Finally, 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” ?