Money Markets Overview

A money market account is similar to a regular savings account. The difference is that they usually pay higher interest, have higher minimum balance requirements and monthly withdrawal restrictions.

Similar to a checking account, many money market accounts will let you write up to three checks each month. As with other bank accounts, the funds in a money market account are insured by the Federal Deposit Insurance Corporation (FDIC) .

Interest on money market accounts is usually compounded daily and paid monthly. Another benefit of money market accounts is that the more money you have in the account the higher the interest rate you get. Always check with your GBCIB representative about how the interest rate may fluctuate.

Business Money Market Accounts

Provide competitive tiered rates with a daily balance of $2500, or more. Six pre-authorized transfers are allowed per statement cycle, with a maximum of three by check.

Business Gold Money Market Accounts

Pay higher interest rates, with four tiers of interest rates so higher balances earn even more. Six pre-authorized transfers are allowed per statement cycle, with a maximum of three by check. There is no monthly service charge if a daily minimum balance of $5,000 is maintained.