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The Gibraltar
RED CARPET STATEMENT SAVINGS ACCOUNT
| Red Carpet STATEMENT SAVINGS Advantage |
- Provides a greater return than our Regular Statement Savings account
- No need to safe-keep a Statement.
- Eligible for alternative 24/7 Access to Funds for Deposit and Withdrawal.
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| 24/7 Funds Access |
| PC Online Banking - Inquiry and Transfers To/From accounts held by you at Gibraltar or at other Institutions |
FREE |
| Telephone Banking - Inquiry and Transfers to other Gibraltar Accounts |
FREE |
| Account Features |
| Minimum Initial Deposit to Open Account |
2,500.00 New Money
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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 ) |
Red Carpet Statement Savings. Initial rate: You will be paid the initial rate published in the current rate sheet at time of account opening on all tiers for a guaranteed period of time (up until “the Fixed thru date”) as disclosed in the current rate sheet at time of account opening, but for no less than one month.
After the rate guarantee period, the interest rate for your account will become variable and at our discretion, we may change the interest rate on this account at any time without notice (“Variable Rate after Rate Guarantee”). The interest rate for your account will not be less than the rate paid on the Gibraltar regular Statement savings account for same earning balance. | 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 three Tiers: $2,500.00 - $9,999.99; $10,000 - $24,999.99; $25,000 and up. |
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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25,000.00
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 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. |
2,500.00 |
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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 three Tier account: Tier-1 is $2,500-$9,999.99 (minimum daily balance for Tier-1 is $2,500) for a rate of 1.69% and 1.77% APY; Tier-2 is $10,000 - $24,999.99 (minimum daily balance for Tier-2 is $10,000) for a rate of 2.06% and 2.08% APY; and Tier-3 is $25,000.00 and up (minimum daily balance for Tier-3 is $25,000) for a rate of 2.28% and 2.30% APY; On a $24,000 current principal balance, the entire $24,000 will accrue at the 2.06% rate for a 2.08% APY.
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See Current Rates for Tiers applicable to this account.
25,000.00
2,500.00 |
| Frequency in which Interest compounds and is credited |
monthly |
| Account-Specific Limitations |
- New Money ONLY. Transfers from existing Gibraltar Savings Bank accounts excluded. New Money is defined as funds not previously on deposit with Gibraltar in the past 30 days. Funds withdrawn from existing accounts at Gibraltar and re-deposited within 30 days of withdrawal are NOT considered new money. In determining if funds are being re-deposited to the Bank, Gibraltar may aggregate withdrawals within the past 30 days that are: not payable to a third party, or payable to the account of the accountholder at another financial institution, or in cash, EFT, ACH, ATM, or cashier check to the accountholder.
- New Money Exception: Red Carpet Statement Savings can serve as a linked account. At the discretion and authorization of a Bank manager, when opened for the purpose of serving as an eligible linked account, these may be opened with funds transferred from a matured Time account (personal CD or IRA) during the matured account’s grace period. Minimum balance requirement to retain linked account eligibility is specified in the disclosure of terms of the account that benefits from this account’s linked status.
- Qualifying Direct Deposit required. Eligible direct deposit payments include Payroll, re-occurring government payments such as Social Security, or a minimum of $1,000 automatically transferred from another financial institution on a regular monthly basis. A two month lapse in posting a Qualifying Direct Deposit to this account may result in the account being converted to a Regular Statement Savings Account without further notice.(see current regular Statement savings disclosure)
- Federal Regulation limits the number of withdrawals and transfers from your Statement 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.
- Requires timely review of the Account Statement for Unauthorized Use or Errors
- Monthly Statements. We will send you monthly statements reflecting account activity, service charges and interest earned, if any. You have 10 days from the time we mail your statement to you to notify us of any errors, forgeries or alterations. See the Electronic Funds Transfer Disclosure for error handling on these items.
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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The Gibraltar [Standard] Statement Savings account disclosure
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[30,31]
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