Variable-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)], variable-rate account means “an account in which the interest rate may change after the account is opened, unless the institution contracts to give at least 30 calendar days advance written notice of rate decreases.”
