Personal Tiered Savings Account
A Personal Tiered Savings Account at Bank of Coral Gables is designed for low or high balances of funds to grow for future use. Typical uses for this account are saving for taxes, special events, vacations, or for the future of a child. This account has a $250.00 minimum deposit requirement to open and you must maintain a $250.00 daily balance.
This product pays different interest rates for specific levels of deposit balances. Rates fluctuate according to market conditions and are subject to change. Interest is compounded and credited monthly. Interest begins to accrue the day cash items are deposited and the business day that non-cash items are credited. We use the daily balance method to calculate interest on accounts. This method applies a daily periodic rate to the principal in the account each day.
Statements on this account are generated quarterly unless a transaction takes place within the month. Then, a monthly statement prints and is mailed.
Savings Accounts allow you to make an unlimited number of withdrawals by mail or automated teller machines (ATMs). However, federal regulations permit only six pre-authorized automatic or telephone transfers from your Savings Account per monthly statement cycle. A $10.00 excess item fee will be charged to your account for each transaction that exceeds the maximum allowance of transfers per statement cycle.
A MasterCard Debit Card is available for this account but not recommended due to the Federal restrictions of withdrawal. The card may be used for the convenience of balance inquiry and transfer between accounts at Bank of Coral Gables without restriction. MasterCard Debit Cards are subject to credit approval via an application submitted to Bank of Coral Gables. There is no transaction charge for ATM usage at the ATM located at the Bank of Coral Gables or within the Presto (Publix) network. Fees will apply for ATM usage at financial institutions other than Bank of Coral Gables. Please refer to the service schedules for details on these services and fees that may apply.
Point-of-Sale transactions with a VISA Debit Card are not permitted for Savings Accounts and will be declined. Federal regulations applicable to Savings Accounts provide that we must retain the right to require at least seven days notice prior to any withdrawal.
Click here for current rates for this product.
See how your savings account interest can add up by clicking this interest rate calculator feature. Please consult a tax advisor regarding the deductibility of interest.
Youth Savings Account
A Bank of Coral Gables Youth Savings Account is the first stop on your child's road to a solid, hands-on financial education. By establishing a Youth Savings Account at an early age, children will better understand the rewards that come with setting and achieving savings goals. Best of all, children will grow up knowing the real value of watching their dollars grows and understanding the benefits of interest compounding.
Our Youth Savings Accounts are for children from birth to age 18 and feature:
- A small opening balance of $50.00
- No monthly service fee with a $ 50.00 minimum daily account balance
- Interest is compounded daily on account balances above $50.00
- Free automatic transfers from related accounts to build account balances quickly and easily
Statements on this account are generated quarterly unless a transaction takes place within the month. Then, a monthly statement prints and is mailed.
To give your child, grandchild, niece, nephew or other young family member a financial head start, open a Youth Savings Account today!
