Gogebic Range Bank
Category: Money Market Rates- fhuff- 10:42 am/ January 7, 2011Gogebic Range Bank has a money market checking account that pays 1.35 percent annual percentage yield (APY) on balances of $100,000 and up. The money market has tiered interest rates, and as of Jan. 1, 2011, they are:
- 0.5 percent APY on balances below $25,000
- 0.65 percent APY on balances of $25,000 to $49,999
- 0.85 percent APY on balances of $50,000 to $74,999
- 1.05 percent APY on balances of $75,000 to $99,999
The minimum deposit required to open a money market is $1,000. Accounts with balances that fall below $1,000 are charged a monthly maintenance fee of $7. You can make up to six transfers each month and direct deposit is available. Funds in money markets are insured by the Federal Deposit Insurance Corp.
Gogebic Range Bank is located in Ironwood and Bessemer, Mich., and serves the Western End of the Upper Peninsula of Michigan and Northeastern Wisconsin. The bank is a wholly owned subsidiary of West End Financial Corporation and has been in business since 2002. You must open accounts at a branch. The bank offers a full line of deposit and loan products for businesses and consumers. It also offers brokerage services through PrimeVest Financial Services, Inc.
- 6 Month CD %
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- 30-year Fixed Mortgage 3.54 %
Bank rates provided by MoneyRates.com based on average rates for deposits under $10K and conforming mortgage rates
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