Regulation requires that the Bank provide 30-day advance Notice on certain changes in account terms. We may post this notice at our branch lobbies or provide the Notice within account statements or in a separate mailing. Notices posted at www.gibraltarbanknj.com shall serve as a prominently posted notice in an area accessible to the public and Bank customers and are intended to meet the 30-day advance notification of a material change in terms.
Each NOTICE posted includes the effective date, the date posted, and the change in terms. We may also include an explanation (wording will be in gray).
Effective, September 15, 2008, Posted August 12, 2008, Corrected August 21, 2008*. NOTICE: The following accounts will be tiered:
Passbook Savings
$100.00 to $2,499.99
$2,500.00 and above
Red Carpet: Passbook and Statement Savings
$2,500.00 to $9,999.99
$10,000.00 to $49,999.99
$50,000.00 and above
Now Accounts
$500.00 to $2,499.99
$2,500.00 and above
Red Carpet Checking
$1,000.00 to $4,999.99
$5,000.00 to $24,999.99
$25,000.00 and above
Red Carpet Checking Plus
$2,500.00 to $9,999.99
$10,000.00 to $74,999.99
$75,000.00 to $99,999.99
$100,000.00 and above
* Correction from previously disclosed: Red Carpet Checking assigned lower tiers; and Red Carpet Checking Plus to which higher tiers were added.
What is Tiering and how does it affect me?
Tiering provides different rates for different balances. It allows us to set a higher rate for higher balances in your existing accounts. The entire balance earns the rate of the Tier it falls within. Using our current Statement Savings tiered account as an example (APYs as of 8/6/08): $200 to $4,999.99 yields 0.90%APY; $5,000 and up yields 1.30%APY. If your daily balance is $5,800.00, your APY for that day would be the daily periodic rate yielding the 1.30%APY on the entire $5,800.00.
Our current rate sheet already has the following tiered accounts: Statement Passbook, Red Carpet: Money Market and Money Market Plus.
Effective, April 7, 2008, Posted March 6, 2008. NOTICE: The Floor rate on deposit accounts will be 0.35%.
Affected accounts include:
Passbook Savings
Red Carpet Passbook Savings
Statement Savings
Now Accounts
Red Carpet Checking
Red Carpet Checking Plus
Money Market Accounts
Does this mean that on April 7, 2008, my rate on these accounts will be 0.35%?
No. The Bank sets its rates to keep in line with market rates while remaining competitive. As of April 7, 2008, Gibraltar may offer an interest rate on any of these accounts as low as 0.35%, the floor rate. The actual rate offered on these accounts may be higher, but not lower, and may change daily, as determined by market conditions. Please refer to our published rate sheet available at the branch offices and at www.gibraltarbanknj.com to review the current interest rate on your account(s).
