Sovereign Bank's Government Banking Investment Account (GBIA) is a fixed- or variable-rate interest-bearing bank deposit account that can help municipalities, retirement boards, school districts, housing authorities, and other state and local government entities achieve better return on investments.
Interest to the account accrues daily and is paid at the end of each month.
- The convenience of not having to project your cash flow or monitor investment maturities
- Highly-competitive variable interest rate or a fixed term/fixed rate option
- No activity or transaction fees, including wires into or out of the account
- Easy cash position management with online balance reporting through our Interactive Reporting & Initiation Services (IRIS), Sovereign's state-of-the-art information reporting system