Bargain Banking for Boomers - banking services for people 50 years and older - includes list of mortgage rates - Brief Article

Kiplinger's Personal Finance Magazine, Jan, 1999 by Margaret Ringer

* Turning 50 gives you "senior" privileges at some banks.

Whether you expect congratulations or condolences for reaching the half-century mark, it's unlikely you consider yourself a senior citizen. But if you're 50 or older, your bank may be prepared to treat you like one.

Whatever that does to your ego, at least it's good for your pocketbook--so-called senior checking accounts are among the few good deals left in banking. Among those rolling out the carpet for over-50 customers:

* Westamerica Bank in California (800-848-1088). With Premier Checking, you get free checks, a no-annual-fee MasterCard or Visa and interest on balances of more than $1,000. You must maintain a $100 balance to avoid monthly fees.

* Beneficial Savings Bank in Philadelphia (888-742-5272). The Prime Time Account has no minimum-balance requirement and no monthly service charge and pays interest (albeit at 1%). There's no fee for ATM transactions at non-Beneficial ATMs, your first order of checks is free and you can write up to 40 checks a month at no charge.

* Guaranty Federal Bank in Texas (800-288-8982). The Guaranty 50 account offers free checks, unlimited check writing and interest. You must maintain a balance of $100 to avoid monthly fees.

* Compass Bank in Alabama, Florida and Texas (800-266-7277). The Applause Checking account has no monthly fee, no minimum balance, free checks, free traveler's checks and free ATM transactions at non-Compass Bank ATMs.

Low Loan Rates Around the U.S.

New York City             LENDER

Fixed-rate 30-year        Marine Midland
One-year ARM              Republic National
Home-equity line          GreenPoint
Car loan                  Independence Savings

Atlanta

Fixed-rate 30-year        Bank of North Georgia
One-year ARM              Wachovia
Home-equity line          NationsBank
car loan                  Heritage

Chicago

Fixed-rate 30-year        Financial Fed of Olympia
One-year ARM              Financial Fed of Olympia
Home-equity line          Northern Trust
Car loan                  First Natl Bank of Chicago

Phoenix

Fixed-rate 30-year        Bank One
One-year ARM              FirSt Arizona Savings
Home-equity line          M&l Thunderbird
Car loan                  M&l Thunderbird

Los Angeles

Fixed-rate 30-year        California Federal
One-year ARM              Union
Home-equity line          Home savings
Car loan                  Washington Mutual

New York City             RATE/DESCRIPTION (INDEX PLUS MARGIN)

Fixed-rate 30-year        6:5%/2.25 pts.
One-year ARM              4.63%/2.75 pts. (Treasury index   2.75)
Home-equity line          5.25%/6 mos., $20,000-$250,000
                           (prime   1)
Car loan                  7.5%

Atlanta

Fixed-rate 30-year        6.25%/2 pts.
One-year ARM              4.88%/1.5 pts/(Treasury index   2.75)
Home-equity line          6.99%/6 mos., $650 fee (prime   1)
car loan                  7.5%

Chicago

Fixed-rate 30-year        6.88%
One-year ARM              5%/0 pts. (Treasury index   2188)
Home-equity line          7.5%/6 mos., $3,000 minimum (prime   1)
Car loan                  8%

Phoenix

Fixed-rate 30-year        6.5%/2 pts,
One-year ARM              5.25%/0 Pts. (Treasury index   2.75)
Home-equity line          5.99%/6 mos., $25,000-$75,000 (prime   1)
Car loan                  8.5%

Los Angeles

Fixed-rate 30-year        6.25%/3.3 pts:
One-year ARM              5%/1 pt. (Treasury index   2.75)
Home-equity line          5.99%/6 mos., $2,500-$250,000
                           (prime   0.74)
Car loan                  8.13%/$60 fee

                          TELEPHONE
New York City             NUMBER

Fixed-rate 30-year        800-962-7463
One-year ARM              800-522-5214
Home-equity line          800-554-7336
Car loan                  800-732-3434

Atlanta

Fixed-rate 30-year        770-751-4700
One-year ARM              336-770-5000
Home-equity line          800-628-4667
car loan                  770-478-8881

Chicago
Fixed-rate 30-year        708-460-9220
One-year ARM              708-460-9220
Home-equity line          312-630-6000
Car loan                  800-732-7613

Phoenix

Fixed-rate 30-year        602-221-2900
One-year ARM              800-229-3992
Home-equity line          888-464-5463
Car loan                  888-464-5463

Los Angeles

Fixed-rate 30-year        800-225-3334
One-year ARM              800-796-5656
Home-equity line          800-741-0117
car loan                  800-756-8000

RATE BENCHMARKS (as of Nov. 17):

PRIME: 7.75% 11TH DISTRICT COST OF FUNDS INDEX: 4.88%

ONE-YEAR TREASURY INDEX: 4.46%

Survey was conducted November 11. Mortgages are limited to a maximum amount of $227,150. Car-loan rates are for 48-month new-car loans of $16.000 with 20% down. For more cities, check www.kiplinger.com; click on "Yields & Rates."

REPORTER: MARGARET RINGER