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Money Markets Punk; Time to Consider CDs?

By JOE ZELNIK Money market savings accounts at local financial institutions are peaking at a dismal 7 percent and no increase is in sight. ^Even Collective federal's money market passbook, higher than its rsguJor money market account since the former was introduced a year ago, has been dropped one-tenth of a percentage point so that both pay 7. Five other locals S&L also are paying 7 percent on the account which goes as low as 6.32 at New Jersey National Bank. IT MIGHT BE TIME for those relying on interest from savings to consider moving some money into a Certificate of Deposit, if they feel sure they won't need the funds for six months or 12 months or whatever. Remember that there is a penalty for early withdrawal. The CDs won't make anyone rich, but could net as much as 1.5 percent more in interest. For

anyone with $25,000 getting rusty, the difference is as much as $300 a year. For that reason, this monthly column also inquired into CD rates. We can report that the highest six-month CD yield is 8.19 at Collective Federal based on monthly compounding of its 7.9 percent rate. Second highest is Sturdy's 8.05 yield on its noncompounded 7.9 rate. Eight percent yields on six-month CDs also are available at Security Savings and Heritage Bank. FOR THOSE WHO can tie up their money for 12 months. Collective is highest with an 8.52 percent yield on monthly compounding of its 8.2 percent rate. Cape May County Savings and Loan yields 8.5 from a quarterly compounding of its 8.25 percent rate. And Sturdy yields 8.45 percent from quarterly compounding of its 8.2 percent rate. Eight percent or better yields on 12-month CDs also are available at Crest Savings & Loan, First Ntional Bank of Toms \

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River. First Savings & Loan, Heritage Bank. New Jersey National Bank, Ocean City Home Savings & Loan and Security Savings & Loan. Keep in mind that rates change frequently. And if you inquire about them, find out what they yield since the difference in compounding between daily and annual adds up to a few bucks. 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 at most of the institutions with most of the same regulations except it permits unlimited transactions and usually pays a lower interest rate. Here's a list, in alphabetical order, of the county's financial institutions and the money market and Super Now 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, 6.3. Crest Savings & Loan, 7. 6. First Fidelity Bank. South, 6.6, no Super Now. First Jersey National Bank/South, GMMA, 6.65; GIA, 6.5. First National Bank of Toms River, 6.79, 6.04. First Savings & Loan. 7, 6. Heritage Bank, 6.6, 5.3. J Marine National Bank. 1 6.5,5.6. | Midlantic Union Trust, j 6.6,5.3. INew Jersey National Bank. 6.32, 6.32. I Ocean City Home Sav- [ ings & Loan, 7, 5.8. Security Savings & Loan, 6.65,6.5. Sturdy Savings & Loan. I 7, no Super Now. j Test Results COURT HOUSE - Int terested persons are invited to attend the Middle i Township Board of Educa- [ tion meeting scheduled for 8 p.m. tomorrow in the Ad- ; ministration Building. At that time, the Califor- \ nia Achievement Test Sumi maries will be presented.

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n /V\ fmiossWBNJou nd /dLL* ALL CAPE MAY COUNTY ■■■■■■■ilMBBBlBlF " croasmflsNpcrRff HERE'S HOW IT WORKS... Place canned goods in a box or mark ^ Cape Human Resources will pick . WBNJ Studio Professional Plaza £8^ Cape ITlay Court House fTlcDonalds _ Cape may Court House & Wildwood. Park ** K-mpRT HOLIDAY SAVINGS FOR YOU! FIND FANTASTIC SAVINGS FROM OVER 30 CAPE MAY COUNTY MERCHANTS IN THE FREE STEREO 94 DISCOUNT COUPON BOOK PICK YOUR FREE COUPON BOOK UP NOW AT SHOPS, STORES, NEWSTANDSI YOU'LL FIND HUNDREDS OF DOLLARS IN SAVINGS FROM: Neptune's Jewels — Shop for Pappagallo — Seagull — Country Greenery — Candlelight and Caviar — Discovery Travel — Hoys Five and Ten — Emjay Gift Shop — Delias Stores — Lee's Gift Shop — Video Box — Neptune Gift Shop — Martha Shop — Kona Sports — The Bookshop — Tony's Marine Supplies — Lighting Dimensions — Caldwell Banker Daniels Realty — Old Grange Restaurant — Gift Factory — Bra and Girdle Factory — Thomas Jewelers — Stubbs Dress Shop — Bernie Robbins Jewelers — C B Videography — The Bagroom — Dino's Diner — Quintessence — Happy Hunt — The Hour Glass — Shore Buick : Coupon book also available by sending a self addressed stamped envelope to WWOC. Box 94. Avalon, N.J. 08202 #1 IN CAPE MAY COUNTY ^wwoc ^^^^"STEREQ*94