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Bank of Ipswich: No Strings Account*

No Strings Bank Acct TFinally, an advertiser is offering a product with “no strings attached.” The First National Bank of Ipswich is promoting a relatively high rate of interest for a local bank and is not requiring that you also open any other account to get the low advertised rate. Most people, however, do not qualify to get this deal. Why?

*MOUSE PRINT: “Minimum balance $100,000” [Boston Globe, 3/19/06]

And, since this is a national bank, it only offers deposit insurance from the FDIC (and not from Massachusetts). That means only deposits up to $100,000 are covered by the FDIC. Therefore, any interest you earn that remains in the account will be uninsured.

“No strings” ?


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1 thought on “Bank of Ipswich: No Strings Account*”

  1. The note about FDIC insurance would only be true in the case of an individual account with 0 or 1 beneficiaries. If the account is owned by 2 or more people, or has 2 or more qualifying beneficiaries, then the account would be insured for more than the base $100,000.00. The FDIC’s website http://www.fdic.gov,
    has excellent resources to explain FDIC insurance.

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