# Financial Institutions (GFI)

## Title 9. Savings and Loan Associations

### Subtitle 4. General Powers and Provisions

#### Section 9-406

(a) Except as required by subsection (b) of this section, a savings and loan association is not required to pay any dividend or interest on special purpose accounts such as "Christmas" or "vacation" accounts.

(b) A savings and loan association shall pay at least 5 percent annual interest or dividend on savings accounts that are for:

  (1) A period of 1 year or less; and

  (2) A special purpose, such as "Christmas" or "vacation" accounts.

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Md. Code Ann., Fin. Inst. (as displayed at mgaleg.maryland.gov, October 16, 2026)