Business Savings & Corporate Transaction Package
Our business savings services are designed with your business needs in mind, no matter what size. Our flexible savings account options are designed to help you manage and grow your business.
We’ve assembled a variety of excellent resources that can help you learn more about privacy and security issues. Please note that these sites are not associated with Grinnell State Bank and that by using them you are governed by their own privacy policies.
Simply Savings:
Our new savings with a low minimum balance requirement offers your business the ability to start earning a higher interest rate on your excess funds and the interest rate is tiered based on your account balance. See tiers here.
- Earn up to 25x the national average savings rate
- 6 withdrawals per statement cycle**
- No monthly service charge when you maintain a $100 Average Available (collected) Balance
- Tiered Interest Rate (see Simply Savings Split Balance Tiers here)
Business Savings:
With a low minimum balance requirement, this account offers your business the ability to start earning interest on your excess funds and the interest rate is tiered based on your account balance.
- $500 Average Available (collected) Balance requirement to waive monthly service charges
- 3 withdrawals per statement cycle**
- Earns interest on a tiered rate
Business Money Market Savings:
This account offers higher interest-earning potential on your business funds and with this tiered account the more money you put in, the higher your rate will be.
- $10,000.00 Average Available (collected) Balance requirement to waive monthly service charges
- Starts earning interest at $10,000.00 with a higher rate than the Business Savings
- 6 withdrawals per statement cycle**
Business Certificates of Deposit:
Our short and long term CDs are available from 3 to 60 months and offer competitive rates for your short or long term savings needs.
- $2500.00 minimum opening balance for 30-90 day Certificates
- $1000.00 minimum opening balance for 3-60 month Certificates
- 15 & 33 Month Specials with a great interest rate
Business Savings Account Options
Simply Savings(B1)
Business Savings
Business Money Market Savings
Sweep Account(B2)
Transaction Account
Opening Deposit
$100
$100
$10,000
$1,000
$10,000
*Average Available (collected) Balance for no monthly service charge
**Item charges may still apply
$100
$500
$10,000
N/A
N/A
Monthly Service Charge
$2(B1)
$2
$15
None
$20 Emailed
Daily Sweep Confirmation Statement
Images On Statements
N/A
N/A
N/A
N/A
Included
*Average Available (Collected) Balance to Earn Interest
Yes
Based on Tiered Split Balances
Yes
All Balances
Yes
Tiered on Balance – $10,000 Minimum
Yes
Based on Tiered Split Balances
N/A
Special Features/
Item Charges**
$2 per withdrawal over 6 per statement cycle (B1)
$1 per withdrawal over 3 per statement cycle
$10 per debit over 6 per statement cycle
***All service fees are applied to Corporate Transaction Account
***$0.075 per check or deposit, $0.02 per on-us check deposited item, $0.08 per not-on-us(transit) check item deposited.
(B1) All Simply Savings accounts will incur a $2.00 charge per withdrawal/debit over 6 per statement cycle. A $2.00 Low Balance Service Fee is charged when the Average Available (collected) Balance (AAB)* is below $100.00 for the statement cycle. The interest for this account is based on variable rates for each “Split Balance” tier. For further details on the split balance tiers, click here. Only one (1) Simply Savings account is permitted per primary Tax ID/Social Security Number.
(B2) The Corporate Sweep Checking is a Non-FDIC INSURED short term obligation. The account is securitized by Government Treasury or Agency Bonds. You are required to have a daily statement delivered to you.
* The Average Available (collected) Balance is calculated by adding the available principal balance in the account for each day of the period and dividing that figure by the number of days in the period. The available balance is the account balance, less unpaid deposited items drawn on other financial institutions in the process of collection. For current rate information please E-mail us or contact a Personal Banker at one of our branches.
***Sweep Account and Transaction Account are an account package. Both accounts are required with the package, along with signing a Sweep Account Agreement.
Rates Valid as of January 2, 2020.
Important Information about Procedures for Opening a New Account: To help the government fight the funding of terrorism and money laundering activities, Federal Law requires all financial institutions to obtain, verify, and record information that identifies each person or business that opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that allows us to identify you. We may also ask to see your driver’s license or other identifying documents.
Switch Today!
Our friendly staff is ready to help you create a new account or transfer your existing business account to Grinnell State Bank.
We’ve assembled a variety of excellent resources that can help you learn more about privacy and security issues. Please note that these sites are not associated with Grinnell State Bank and that by using them you are governed by their own privacy policies.
