I got a job working at Surety Building and Loan back in 1977. If you have ever seen the Jimmy Stewart movie, "It's a wonderful life" you would know what Surety Building and Loan was like.
Just like in the movie, we made mortgage loans only.
We had 3 types of savings accounts that we offered; DI's, OS's and CD's.
The DI was for daily interest. Those accounts had the interest paid daily and paid 5.25% interest.
The OS's were Optional shares. Those accounts had the interest figured monthly (if you deposited by the 10th you earned from the first) and paid 6% interest.
The CD's were, of course, certificates of deposit, and they paid 8%
All of the home mortgages had an interest rate of 9%. Of course, mortgages were much smaller 30 years ago.
But I sure wish we could get those saving rates now.
BTW, I was the bookkeeper (one of 3 employees) and I had to figure out all the interest by hand. We never had a computer.
Surety Building and Loan
December 13th, 2008 at 05:20 pm
December 13th, 2008 at 06:25 pm 1229192717
December 13th, 2008 at 07:06 pm 1229195170
I do remember my SIL and BIL buying a house and paying a HUGE rate ~14% for their mortgage. I was horrified because my mortgage then was around 5% (we'd had it a while and it was through the VA).
December 14th, 2008 at 01:34 am 1229218488
December 14th, 2008 at 03:42 am 1229226159
December 16th, 2008 at 10:55 pm 1229468126
i am not 100% sure though - i'll check and get back to you.
December 18th, 2008 at 12:49 am 1229561389