Business: Higher Interest For Big Savers

Banks can pay more

Rising interest rates are bad news for mortgage borrowers, installment buyers, business people and just about everybody else. Last week the climb in interest rates became good news for anyone with a spare $10,000 lying around. On June 1, commercial banks began offering six-month, Government-guaranteed $10,000 savings certificates with interest equal to what the Government has to pay to large investors in order to sell six-month Treasury bills. Savings banks and savings and loan associations that market the certificates can pay as much as ¼% above the Treasury bill rate. In...

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