We currently have a Deposit Account rate sheet available in our branches. The rate sheet includes the interest bearing checking, savings, and time accounts with minimum balance to open and tiers along with respective interest rates and Annual Percentage Yields.

My big question is for products with rates tied to an index, do we need to describe/explain the index or is just saying that the annual percentage yield is subject to change sufficient?

The only requirement is:

1030.8(c)(1) Variable rates. For variable-rate accounts, a statement that the rate may change after the account is opened.

Kind of a related question. I was getting a bit of a run around in 12 CFR 1030 trying to figure this out as I couldn't necessarily tell if the "Other Messages" exemption related to in-person discussions with a consumer was only for overdraft accounts or not.

If a bank employee is discussing account products with a customer, are they required to provide a rate sheet or orally go over all APY, minimum balance requirements, etc. with the in-person customer?

Rate sheets are not required. We train for our employees that if they are asked about rates, they may either state the interest rate in conjunction with the APY or the APY alone. Then they provide our pamphlets that include all required disclosures.