Americans Had $2 Trillion in Savings in ’84

Americans had more than $2 trillion deposited in savings accounts at thrift institutions at the end of 1984, but they owe $1.5 trillion in mortgage loans.

In all, Americans owed $7.145 trillion, including credit card bills and the $1.902 trillion in federal debt on Dec. 31, 1984.

The totals, reported in the 1985 Savings Institutions Sourcebook released Sunday, include deposits made by individuals, partnerships and corporations but do not include checking accounts.

The certificates of deposit and passbook accounts received $75.6 billion in interest during 1984, topping the record $58.6 billion paid in 1982.

Although 1984 figures were not available when the book was printed, statistics from 1983 showed that the average size of savings accounts at savings associations was $6,466 and $5,086 at savings banks. This includes long-term certificates of deposit, such as individual retirement accounts.

About 21.6% of all savings deposits at financial institutions was insured by the Federal Savings and Loan Insurance Corp.; $161.4 billion was invested in certificates with maturities of more than 2 1/2 years. Another 17.2% was in certificates of three to six months maturity.

Money-market funds accounted for the largest share of money to which savers have immediate access: $107.7 billion, or 13.7%.

The book showed a continuing decline in the number of savings institutions without federal insurance. It was compiled before savings and loans in Ohio and Maryland were faced with publicity surrounding the limitations of some state insuring agencies.