Word: six-months
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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 in an account for six months or longer in order to earn the full interest...
...that they can recover part of the money they have spent on life insurance in the past by borrowing against the cash value of those policies at bargain interest rates as low as 5%. The borrowed funds can then be reinvested in a money-market fund, Treasury bills or six-month bank certificates at far higher yields. The amount of funds borrowed against old insurance policies has now swelled to $43 billion...
Already orbiting at altitudes unimaginable a few short years ago, interest rates moved even higher last week and threatened to shoot the moon. The commercial bank prime lending rate rose to 19%, not far below the record 21.5% set in December. Rates for other financial instruments such as six-month Treasury bills were near record highs. By almost any measure, the cost of money, the lubricant for the U.S. economic engine, was high and heading higher...
...related case, three anti-registration activists, convicted on charges stemming from a January 10 protest and confrontation with police in Harvard Square, were granted a six-month continuation of their trial...
...decision will allow charges to be dropped after the six-month period, but the three must still pay court costs totaling...