What is Deferred Compensation in Banking Terms?
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What is deferred compensation? My bank offers a "Deferred Compensation" account with a minimum deposit of $1,000 on 2.13% Annual Percentage Yield. What does this account mean? I cannot find any info on this anywhere. Thanks
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Answer:
Deferred compensation means that you are not paid anything now, all the income comes later on. In a contract, you might be paid some money per year, with other money deferred to later years, when your tax situation will be different. In this case, I'd look very carefully to see when (if ever) they actually pay that interest.
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