any fees that may be imposed, and the rules around when interest begins to accrue. They must be provided before you open the account and again on every periodic statement.
For consumers, the practical effect is that you can compare two HYSAs head-to-head by APY alone, because the APY calculation is dictated by federal regulation and is the same at every bank. The act is the reason HYSA Compare can confidently scrape published APYs across 18 banks and present them side-by-side.