| The Gibraltar Passbook Savings Account Advantage |
- Competitive rates on small balances
- No regular statements received in the mail to keep track of and monitor.
- All transaction history is wholly contained in the passbook for easier record keeping.
- In a Joint Account, the accountholder who holds the passbook has control over withdrawals on the account.
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| 24/7 Funds Access |
| Telephone Banking - Inquiry ONLY |
FREE |
| Account Features |
| Minimum Initial Deposit to Open Account |
100.00
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| Minimum Daily Balance to waive Monthly Account Service Fee |
0.00 |
| Account-Specific Fees |
| Monthly Account Service Fee |
0.00 waived |
| Interest and The Annual Percentage Yield ( APY ) |
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The interest rate on this account is variable. At our discretion, we may change the interest rate on this account at any time. This account has a floor rate. The interest rate for your account will not be less than the floor rate, currently 0.35%. | Current Rates |
| This is a Tiered-rate Account.The entire Current Principal Balance earns at the interest rate of the tier it falls within. This account has two Tiers: $100.00 - $999.99; $1,000 and up.
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The highest Tier on this account earns the highest APY for this account.
Minimum Daily Balance to Obtain MAXIMUM APY
Minimum Daily Balance to Obtain MINIMUM APY
The APY assumes interest will remain on deposit. A withdrawal of interest may reduce earnings.
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1,000.00
100.00
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Minimum Daily Principal balance required to accrue
Interest accrues daily. We use the daily balance method to calculate interest on your account, which applies a daily periodic rate to the Principal in the account each day.
Interest will not accrue on those days where the minimum balance falls below the required minimum balance to accrue.
Interest begins to accrue on the business day you deposit cash and non-cash items (for example, checks).
If you close your account before interested is credited, you will forfeit the interest accrued for that time period. |
100.00 |
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This is a Tiered-rate Account. Each day a daily periodic rate, determined by the Tier in which the Current Principal Balance falls, is applied on the entire Current Principal Balance. This account will not accrue on a balance that falls below the minimum daily balance of the lowest balanced Tier (the required minimum balance to accrue).
Minimum Daily Balance to accrue using a daily periodic rate corresponding to the MAXIMUM APY
Minimum Daily Balance to accrue using a daily periodic rate corresponding to the MINIMUM APY
For illustrative purposes the following example uses a two Tier account: Tier-1 is $100 - $999.99 (minimum daily balance for Tier-1 is $100) for a rate of 0.65% and 0.65% APY; and Tier-2 is $1,000 and up (minimum daily balance for Tier-2 is $1,000) for a rate of 1.00% and 1.00% APY; On a $4,000 current principal balance, the entire $4,000 will accrue at the 1.00% rate for a 1.50% APY.
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See Current Rates for Tiers applicable to this account.
1,000.00
100.00 |
| Frequency in which Interest compounds and is credited |
monthly |
| Account-Specific Limitations |
- Federal Regulation limits the number of withdrawals and transfers from your passbook savings account, per calendar month or statement cycle to no more than six (6) withdrawals or transfers, regardless if made by: draft, check (MMDA), debit card, telephone, On-line, or similar order made by you, or as a preauthorized or automatic transfer, to: yourself, to another account held by you at Gibraltar or another institution, or to a third party. No more than three (3) of the six such transfers may be made payable to third parties. If you exceed these regulatory limits and we contact you and you continue to exceed them, we may close your account and place the funds in a demand deposit account, at which time you will receive notice of our action and will include a disclosure of the demand deposit account’s terms.
- This is a passbook account. You will be issued a passbook on which all recordkeeping will be maintained and to which transactions and interest will be posted.
- The passbook is required for all withdrawal transactions and must be presented at time of withdrawal.
- The passbook must be updated regularly {at least every six (6) months}, however, as a courtesy to our customers, if you mail it to the branch office where you normally conduct your business we will update your passbook and mail it back to you.
Where there is differing language or contradictory terms in other documents relating to this account, the terms detailed in this document govern.
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| This Account is governed by the terms disclosed above and the following:
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General Terms for Deposit Accounts
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Other Fees Schedule - Consumer
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Electronic Funds Transfer Act. Disclosure must be provided at account opening.
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Privacy Notice 12-2007
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