SIMPLY SAVINGS ACCOUNT
Let your money do the work for you & earn more today!
- Low Minimums
- No Lengthy Requirements
- Easy Access to Your Money
How to Get Started
Open an account online in just 10 minutes and start saving more!
Fill out an application
Deposit Funds
Download our mobile app
Let your money do the work for you!
Features you expect with small town service you deserve.
Mobile and Online Banking
Access your money anywhere, anytime. Because banking should be simple.
Easy account transfers
With mobile and online banking features you can move your money between linked Grinnell State Bank accounts.
Mobile Deposit
Deposit checks on the go so your money can start working for you.
Exceptional Customer Service
Forget automated responses! Talk to our Personal Bankers via phone or online chat during regular banking hours.
Conveniently located ATMs
Make deposits and withdrawals 24/7 at our network of Privileged Status Shazam ATMs.
Account Details
Earn More From Your Money
One Account Per Tax ID
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.)
Low Minimums
Accessible Funds
6 withdrawals / debits per statement cycle without a service charge.**
FAQs
Some high-yield savings accounts require an opening deposit of $10,000, or more! You can open a Simply Savings account with Grinnell State Bank for a minimum deposit requirement of $100 and start earning more in just 15 minutes.
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 | 2.25% | 2.27% |
| Tier 2 | $500.01 – $25,000.00 | 2.25% | 2.27 to 2.27% |
| Tier 3 | $25,000.01 – $50,000.00 | 0.75% | 2.27 to 1.51% |
| Tier 4 | $50,000.01 – $100,000.00 | 0.80% | 1.51 to 1.16% |
| Tier 5 | $100,000.01 – $200,000.00 | 0.85% | 1.16 to 1.01% |
| Tier 6 | $200,000.01 – $1,000,000.00 | 0.90% | 1.01 to 0.92% |
How it works. We promise, it’s simple.
Example 1
You deposit $1,000 into a Simply Savings, you earn 2.25% interest on all of your funds, so your APY interest rate on your statement will show as 2.27%.
Example 2
You deposit $30,000 into a Simply Savings account you will earn 2.25% interest on the first $25,000. You will then earn 0.75% on the other $5,000 that you deposited. Therefore, when you see the APY interest rate on your statement, it will show as 2.02%.
Example 3
You deposit $90,000 into a Simply Savings. You will earn 2.25% interest on the first $25,000; 0.75% on the next $25,000; 0.80% on the final $40,000. Therefore when you see the APY interest rate on your statement, it will show as 1.19%
Questions? Let’s Chat!
Forget automated responses! Use the Live Chat or call us at (800) 236-3187 to talk to one of our personal bankers. Our people are here to answer your call during normal banking hours.
Get Started Today!
What you need to open an account online:
- $100
- 18 years or older
- Iowa Resident
- Social Security Number (SSN) or Tax Identification Number (TIN)
- Two forms of identification:
- Driver’s License
- State Issued ID
- Military ID
- Passport
You are advised to not include sensitive or confidential information (i.e. Social Security #, account #’s or pass code ID information etc.) within any “unencrypted” email communication. Please be advised that contact forms are received during normal business hours. If you have not received a response within 48 hours, please call the bank at 800-236-3187.
(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 March 1, 2024.
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.
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