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Money Market Accounts Range From 6.32-7.1%

By JOSEPH R. ZELNIK A funny thing has happened to the 'financial institutions' money market savings accounts as they approach their third birthday. The accounts were created in December 1982. to draw money from the private money market funds by offering somewhat higher interest rates plus the security of insurance. And almost all local banks and savings and loans linked their interest rates to the rate of the 91-day U.S. Treasury Bill. Today, the interest rates in the county are at their lowest, and below that of both the private money market funds and the Tbills. In a survey conducted last week, the county's highest money market rate is the 7.1 percent on the money market passbook at Collective Federal Savings & Loan. COLLECTIVE PAYS 7 percent on its regular money market account, as New Shell Station Now Open COURT HOUSE - Customers who have been nj buying their gas from the Testation at 233 North Main &L Street can now buy it more jjPT conveniently: It's been 8 converted to a Shell station I that accepts Shell credit I cards. |f "I used to market under V another brand, but now I r represent the Shell brand.'" said dealer Bob Schneider. "Shell has a good reputation for quality products, and I plan to continue offering good service to my customers here in Cape May Court House." Part of Shell's reputation lies with their credit . card, which can^be used to ^ buy gasoline, motor oil. j auto repairs and other ! items," he said. To get a card, customers : need only fill out an ap : plication and mail it to 1 Shell for approval. Once • approved, the card is mail I ed to the customer , 'I'm asking my i customers to try my new products, to keep letting me serve their automotive needs." Schnieder said. "I value their business, and intend to continue earning it as a Shell dealer " Shell recently purchased seven stations in the Cape May and Atlantic County areas. They are being con- ' verted to Shell stations dur- ' ! i n g November and December | Flea Market WILDWOOD - The recreation department will sponsor a weekly flea market at the recreation center. 245 E. Rio Grande Ave., with the next scheduled for Saturday, Dec. 14. |

do five other S&Ls: Cape May County. Crest, First, Ocean City Home, and Sturdy. The others range from 6.79 to 6.32. By contrast, the T-bill last week paid 7.21 percent and the private money markets were averaging a yield of 7.19, according to the Donoghue Money Fund Report, an industry newsletter. Also by contrast, the Wall Street Journal list a dozen of "leading savings rates and yields" reported money markets paying from 8.2 percent to 8.75 percent. All were in Texas and Louisiana. THE MONEY MARKETS require a minimum balance of either $1,000 or $2,500, depending on the institution, permit six transactions (three checks and three deposits) a month, and their rates change weekly. There also is a so-called Super Now with most of the same regulations except it permits unlimited transactions and, therefore, except for New Jersey National Bank, pays a lower interest rate. Incidentally, Heritage Bank, although continuing its previously-opened Super Nows, no longer is issuing new ones. That's an indication that, as previously suggested here, the accounts simply are not popular. One reason could be that the financial institutions are not promoting them. HERE'S A LIST, in alphabetical order, of the county's 15 financial institutions and the money market and Super New interest rates they were paying last week: Anchor Savings & Loan. 6.75, 5.65.

Cape May County Savings & Loan, 7, 6.5. Collective Federal Savings & Loan. 7, 6. Crest pavings & Loan, 7. 6. First Fidelity Bank/South, 6.6, no Super Now. First Jersey National Bank/South, GMMA, 6.65. GIA, 6.55. First National Bank of Toms River, 6.79, 6.04. First Savings & Loan. 7, 6. Heritage Bank, 6.6, 5.3. Marine National Bank. 6.5, 5.75. Midlantic Union Trust, 6.6, 5.3. New Jersey National Bank, 6.32, 6.32. Ocean City Home Savings & Loan, 7, 5.8. Security Savings & Loan. 6.65, 6.5. Sturdy Savings & Loan, 7, no Super Now. WAGNER UPHOLSTERY Custom Upholstering To Fit Your Needs! Before You Buy New, Call For An Estimate! CALL 263-3422 263-3297 6604 Landis Ave., Sea Isle City

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