Herald & Lantern 22 August '84 business

.Ocean City SAL High - Interest Rate Leaders Change . '

By JOE ZELNIK There's I new interest rate leader and several significant changes in the volatile competition among IS Cape May County financial institutions. The Herald-Lantern's \ monthly analysis of inV , teres t rates being paid on the insured money market savings account — where an estimated hundred million county dollars lie — found Ocean City Home Savings A Loan highest for the first time since the new accounts were created in December 19B2. Ocean Gty, never higher than third before, was pay- \ ing 9.9 percent interest last \ week, followed by First \ Saving A Loan's 9.75 per1 cent and Sturdy Savings ft X^oan's 9.35 percent. First had been consistently on top for more than a year ; Sturdy led the last four months. . Sturdy implied that plenty of savings dollars made it possible for it to drop its rate during the last month, while each of the other 14 institutions was raising the interest rate. Sturdy had been pairing 9.79 percent a month ago, and the 91-day U.S. Treasury Bill, an indicator of interest rates, has climbfed almost a half -percentCage point since then. Sturdy President John Armour said he felt Sturdy was still "very^competitive. There are only two higher than us. We've trimmed to adjust our rates to be as competitive as possible with the other financial institutions in the area." Asked about reports that there were a lot of savings

dollars in the county, Armour pointed out that there ' is "minimal advertising for savings deposits throughout Cape May County. The natural assumption is that the money is coming in and we don't have to advertise for it or make it as attractive as if there weren't a lot of people around.'' Armour said the "increased tourist population" was an "indirect" reason for "a tremendous amount of inflow of savings." But while Ocean Gty moved into the lead with its insured money market deposit account, it switched — for the third time in three months — its policy on determining what rate it will pay on the so-called Super Now, which is the money market deposit account with unlimited checking. The result is a lower rate than it would have been. Ocean Gty was paying the T-bill minus one percent, but when the T-bill rate got too high, it scuttled that system. In July it returned to the T-Bill minus one, and now it has once again shelved it. The T-bill last week was paying 10.49 percent and i Ocean Gty would have been paying 9.49. Instead, it paid 9.17 percent, still the highest in the county. "We're not going to pay a real high rate when the market doesn't call for it," said Robert Smith, Ocean Gty President. "That isn't good business sense. " Smith said the i stitution could return to he T-bill (minus 1 percent) ". . if it gets to the point that it's in perspective to other rates. At this particularly time, no. That doesn't mean next week we won't be." Interest rates, on the insured money market accounts are as high as they've been with 14 of the 15 institutions paying at least 9 percent, but with everyone resisting the twodigit figure being paid in some other places The insured money market account requires a $2,500 minimum and permits a maximum of six transactions a month, three of them checks The Super Now is similar, but some of the in-

stitutions require different minimum deposits. It permits unlimited checking. Interest rates change weekly and savers often can learn them only by calling the institution. Following list, in alphabetical order, gives last week's money market interest rates followed by the Super Now interest rates paid by the county's financial institutions. Note that First National State Bank of South Jersey is now First Fidelity Bank/ South. Anchor Savings ft Loan, 9, 7.5. Cape May County Savings ft Loan, 9.1, 6.5. Citizens United Bank, 8.5, 7.

Collective Federal Savings ft Lean, 9.1, 8.1. Crest Savings & Loan, 9.25, 8.25. r First Fidelity Bank/South, 9.15, 7.5. First Jersey National Bank/South, GMMA, 9, no Super Now; LIA, 8.15, 6 77. First National Bank of Tom's River, 9, 8. First Savings ft Loan, 9.75, 8.9. Heritage Bank, 9, 7 65. Marine National Bank, 9, 7.25. Midlantic Union Trust, 9.1, 7.6. Ocean Gty Home Savings ft Loan, 9.9, 9.17 Security Savings ft Loan, 9.1, 7.5. Sturdy Savings ft Loan, 9.35, no Super Now.

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