DEFINITION of 'Super NOW Account'

An account created in 1982 that offers a higher interest rate than a NOW account but lower interest than a money market account.

BREAKING DOWN 'Super NOW Account'

Specific requirements, such as minimum deposits and interest rates, for super NOW accounts vary between banks. This is due to the 1986 deregulation of bank deposit accounts. Today, banks can charge interest based on their costs and competitive requirements.

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RELATED FAQS
  1. For what types of accounts are demand deposits available?

    Learn about the different types of accounts designated as demand deposit accounts, such as savings accounts and money market ... Read Answer >>
  2. What determines the interest rate in my money market account?

    Placing funds in a money market account may provide a higher interest rate than a savings account due to the underlying securities ... Read Answer >>
  3. Why would you keep funds in a money market account and not a savings account?

    Read about the differences between money market accounts and savings accounts, and see why a depositor would elect a money ... Read Answer >>
  4. What economic factors affect savings account rates?

    Find out how supply, demand and central bank policy all affect savings account rates offered by banks for extra deposits ... Read Answer >>
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    Setting aside funds in a money market account can be a safe investment strategy, but investors should be aware of the risks ... Read Answer >>
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