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January 24, 2020
Question

Hi, we have a GIC Investment for security deposit with our bank. What account type would it be a Money Market or savings?

  • January 24, 2020
  • 2 replies
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2 replies

January 24, 2020

Hi there,

 

Welcome to the Community. Making sure you're recording your transactions the right way is a good exercise for preventing errors in your books. 

 

I recommend contacting an accounting professional to get more info on this. If you're not in contact with one, I encourage you to search for one on our website using this link here. Doing this will help prevent any future discrepancies. Let me know if you have other questions. I'm here to help. 

April 24, 2020

HI , Usually , IF you can use the account as a current account with a debit card or credit bank facilities on it that is a MONEY MARKET DEPOSIT ACCOUNT , but in you case is a SAVING account , because of the nature of the investment as security guaranteed and without any other facility on the top.