A bill to establish parity of interest rates on savings accounts linked to checking accounts by means of automatic transfers.

Prohibits the establishment by State or Federal law of interest rate differentials between: (1) banks, other than savings banks, the deposits of which are insured by the Federal Deposit Insurance Corporation; and (2) savings and loan, building and loan, or homestead associations (including cooperative banks) the deposits of which are insured by the FSLIC, or mutual savings banks, on savings accounts from which automatic transfers to third-party payment accounts may be made pursuant to the prearranged agreement of depositors or account holders.