business

Five S&Ls Paying 7% Money Markets Follow Treasury Bills Down

Bv JOSEPH R. ZELNlK The 91-day U.S. Treasury Bill dropped to its lowest level in six years last week : 6.55 percent So you're presumably not surprised to learn that eight of the county's 15 financial institutions have lowered the rate they're paying on their insured money market savings accounts and socalled Super Nows. Our phone survey taken last Thursday found five S&Ls still paying 7 percent : Cape May County. Crest. First (of Sea Isle City). Ocean City Home and Sturdy. THOSE WHO READ last week's story about retirees selling homes and moving here to live on investments and pensions will understand that many who need to feel able to get their money don't dare tie it up any stricter than in these money market accounts. And. if they planned their retirement living on 10 percent in-

terest. but are getting 7 or less, they're hurting. One teller quoted us a rate over the phone and inadvertently added. "That's terrible." Of course that all, depends on whether you're investing or borrowing. MY APPRECIATION to the many people who called or wrote to say they are reading this monthly report. In addition to typical readers. I was surprised to get nods appreciation from one bank officer and from one bank teller. On the other hand. I also got a letter from a teller who said she was "tired of being the scapegoat" and "hurt" by my story. I thought my column, with a headline that said "Pity the Poor Tellers." made it clear I sympathized with the tellers, in the trenches and trying to keep track of so many products. "Being in a competitive business like banking." she wrote, "we are improving the types of accounts we offer. so changes are endless. For even the most experienced banker, it could be difficult to remember everything." Amen. AN IRA WARNING. Many of you are getting ready to buy 1985 and/or 1986 IRAs. And many of you have accumulated IRAs in the S12,000-plus range that are ready for rollover into new investments.

Be careful The financial institutions lust for those accounts and their advertising can be very misleading. Look past the big number of the supposed interest rate and find out if it's a variable rate, how long it will last, for how long you have to invest, etc. Whether to invest short or long is a crap shoot, but at least know what you're doing. HERE'S THE money market and Super Now rates being paid by the county's 15 financial institutions. in alphabetical order. Anchor Savings & Loan. 6.75. 6.2. Cape May County Savings & Loan. 7. 6.5. Collective Federal Savings & Loan. 6.8, 6.6. Crest Savings & Loan, 7. 6. First Fidelity Bank/South. 6.4, no Super Now. First Jersey National Bank/South. GMMA. 6.15: GIA. 6.45. First National Bank of Toms River, 6.74, 5.99. FirstSavings & Loan. 7. 6. Heritage Bank. 6.35, 5.3. Marine National Bank. 6.25. 5.8. Midlantic Union Trust. 6.1, 5.25. New Jersey National Bank. 6.32. 6.32. Ocean City Home Savings & Loan. 7. 5.8. Security Savings & Loan. 6.55. 6.3. Sturdy Savings & Loan. 7. no Super Now.

Dinner Meet For Chamber AVALON — The Avalon Chamber of Commerce will hold a dinner meeting 7:15 p.m. tomorrow at the Whitebrier Inn. with cocktails at 6:30 p.m. Guest speaker will be Joanne Ritter. chairman of the South Shore" Tourism Council, who will speak on "Importance of the Council to the Area". ' For reservations, call 967-5501 (Kean's Pharmacy). MP Specialist MARMORA - ArmyPrivate Gerald T. Scull Jr.. son of Dorothy Scull of 4 Redwish Ave., has completed training as an Army military police specialist under the one station unit training (OSUT) program at Fort McClellan. Ala. OSUT is a 13-week period which combines basic training with advanced individual training.

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F\r\\| )rT"1 Set a new course for up to IN 1 $2 ,000 of your taxable income piTT rp t TjvT/^T TT with an IRA at The Cape! X. J JL 2^/ y J JL X -J JLp 1 ^ Open an Individual Retirement Amount at The Cape now! The money- you invest heft/re April 15th is tax ^ a -m y -m g- y — y-k ■ ^ deductible for 1985. And the-yuerest it^arns is tax-free A \ A \ A ( 1 kv M until v ■ ret,re / \ I y 1 I I y y |\ f \ Instead <hf giving it to Uncle Sam. you can set a new t course for up to $2,QC®~ Df jfour taxable income (or up r» < ____ _ / . _ — -w a total ci $2,250 in ^eparafeaca Hints if only one spouse TU 'A XT VHT isemrltH- 1 . Vf 1 I I V y V y Get a guaranteed fate of interest with a fixed rare IRA. ^ ^ * A ^ ^ or go for nlore wifh an I R/v<hat has a floating interest rate based an tW Money Market. The Cape's IRA T X A X / 1 1 rp/A specialists wffl help you chix>se the account that's best H AV r v ) f rvou JL 11 JL V .1 ^ A. V»_-y And whichever you choose, you II find your Cape IRA is a far better place to put your money than Uncle Sam's I 'I I rH I Find out more now at any of The Cape's seven JL X llVj 1 1^1 JUL V# branch offices. Set a new course with IPm THE CAPE. cop* mot cwmty xnrinou * uaon - A full family finance center Main Ohlce: 225 N Main St.. Cape May Court House 465-5600 fy't T/ Branch OWoee: 217 Jackson St.. Cape May 664-0900 • 3301 Atlantic Avenue. Wildwood 522-2447 . 1899 rM.K Bayahore Road. Villas 666-2773 • 40 S Shore Road. Marmora 390-3500 • 30i Asbury Avenue. Ocean City , 390-7400 • Rts. 9 and 47. Rio Grande 114060^ I !