business

Sturdy's 'Gold' Passbook Beats Money Markets

By JOSEPH R. ZELN'IK There's been no rush by local financial institutions to take advantage of the federal government ending its 5.5 percent interest rate ceiling on passbook savings accounts. Thirteen of the 15 local banks or S&Ls are maintaining their rates of 54 percent and SV« percent, respectively. Anchor Savings & Loan of North Cape May has added a new "tiered interest rate" to its money market passbook account. You must have $1,000 to open and the account pays 6V4 percent for deposits up to $2,500. Over that amount, the account currently is paying 64 percent. But the county's highest passbook rate seems to be coming from Sturdy Savings & Loan, with offices in

Avalon, Stone Harbor, Dennisville. Cape May Court House and North Cape May. STURDY INTRODUCED a "Gold Account" on April 1 that its officials promise "will always be higher" than its money market deposit account. The Gold Account is currently paying 7.1 percent interest, compared to the 6.9 percent bf its money i market. The Gold Account has a $2,500 minimum (it pays 54 percent if you drop below that ) and is strictly a savings account — no checks. i What is happening out there in the real world (as opposed to Cape May County ) is that financial institutions are introducing new accounts, like this one at Sturdy), that combine the higher inter%t rates of a

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money market account with the familiar passbook. They are hoping to lure your money out of the money market. If you've been using the money market primarily to get higher rates, rather than to write three checks a month, the switch might be worthwhile. COLLECTIVE FEDERAL Savings & Loan has had a money market passbook for some time. It, too, pays a speck more than its money market. As of last week, Collective's money market passbook was paying 6.7 percent, its money market, 6.6 percent. It requires a minimum balance of $1,000. Be warned that these rates can change at any time, by management decision. Incidentally, according to the Wall Street Journal, there are about 91 million passbook savings accounts containing $305 billion at U.S. banks and thrifts. THE COUNTY'S highest money market rate — 7 percent — is being paid by First Savings & Loan of Sea Isle City and Crest Savings & Loan of Wildwood Crest. At this time last year, if anybody cares, those two also were tops and paying 8.5 percent. The money markets, with the exception of First and Crest, continue to follow other interest rates downward. Following is a list, in alphabetical order, of the institutions and their money market rates and their Super Now (similar to the money market but with unlimited transactions) rates, respectively: Anchor Savings & Loan, 6.5, 6. .Cape May County Sav- ' ings & Loan, 6.8, 6.5. Collective Federal Savings & Loan, 6.6, 6.3. Crest Savings & Loan, 7, 6. First Fidelity Bank/South, 6, no Super Now. First Jersey National Bank/South, GMMA, 5.95; GIA. 5.95. First National Bank of Toms River, 6.55, 5.8. n First Savings & Loan. 7. J 6. Heritage Bank, 6.1, 5.25. 1 Marine National Bank, A 6.15,5.6. Midlantic Union Trust. I 6.1,5.25. New Jersey National R Bank. 6.05, 6.05. J Ocean City Home SavI ings St Loan, 6.9, 5.8. J ( Security Savings 4 Loan, | 6.5. 6.25. R Sturdy Savings & Loan, J 6.9, no Super Now. t Goshen I Methodist j Hits 147th R GOSHEN - The Goshen J United Methodist Church is I celebrating its 147th anH niversary 3 p.m. Sunday d with Rev. Leon Gibson as R guest speaker. J There will be special I music by Ms. Betty Smith, H Mr. and Mrs. Jack Blair d and the Youth Choir. R followed by a fellowship J supper. Everyone is i welcome.

j ■Senior Citizens! i Month at i ■ Anchor Savings ■ j & Loan j iBiBiSI1 imBMiBSm1 ■HS^BBS1 ilHiBi I I

I This Prize includes a fuil-course lunch at _ the Beautiful Hotel DuPont in Wilmington, Delaware, and a Guided Tour of the WINTERTHUR MUSEUM, Gardens and Grounds. | — How To Enter! — From April 1 to April 30, 1986. Senior Citizens making any | ® Anchor Savings account transaction will be given an entry I blank trom one of our tellers. Complete the entry blank and drop it Into a ballot box at any of Anchor Savings' six convenient office locations ■ 122 WINNERS WILL BE DRAWN ON I FRIDAY, MAY 2, 1986, AT NOON IAND NOTIFIED BY PHONE AND MAIL. Enter as often as you like, but only one prize will be awarded ■ I to any individual Anchor Savings customer. U IF YOU'RE A SENIOR, YOU'RE A WINNER! | \\7/ For during April, no fees will be applied to Senior Citizens — .// purchasing Money Orders, Travelers Checks and Cashiers U/aj Checks ft- 4K ANCHOR! I 886 5422 ^ |) SAVINGS & LOAN I L North Capo May Office ASSOCIATION Bayshore Road