Letters to the Editor

Savings plans no good with interest rates so low

The Blondie cartoon published in your Jan. 13 issue struck a chord with me.

I have been looking for a bank or institution that will pay me interest on a modest sum -- at least equal to inflation. As it is, you could estimate that $1,000 is worth only $980 with inflation rounded off to 2 percent. But it should be worth at least $1,020 to stay even.

What happened to the old passbook savings account I had as a boy?

The government seems eager for us to save, but why bother for 0.5 percent or less interest?

At the Naval Hospital, I saw a poster for sailors' (and soldiers') savings deposits. It encouraged them to sign up.

In my opinion, that is practically stealing from a group that deserves better and is not usually financially experienced. As a company commander in the Korean War, when troops were paid far less, I witnessed strong coercion applied to enlisted men to "deposit." Commanders like me were rated on the company's "collection or participation." Real estate seemed to be the answer for officers.

I would like to propose the military interest rate be set at 5 percent, rather than another cost of living allowance.

Chester F. CotterBeaufort

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