Word: saversion
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Yet the same low rates have been the bane of savers -- particularly senior citizens -- who have watched their income from investments rapidly shrink away. A six-month bank CD that paid 8% interest a year ago now yields just 4.9%. "People are turning off their phones for a month to...
Savers don't need banks any more than borrowers do. Those who want to open a checking account and earn healthy income on their deposits can do so through a cash-management or money-market account with a brokerage firm. Some people shy away from such accounts because they aren...
In 1984, after a federally sponsored study confirmed cholesterol's role in heart disease, Sokolof decided to act. With a million dollars drawn from his personal account, he founded the National Heart Savers Association, which consists mainly of Sokolof and two assistants. NHSA's goal: to call attention to the...
Few companies bothered to respond, and Sokolof's follow-up telephone calls went largely unheeded. "When I said, 'I'm Phil Sokolof from Heart Savers,' " he recalls, "that was the same as saying, 'I'm Joe Blow from Podunk.' "
For American savers, already reeling from the savings and loan debacle, the banking crisis has inspired rising anxiety about the safety of their money. In a TIME/CNN poll of 1,000 adults surveyed last week by the firm Yankelovich Clancy Shulman, just 7% said they felt very confident about the...