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, offering you easy access to your money while earning a great savings account rate. No hoops to jump through, no locked in terms. Just deposit your money and start earning today so you can grow your business the way you want.
This high-yield savings account earns your business up to 25x more than the FDIC national average savings rate.
On Balances over $100 there are no monthly service fees so what you earn is what you keep! (Item charges may still apply)
There are low minimums, $100 minimum deposit, to open or maintain your high-yield Simply Savings account. No hoops to jump through, just deposit your money and earn a great rate!
Annual Percentage Yield (APY) is how much compound interest you will earn in a year. Our Simply Savings pays interest with each statement cycle. With up to 25x the FDIC national average savings rate, enjoy CD level interest rates without being locked into a lengthy term.
Some high-yield savings accounts require an opening deposit of $10,000 or more. You can open a Simply Savings with us for just $100 and start earning more in just 15 minutes! Contact us to open your account today.
Other high-yield savings accounts require a certain minimum balance to earn the higher APY and avoid service fees. With Simply Savings, you can avoid a low balance fee and earn a great rate by maintaining a $100 Available (collected) Balance in your account.
Don’t be restricted from using your money when you need it! You can withdrawal from your Simply Savings up to 6 times per statement cycle without a fee.**
Tier Level
Account Funds
Simply Savings Interest Rate(2)
APY (Annual Percentage Yield) Ranges
Tier 1
up to $500.00
1.50%
1.51%
Tier 2
$500.01 – $25,000.00
1.50%
1.51 to 1.51%
Tier 3
$25,000.01 – $50,000.00
0.01%
1.51 to 0.76%
Tier 4
$50,000.01 – $100,000.00
0.04%
0.76 to 0.40%
Tier 5
$100,000.01 – $200,000.00
0.04%
0.40 to 0.22%
Tier 6
$200,000.01 – $1,000,000.00
0.06%
0.22 to 0.09%
(1) on your first $25,000.00
(2) Rates are subject to change after the account is opened. Fees assessed may reduce earnings on the account.
(3) The interest for this account is based on variable rates for each “Split Balance” tier. Interest will be paid on a Split Balance rate calculation method: When split balance rates are used, the portion of an account’s Available (Collected) Balance (AB) which is less than or equal to the first split balance amount earns interest on the first rate tier. The portion of an account’s (AB) which is less than or equal to the second split balance amount earns interest at the second rate tier. The portion of an account’s (AB) which is less than or equal to the third split balance amount earns interest at the third rate tier, and so on up to a maximum of six split balance amounts and six split interest rate tiers (shown above “Simply Savings Split Balance Tiers). The interest rate and overall Annual Percentage Yield (APY) will depend on the (AB) in the account according to the rate tier applied to each portion of the account balance. A $2.00 Low Balance Service Fee is charged when the Available (Collected) Balance (AB) is below $100.00 for the statement cycle. Interest is calculated daily based on the (AB) in the account for each individual day. Daily interest totals are then combined and applied to the account as a single interest total at the end of the statement period. The available balance is the account balance, less unpaid deposited items drawn on other financial institutions in the process of collection. Please E-mail us or contact a Personal Banker at one of our branches for current rate information.
**All Simply Savings accounts will incur a $2.00 charge per withdrawal/debit over 6 per statement cycle.
Rates valid as of July 1, 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.
And you should too! 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.
Grinnell State Bank provides links to web sites of other organizations in order to provide visitors with certain information. A link does not constitute an endorsement of content, viewpoint, policies, products or services of that web site. Once you link to another web site not maintained by Grinnell State Bank, you are subject to the terms and conditions of that web site, including but not limited to its privacy policy.
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