The Great Savings Scramble

Promises of high interest and low taxes dazzle everyone except the IRS

Savers weary of such incentives for opening a new bank account as toasters, popcorn poppers and electric frying pans last month received a new and different kind of bonus: high interest rates. Banks and savings and loan associations across the U.S. unleashed massive advertising campaigns to induce customers to sign up early for the new All Savers Certificates. The A.s.C.s were devised to help ailing S and Ls attract business by offering higher interest rates than those given on passbook accounts and...

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