Stepped-Rate Account Law and Legal Definition

According to 12 CFR 230.2 [Title 12 -- Banks and Banking; Chapter II -- Federal Reserve System; Subchapter A -- Board of Governors of the Federal Reserve System; Part 230 -- Truth in Savings (Regulation DD)], stepped-rate account means “an account that has two or more interest rates that take effect in succeeding periods and are known when the account is opened.”