The Gibraltar
RED CARPET IRA

As a Member of the FDIC, your retirement funds at Gibraltar are cumulatively insured up to $250,000 by the Federal Deposit Insurance Corporation, the maximum permitted by law as of April 2006.

This account is governed by Internal Revenue Service Rules as set in IRS Pub. 590. References to these rules are as of Tax Year 2006, and are for informational purposes only. They are not intended to be an official interpretation of the Rules. You are strongly urged to consult your tax advisor on IRAs; including eligibility and current and future effects on your tax liability. The Bank is not responsible for an accountholder's failure to adhere to IRS limitations and any resulting IRS consequences.

Red Carpet IRA CD Advantages
Provides a greater return than our Standard Term IRA CD accounts.
IRS Tax Advantages
Traditional IRA You may be able to deduct some or all of your contributions (Deposits) to a Traditional IRA depending on your circumstances. Generally, amounts in your Traditional IRA, including earnings and gains, are not taxed until they are distributed, when you usually are at a lower tax bracket.	Roth IRA If you satisfy the requirements, qualified distributions from a Roth IRA are tax free, however, you cannot deduct contributions. You can set up and make contributions to a Roth IRA after you reach 70 ½ and you can leave amounts in your Roth IRA as long as you live.
IRS Limitations
Traditional IRA You cannot set up and make contributions to a Traditional IRA if you have reached 70 ½ at the end of the year. You must begin receiving required minimum distributions from your Traditional IRA by April 1 of the year following the year you reach age 70 ½.	Roth IRA The IRS limits the most that could be contributed to your Roth IRA for a Plan Year and the IRS determines this amount annually. The contribution limit for Roth IRAs also depends on whether contributions are made only to Roth IRAs or to both Traditional IRAs and Roth IRAs. The contribution limit may be further limited by your adjusted gross income and filing status.
Traditional IRA Vs. a Roth IRA?. The two are more fully compared from the IRS' standpoint in a table in IRS Publication 590.

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 the APY The APY assumes interest will remain on deposit until maturity. A withdrawal of interest will reduce earnings.	2,500.00
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.	2,500.00
Frequency in which Interest compounds and is credited	Monthly
Account Features
Minimum Deposit to Open Account. You may not make additional Deposits to the account during the Term of the account.	2,500.00 NEW MONEY
Grace Period for Penalty Waiver Account Term 7 Month or greater	7 days
Penalty for Early Withdrawal of Principal Account Term 7 Month 13 Month 25 Month 37 Month	3 Month's interest 6 Month's interest 6 Month's interest 9 Month's interest
Standard Term Account to which Certificate will automatically Renew at initial maturity and subsequent renewals Initial Term 7 Month 13 Month 25 Month 37 Month	6 Month IRA CD 12 Month IRA CD 24 Month IRA CD 36 Month IRA CD
Account-Specific Limitations
New Money ONLY. Transfers from existing Gibraltar Savings Bank accounts excluded. Plan contributions are accepted within the time frame determined by the IRS, and are deposited into one or more qualified IRA Certificate of Deposit accounts of your choosing. Once deposited, the funds must remain in the account until the maturity date to avoid a Bank imposed penalty. This is different than IRS limitations requiring funds to remain in a retirement Plan. 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 penalty is separate from any IRS penalty, however, we waive the bank penalty if the withdrawal is made under the following IRS 59 ½ Rule exceptions: if the accountholder is disabled (as defined in 26 U.S.C. Section 72(m)(7)); the withdrawal is following the death or adjudication of incompetence of the accountholder; the withdrawal is a period certain payment distribution to the accountholder pursuant to the benefit election as detailed in the Trust Agreement. 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 similar Standard Term accounts, and will continue to renew at the Standard Term on subsequent renewals. 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, provided they are within IRS contribution limitations; Rollover the account into another IRS eligible investment without the imposition of a Bank penalty; or change the Term. The Bank is not responsible for accountholder's failure to adhere to IRS limitations and any resulting IRS consequences. The Bank reserves the Right not to Renew a Certificate of Deposit to which you have made contributions, 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 at the interest rate offered on these accounts. 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.
This Account is governed by the terms disclosed above and the following:
IRA Trust Agreement and Application to Participate. Provided to New IRA Plans.
General Terms for Deposit Accounts
The Gibraltar Standard Term Traditional IRA
The Gibraltar Standard Term ROTH IRA

RED CARPET Checking PLUS | RED CARPET Checking
RED CARPET Money Market
RED CARPET Statement Savings | RED CARPET Passbook Savings
RED CARPET Time Deposit | RED CARPET Certificate of Deposit (CD)

Return To
Top of Page | The Gibraltar RED CARPET Accounts | Home Page

---