This week, Gibraltar Bank introduced its new First Class Statement Savings (1.00% APY). The 1.00% APY is guaranteed for six months, and according to the fine print, "will remain competitive."
The minimum opening deposit is $5K and a monthly service fee of $10 will be charged if the account balance falls below $5K. In addition, the APY will drop to 0.10% if the balance drops below $5K.
Headquartered in Oak Ridge, Gibraltar Bank’s market area includes the northern New Jersey counties of Essex and Morris.
Opening a First Class Statement Savings can be done at any of three New Jersey branches located in Newark, Oak Ridge, and Whippany. At this time, Gibraltar Bank’s online banking capabilities are limited to account management and bill payment services, including the increasingly popular Popmoney.
Gibraltar Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas ratio of 7.97% (excellent), based on June 30, 2015 data. Gibraltar Bank has an excellent capitalization level of 13.63%, a result of holding $101.5 Million in assets, with $13.83 Million in equity. Please refer to our financial overview of Gibraltar Bank for more details.
Established in 1909 as the Gibraltar Building and Loan Association, the first branch was located above an ice cream parlor in Newark, New Jersey. As one of the oldest community banks in New Jersey, Gibraltar Bank has had over 100 years of continuous growth serving the residents of northern New Jersey.
How the First Class Statement Savings Compares
The 6-month rate guarantee on the First Class Statement Savings essentially makes it a 6-month no-penalty CD, if the balance remains above $5K. Therefore, when compared to the 123 6-month CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to New Jersey residents, the APY on Gibraltar Bank’s First Class Statement Savings currently ranks second.
The above rates are accurate as of 9/11/2015.
To search for nationwide Savings Account rates and Savings Account rates in your state, please refer to the Savings Account section of DepositAccounts.com.