Interest Savings Disclosure Packet

Truth In Savings Disclosure

Account Type: Interest Savings

Account #: _________________________________

Date: _______________________

This disclosure contains the rules which govern your deposit account. Unless it would be inconsistent to do so, words and phrases used in this disclosure should be construed so that the singular includes the plural and the plural includes the singular. 

We reserve the right to at any time require not less than seven (7) days notice in writing before any withdrawal from an interest bearing account.

Minimum Balance Requirements

  • A minimum deposit of $20 is required to open account

Additional Requirements

  • An Interest Checking Combo Account is required. 
  • The owner(s) of your Interest Checking Combo Account and Interest Savings must be the same.

Service Charge

  • A $3.00 monthly service cycle charge.
    • Monthly Service Cycle Charge will be waived if one of the following is met:
      • Average month to date balance of $5,000 OR
      • Average month to date balance of $25,000 or greater in qualifying deposits (See Additional Terms for qualifying accounts)

Additional Fees

  • A fee of $5.00 per debit/withdrawal transaction, excluding ATM transactions, in excess of six (6) per month will be assessed.
  • Monthly Paper Statement fee of $4.85.
  • Monthly paper statement fee waived if one of the following is met:
    • Average month to date* balance of $5,000 or greater OR
    • Average month to date* balance of $25,000 or greater in qualifying deposits (See Additional Terms for qualifying accounts) OR
    • Account is set up for eStatements
      • *Average month to date cycle will end one business day prior to the statement cycle.

  • If the primary bank account holder decides to cancel their eStatement at any time, or if we have reason to believe that they are not receiving their eStatement or eNotification a $4.85 monthly paper statement fee will be assessed unless the average month to date balance of $5,000 or greater OR average month to date balance of $25,000 or greater in qualifying deposits applies.

  • See Notice of Disclosure for Services and Fees for a list of additional fees that may apply.

Variable Rate

  With a daily balance of: What You Get
  Interest Rate Annual Percentage Yield (APY) ATM Fees Refunds
If qualifications are not met: All balances 0.05% 0.05% None

If qualifications are met in the Interest Checking Combo Account:

  • Have at least 12 debit card transactions post and settle per qualification cycle (excluding ATM transactions, refunds for Point of Sale purchases and internal transfers) Transactions may take one or more banking days from the date the transactions was made to post to an account
  • Have at least one automatic payment post and settle each statement cycle or one Gulf Coast Bank bill payment or one direct deposit post and settle each statement cycle
 All balances 0.60% 0.60% None
  • The interest rate and annual percentage yield stated above are accurate as of the date printed above. If you would like more current rate and yield information please call us at one of the numbers listed above.
  • Fees may reduce earnings
  • The interest rate and annual percentage yield for your account depend upon the applicable rate tier and whether or not you meet the qualifications in the Interest Checking Combo account for the monthly statement cycle.
  • The interest rate and annual percentage yield for these tiers may change.

Frequency of Rate Change

  • At our discretion, we may change the interest rate on your account at any time.

Accrual of Interest on Noncash Deposits

  • Interest will begin to accrue the next business day following the day of your opening deposit.

Compounding, Crediting and Balance Computation

  • Interest is compounded monthly. Interest will be credited at the end of each statement cycle.
  • There is no minimum balance to earn interest.
  • If you close your account before interest is credited, you will not receive the accrued interest.
  • We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. The daily periodic rate may vary.
  • The period we use is days in statement cycle.

Additional Terms

  • Interest and/or ATM Refunds credited to your Interest Checking Combo Account will automatically transfer to your Interest Savings Account on the business day following the date of your last Interest Checking Combo Statement Cycle.
  • If the primary account holder has enrolled in eStatements, they will receive an email notification when their statement is ready for viewing at www.gulfbank.com. (see Gulf Coast Bank & Trust Co. Internet Banking and eSign Disclosure). Images of processed items are available online. Active internet banking account and email address is required at all times.
  • If the primary account holder is not actively enrolled in eStatements at any time, for any reason, they will receive a monthly paper statement mailed to their address of record. 
  • Your account will be placed in Dormant Status after 12 months of inactivity. While your account is dormant, any applicable monthly service charges and monthly paper statement fees will be waived. You will no longer receive periodic statements and/or eStatement notifications. Upon reactivating your account, you will begin to receive a periodic statement and all fees associated with the account product will be assessed, unless you meet the balance requirements if applicable.
  • Fees incurred from ATM withdrawals made from your Interest Savings Account will NOT be refunded.
  • If your Interest Checking Combo Account is closed for any reason and your Interest Savings Account remains open, your Interest Savings Account will be converted to a Regular Savings, there will be no transfer of interest and ATM Refunds, and your account will no longer qualify for the higher rate of interest. A Regular Savings Account Disclosure is available upon request.
  • If converting from an existing Gulf Coast Bank Savings Account, the conversion will take place only when the customer maintains an active Interest Checking Combo Account and NOT until the next statement cycle of your existing account. Subsequent statement cycles will be on the 15th of the month. Any accrued interest will be credited and any applicable fees will be assessed on the day the account is converted.
  • Qualifying deposits includes all personal checking, savings or certificates of deposits that are directly linked to this account.

REV 12/21

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