| Red Carpet CD Advantages |
Provides a greater return than our Standard Term CD accounts
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| 24/7 Funds Access |
| Telephone Banking - Inquiry ONLY |
FREE |
| Interest and the Annual Percentage Yield ( APY ) |
The interest rate on this account is fixed (remains the same) for the term of the account at the rate published in our current rate sheet at time of account opening.
At initial maturity and subsequent maturities, the rate will be reset to the rate published in the current rate sheet at time of renewal for the standard term account this account rolls over to and will remain fixed until that term's maturity. | Current Rates |
Minimum Daily Balance to Obtain APY
The APY assumes interest will remain on deposit until maturity. A withdrawal of interest will reduce earnings.
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2,500.00
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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 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. |
500.00 |
Frequency in which Interest compounds and is credited
Account Term
7 Months or greater
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Monthly |
| Account Features |
Minimum Deposit to Open Account.
You may not make additional Deposits to the account during the Term of the account.
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2,500.00 NEW MONEY |
Grace Period for Penalty Waiver
Account Term
7 Month or greater |
7 days
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Penalty for Early Withdrawal of Principal
Account Term
7 Month
13 Month
25 Month
37 Month
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3 Month's interest
6 Month's interest
6 Month's interest
9 Month's interest
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Standard Term Account to which Certificate will Renew at initial maturity and subsequent renewals
Initial Term
7 Month
13 Month
25 Month
37 Month
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6 Month
12 Month
24 Month
36 Month
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| Account-Specific Limitations |
- New Money ONLY. Transfers from existing Gibraltar Savings Bank accounts excluded.
- As a Time account, deposited funds (Principal) must remain in the account until the maturity date.
- We impose a penalty if you withdraw any of the Principal before the maturity date. This penalty is equal to the interest or dividends earned, or that could have been earned, depending on the Term of the account.
- This account will automatically renew at initial maturity to the next lower Standard Term CD account, at the interest rate the Bank is offering at the time of renewal for Time accounts of similar Standard term accounts, and will continue to renew at the same Standard Term on subsequent maturities.
- At initial maturity and subsequent maturities this account will be subject to the terms and conditions of the Standard Term CD Accounts
- You have a "Grace Period" following the initial maturity date or the maturity date of any renewal Term during which time no penalty will be charged or additional earnings paid, during which you may make: additional deposits to Principal; withdraw Principal without penalty; or change the term.
- The Bank reserves the Right not to Renew this account, in which case it would provide the accountholder written Notice that it will convert the account at maturity to: a Time Deposit of another Term or a Passbook Savings Account.
- 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.
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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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The Gibraltar Standard Term Certificate of Deposit
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