We will be open normal business hours Monday, January 16, 2023.
Any transactions after closing Friday, January 13, 2023 will post to your account on Tuesday, January 17, 2023 due to the observance of Martin Luther King Jr Day. *This affects all wires & ACH transactions.
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.
Our 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 interest rate tiers.
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.
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.
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.
| 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 Based on Available (Collected) Balance** | $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 on the Available (Collected) Balance** | Yes All Balances | Yes Tiered on Balance – $10,000.01 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 Available (collected) Balance (AB)* is below $100.00 for the statement cycle. The interest for this account is based on variable rates for each “Split Balance” tier. See further details on the split balance tiers . 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.
**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 Grinnell State Bank 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 February 3, 2023.
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.
Our friendly staff is ready to help you create a new online business savings account or transfer your existing business account to Grinnell State Bank.
073901725
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