MAKING FUTURES BRIGHT
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.
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.
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.
What you need to know about the savings options for your child at Grinnell State Bank.
GSB COLLEGE FUND
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!
SIMPLY SAVINGS
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
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
Accessible Funds
Not Just for College
One Account Per Tax ID
Savings with a Purpose
Low Minimums
What to consider when choosing a high yield savings account.
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)
Simply Savings Split Balance Tiers**(3)
The more money you put in, the more you save!
| Tier Level | Account Funds | Simply Savings Interest Rate(2) | APY (Annual Percentage Yield) Ranges |
|---|---|---|---|
| Tier 1 | up to $500.00 | 1.25% | 1.26% |
| Tier 2 | $500.01 – $25,000.00 | 1.25% | 1.26 to 1.26% |
| Tier 3 | $25,000.01 – $50,000.00 | 0.01% | 1.26 to 0.63% |
| Tier 4 | $50,000.01 – $100,000.00 | 0.04% | 0.63 to 0.34% |
| Tier 5 | $100,000.01 – $200,000.00 | 0.04% | 0.34 to 0.19% |
| Tier 6 | $200,000.01 – $1,000,000.00 | 0.06% | 0.19 to 0.09% |
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
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.
or
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.
