A dedicated account may be a savings account, a checking account, or a money market
account established in a financial institution. Although not specified in the law,
it is preferred that the account be interest-bearing.
NOTE: Collective “dedicated” savings and checking accounts are permitted, provided they
meet the conditions of GN 00603.020 -- Collective Savings and Checking Accounts and the requirements for dedicated accounts in GN 00603.025B.1. -- Dedicated Accounts.