Word: saverse
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Dates: during 1980-1989
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Savings banks and S and L institutions are suffering badly from the nation's double-digit interest rates, which have flattened the housing market, savaged the mortgage-lending business and caused upwards of $43 billion to flood out of bank deposits and into higher yielding investments like money-market...
The all-savers certificate would allow savings banks and S and Ls (in one version, commercial banks as well) to pay an interest rate equal to 70% of the going twelve-month Treasury bill rate. The certificates would become available for one year beginning Oct. 1, after which Congress would...
The real appeal to savers comes from the plan's tax features. Investors would pay no federal income taxes on the first $1,000 of interest for individuals and $2,000 for married couples filing jointly. Thus at a current Treasury bill rate of 14% on a $10,000...
Even before these reforms, banks were trying to attract new savers with a variety of high-yielding time deposits and money-market certificates. These give much more interest than a passbook account; last week a six-month certificate paid 15.9%. But they usually require that the depositor keep his money...
Tax-Free Accounts. Introduced in the House by North Carolina Republican James Martin, this measure would allow S and Ls and savings banks to issue one-year savings certificates that would give tax-free interest. This would make them much more attractive to savers in higher income brackets and probably...