business

Whether Gold Passbook Or Money Markets, 6.5% Is the Best You'll Get

By JOSEPH R. ZELNIK Local money market savings account rates are starting to look like passbook rates. Most have dropped a half-point in the last month. It's all part of the national interest rate trend, good for borrowers, bad for investors. In fact, four banks in the county are paying under 6 percent on the money markets, which is barely more than the 54 percent one can get from a passbook at most S&Ls. THE HIGHEST passbook rate in the county continues to be Sturdy 's "Gold Account," paying 6.5 percent last week. Collective Federal and Anchor Savings were paying 6.25 on their similar, money market passbook accounts. Remember that those are passbook savings with no checkwriting feature. The money markets permit three checks a month.

That 6.5 rate also is the county's highest for the money markets, being paid by Crest, First and Ocean City Home SALs. All these rates can change at th^ blink of an eye. For comparison purposes, the 91-day Treasury Bill, which used to be the standard for the money markets, was paying 6.22 percent last week. And the money market mutuals were yielding 6.19 percent, according to Donoghue's Money Fund Report. INCIDENTALLY, our list of local financial institutions has shrunk by one to 14. The merger of Midlantic Banks and Heritage Bank has finally resulted in the phasing out of Heritage. The buildings remain in Wildwood, Avalon, and Ocean City, but the name now is Midlantic National Bank/Union Trust.

A story elsewhere in this issue looks at that merger in more detail. Also of interest. Marine National Bank has introduced a two-year, $10,000 minimum deposit Certificate of Deposit called the "Protected Rate CD." This permits the investor to make a one-time rate change anytime during the term df the certificate in order to take advantage of the new. higher rate in effect that day. That CD was paying 7.09 percent last week. WHEN THE RATE CHANGES, it will be on Tuesday morning, a management decision based on what's going on out there. It will be the certificate holder's responsibility to follow rates and make the switch when he thinks they've peaked. For people who hate to travel to Atlantic City to gamble, here's a nifty opportunity to wager big bucks. Following is a list in alphabetical order, of the county's 14 financial institutions and their money market and Super Now (similar, but with unlimited transactions) rates, respectively: Anchor Savings & Loan, 6.25, 5.75 Cape May County Savings & Loan, 6.4, 6 Collective Federal Savings & Loan, 6.15, 6 Crest Savings & Loan, 6T5. 5.5 First Fidelity Bank/South, 5.84, no Super Nows. First Jersey National Bank/South: GMMA, 6; GIA, 5.9 First National Bank of Toms River, 6.17, 5.5 First Savings & Loan, 6.5, 5.5 Marine National Bank, 5.6, 5.27 Midlantic National Bank/Union Trust, 5.85, 5.25 New Jersey National Bank. 5.5, 5.5 Ocean City Home Savings & Loan, 6.5, 5.5 Security Savings & Loan. 6.25, 6 Sturdy Savings & Loan, 6.35, no Super Now. ft Q. I've been collecting Social Security disability benefits for the last six years. I'll turn 65 later this year. Should I file for retirement benefits before then? A. No. If you are receiving checks as a disabled worker, your disability benefits will be converted automatically to retirement benefits when you reach 65. In addition, you will receive instructions and informaItion explaining your rights and responsibilities as a retirement bveneficiary.

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