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The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the U.S. government that protects bank customers against the loss of their insured deposits in the event that an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the U.S. government.
Customers of FDIC-insured banks, including Gate City Bank, are covered by the FDIC for up to $250,000 per depositor, per bank.
Deposit insurance through the Federal Deposit Insurance Corporation (FDIC) protects bank customers in the event an FDIC-insured financial institution fails. It’s available for any deposit account opened at an FDIC-insured bank; there’s no need to purchase it!
Deposit insurance is calculated dollar-for-dollar up to FDIC limits – factoring in the principal amount plus any interest accrued or due to the depositor – through the date of default. The FDIC has created an insurance estimator that you can utilize for more information on how this may personally impact you.
Yes. We’re proud of our longtime relationship with the Federal Deposit Insurance Corporation (FDIC), which goes back since 1935!
Learn more about the FDIC and our commitment to keeping your money safe and secure.
The standard Federal Deposit Insurance Corporation (FDIC) limit is $250,000 per depositor, per bank. To calculate your own deposit insurance coverage, please visit the FDIC’s deposit insurance estimator.
While both savings and money market savings accounts are FDIC-insured, there are three main differences between the two accounts. The first difference is the minimum-balance requirement:
The second difference is in interest earned. Money market savings accounts have a higher minimum balance requirement but will earn a higher interest rate than a traditional savings account. View our current rates for savings accounts and money market savings accounts.
The final difference is free checks are provided to access your funds with money market savings accounts. Checks are not available with traditional savings accounts.
1 Maintain the minimum daily balance to maintain the disclosed annual percentage yield (APY). For a high yield savings account, if the balance falls below $50,000, interest rate and APY will adjust to the lower yield. The interest rate and APY are accurate as of the effective date shown above only, and are subject to change without notice, at Gate City Bank's discretion. Fees, including service fees, may apply and could reduce earnings on the account. See our Schedule of Fees for details.
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