Word: saversion
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Most banks and savings and loan associations are not yet saying precisely what the return will be on their I.R.A.s when the new program begins next month. They are waiting to see what happens to the general level of interest rates in the economy. But some institutions are offering hefty...
The hype now swirling around the I.R.A.s is almost a replay of the fanfare that marked the introduction of the tax-free All Savers Certificates last October. That gimmick proved to be much less popular than anticipated, but financial analysts do not expect the same fate to befall the new...
The All Savers Certificates, which bankers had hoped would help their industry stay competitive with the high interest rates offered by money-market funds, give depositors up to $1,000 tax-free interest ($2,000 for a couple) on one-year investments. The notes carry an interest rate equal to...
It is also doubtful that even the certificates that have been sold are helping banks by bringing in new deposits. Officials at New York City's Citibank, the second largest commercial bank in the nation, estimate that much of the money flowing into their All Savers accounts is coming...
Banks welcome such shifts since it helps them to save on the interest that they have to pay to depositors, but it does not mean any new cash in their vaults. Moreover, many customers are getting money for an All Savers Certificate by taking it out of passbook accounts, which...