MovieChat Forums > Brewster's Millions (1985) Discussion > 24% Interest?

24% Interest?

posted 14 years ago by Bassriff510
5 replies | jump to latest

Are you kidding me??? No bank on earth could afford to pay that.

[–] s_miles_4 14 years ago

Yes but remember it was only for major corporations and a few of their arab friends lol

"When your down here with me you'll float too!!"

[–] dboone1025 13 years ago

Interest rates were pretty high in the early 80's, they got up to 14-18%?

I'm guessing the regular interest rate was 10 or maybe 12% in the movie. Then another 12% for major corporations and a few arab friends, haha.

[–] crockett_john 12 years ago

Even so, I don't think 24 percent was ever an interest rate paid on demand deposits in the 1980s. I don't even think that would have been legal for a bank to offer that much over the Federal rate at the time. I think it was just a detail to make Brewster panic at the thought of receiving that much interest.

[–] azdajica-1 11 years ago

Can someone tell me what was the actual interest rate during 80's?

[–] chrisjohnson-2 11 years ago

For most high-balance savings accounts and certificates of deposit, somewhere around 5-6% was the norm. Jeesh do I feel old.