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Loan and Mortgage Terms Glossary |
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All Savers Certificate:
A one-year certificate of deposit account, with a fixed rate tied to new treasury bills, issued from october 1, 1981, through december 31, 1982, with a minimum deposit of $500. The saver received a once-in-a-lifetime exemption from federal income taxes for asc earnings of up to $1,000 ($2,000 on a joint return). All savers certificates were authorized by the economic recovery tax act of 1981 as a means of attracting funds primarily to thrift institutions.
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