Word: saversion
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As a result, savers began demanding higher returns. They flocked to new money-market mutual funds, which pooled deposits as small as $1,000 and paio out yields of up to 18%. To help banks anc savings and loan associations keep their deposits, the Government began loosening interest-rate regulations...
The IRA hoopla and hard sell are part of an all-out push to turn Americans into big savers instead of big spenders. This drive began last summer when Congress passed the new tax law that slashed the rates people must pay on income from savings, created the tax-free...
The first of these financial gimmicks to appear was the much heralded All Savers Certificate, which banks and savings and loan associations unfurled last October. Savers can earn up to $ 1,000 in tax-free interest on these one-year investments, which require a minimum deposit of $500. Despite an...
At the Decatur Federal Savings & Loan Association in Georgia, more than 2,600 savers started IRAS in the first six weeks of the year. Says Decatur Federal President Robin Harris: "I was stunned when I saw the figures."
Tax rules may also be slowing down the start of IRAs. Investors can open an account any time before April 15, 1983, and still get all the tax benefits for this year. Moneymen believe some savers are putting off opening an IRA until later.