We will be CLOSED Monday, May 29, 2023.

Any transactions after closing Friday, May 26, 2023 will post to your account on Tuesday, May 30, 2023 due to the observance of MEMORIAL DAY.  

*This affects all wires & ACH transactions.

May 23rd – May 25th our Johnston Drive-up will be temporarily closed for construction.


Are you saving for your child's future?

  •  High Yield Savings Options
  • Options for College Savings
  • The experts to help you

Simplify your holiday shopping & give your child the gift of savings.

We are here to help no matter where life takes your child. Whether they go to college, join the military, or go straight into the workforce; GSB has a savings option that suits their needs. The best part? Our GSB College Fund isn’t just for college! Learn more below.

View rates here

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High-yield account options with features you expect & the small town service you deserve.

GSB College Fund

A CD level interest rate in an account designed to save for your child until they are college-aged.

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Simply Savings

A great rate with no hoops to jump through. Just deposit and start earning more today!

Other College Savings Plans

Click here to contact a financial advisor about our other college savings options available.

Mobile and Online Banking

Access your money anywhere, anytime. Because banking should be simple.

Exceptional Customer Service

Personal Bankers are just a call or online chat away during regular banking hours.

Member FDIC

Your deposits in this savings account are FDIC-insured up to $250,000 per depositor.

What you need to know about the savings options for your child at Grinnell State Bank.


Earn a CD Rate

This savings account earns the same rate as the highest tier of our 30 Month CD, even with the minimum balance!


Earn up to 10x More1

This high-yield savings account earns you up to 10x more than the FDIC national average savings rate.

Easy Savings
Open a GSB College Fund with $250 and start earning CD level interest without the worry of paying monthly service fees.
No Monthly Fees

On Balances over $100 there are no monthly service fees, so what you earn is what you keep! (**Transactional fees still apply.)

No Monthly Fees
In addition to easy savings, there are no monthly service fees, so what you earn is what you keep!
Accessible Funds
6 withdrawals / debits per statement cycle without a service charge.**
Not Just for College
The benefit of the GSB College Fund over other options available in the market is that you earn a higher rate, but if your child’s life plans don’t lead them to college, they can use the money for other purposes with no penalty after the account matures. You can use the funds to buy a car, put a down payment on a house, or whatever their heart desires.
One Account Per Tax ID
Open one (1) Simply Savings account per primary Tax ID/SSN. That’s one account for each member of the family so your money can work harder for you.
Savings with a Purpose
On June 30th following your child’s 18th birthday, you can start withdrawing funds with no fee! The account is designed this way to encourage savings until your child is in college or out on their own. Don’t worry though, if you absolutely need it you can withdrawal from it earlier for a fee.
Low Minimums
There are low minimums, $100 minimum deposit to open your high-yield Simply Savings account. No hoops to jump through, just deposit your money and earn a great rate!

What to consider when choosing a high yield savings account.

Annual Percentage Yield (APY) is how much compound interest you will earn in a year. Our GSB College Fund pays interest quarterly and our Simply Savings pays interest with each statement cycle.
Some high-yield savings accounts require an opening deposit of $10,000, or more! With our high-yield accounts our minimums are much lower. Open a GSB College Fund with $250 or our Simply Savings with $100.
Other high-yield savings accounts require a certain minimum balance to earn the higher APY and avoid service fees. With a GSB College Fund, you instantly earn the interest rate of a $50,000 – 30 Month CD when you maintain a $250 Average Available (collected) Balance and there are no monthly service fees. In addition, with Simply Savings, you can avoid a low balance fee and earn a great rate by maintaining a $100 Average Available (collected) Balance in your account.
With a GSB College Fund, you are encouraged to leave the money in the account until June 30th after your child’s 18th birthday, but after that you can withdrawal the funds when you need them, without a fee. For a Simply Savings account, you can withdrawal from your account up to 6 times per statement cycle without a fee at any point after account opening.**
A GSB College Fund is a smart way to save for your child’s future, whether that be college or another path. This high-yield account is meant to encourage saving until your child is college-aged. Simply Savings the smarter way to save for a down payment on a home, saving for college, a family vacation, a vehicle, updating your home, and so much more.

GSB College Fund Interest Rate

Based on the highest tier 30 Month CD Interest Rate

Account Funds

GSB College Fund Interest Rate

APY (Annual Percentage Yield)

$250.00 +

Examples of how Simply Savings tiers works for you. We promise, it’s simple.

Example 1

You deposit $1,000 into a Simply Savings, you earn 1.25% interest on all of your funds, so your APY interest rate on your statement will show as 1.26%.

Example 2

You deposit $30,000 into a Simply Savings account you will earn 1.25% interest on the first $25,000. You will then earn 0.01% on the other $5,000 that you deposited. Then when you see the APY interest rate on your statement, it will show as 1.04%.

Example 3

You deposit $90,000 into a Simply Savings. You will earn 1.25% interest on the first $25,000; 0.01% on the next $25,000; 0.04% on the final $40,000. Therefore, when you see the APY interest rate on your statement, it will show as 0.36%.

Keep tabs on your savings wherever life takes you.

With mobile and online banking features you can move your money between linked Grinnell State Bank accounts.**

* GSB College Fund money may not be accessed without a fee until June 30th after your child’s 18th Birthday

Deposit checks on the go so your money can start working for you.

Conveniently located ATMs

Make deposits and withdrawals 24/7 at our network of Privileged Status Shazam ATMs.(4)

*This applies only to the Simply Savings account. GSB College Fund accounts cannot have a debit or ATM Card attached to the account.

Questions? Real people answer your calls, every time.


to Open Your GSB College Fund Today!

(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.

(4) Simply Savings accounts may have an ATM card attached. If you would like a debit card, you must have a GSB checking account associated with your savings.

**All Simply Savings accounts will incur a $2.00 charge per withdrawal/debit over 6 per statement cycle.

Rates valid as of December 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.


Bringing the Bank to you

We want to make banking easy for you with 24/7 access to your accounts and convenient access to services. Have 24/7 access to all of the following without having to step foot in the bank:

For a printable version of Reg E:

 You are accessing a printable version of our Electronic Funds Transfer.

For a printable version of our Online Terms and Conditions:


You are accessing a printable version of Grinnell State Bank’s Online Banking Terms and Conditions. There are hyperlinks appearing within the document to access additional bank policy information referenced by the link. The links are for reference only, please contact the bank directly to request a copy of the referenced information.