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All Savers certificates may threaten money market funds
AP Business Writer reports that All Savers certificates and new competition may end the money market funds boom. Funds grew from 74 to 156 billion dollars this year, offering easy liquidity and high yields. All Savers pay tax free interest at 70 percent of T bill yields, with initial 12.6 percent rate. Tax brackets affect appeal, as higher brackets value tax exemption more, while many investors still hold money funds for liquidity and larger balances.
MENTIONED IN THIS ARTICLE
New York
Treasury
New York Savings Bank