BUSINESS MONEY MARKET SAVINGS 

   *  Balance to avoid Service Charge:    $2,500 

   *  Monthly Service Charge:                  $7.50 

   *  Interest Paid:                                     yes, $25,000 minimum 

   *  Account Fees:                                  $0.15 per debit, 

                                                                $0.20 per credit, 

                                                                $0.03 per on-us item deposited, 

                                                                $0.08 per transit item deposited, 

                                                              $10.00 per debit over 3 per month 

 

CERTIFICATE OF DEPOSIT 

30 to 59 Days 

60 to 89 Days 

90 to 179 Days 

180 to 364 Days 

12 to 17 Months 

18 to 23 Months 

24 Months 

30 Months 

36 Months 

48 Months 

60 Months  Minimum Deposit 

 

No fees are charged for this service. 

 

Balance Computation Method, Interest* Compounding and Interest Credit 

    Tiers are used and a higher rate is paid for larger amounts. The current tiers are; over $1,000, over $15,000 and over $50,000. Jumbo Certificates over $100,000 are quoted interest rates on an individual basis. Interest for your account will be compounded periodically, ie quarterly, semi-annually or annually, and is included in the expressed annual percentage yield (A.P.Y.) quote. Certificates of Deposit do not have transaction capability. Certificates of Deposit interest may be posted in a number of ways. You have the flexibility to change this at most any time. It may be compounded, paid to another account or paid by check. Depending on how you take your interest, the interest rate and annual percentage yield may change after account opening. * Call the Bank for current rates. Penalty for early withdrawal. 

 

IRA – Individual Retirement Account 

 

Grinnell State Bank is a great place to base an I.R.A. Along with our Full Service Trust Department we are experts in this field. Using the Open Time Account we are set up to make it easy for you to roll funds to us and not lose the earning potential while waiting for other investments to come due. With the Self-Directed Option we can purchase other investments and keep your tax accountant and I.R.S. happy when the funds do not pass through your individual name. Keeping them segregated, as the rules require. Rules keep changing and we stay educated and are willing to help you with any questions. 

 

Any individual under 70  1/2 years of age who has earned income may establish an IRA, and can also rollover proceeds from another IRA or a pension plan to an IRA. There are many deciding factors in determining the dollar and age limits for this kind of account. Please visit with one of our expert IRA consults.  The bank charges an Annual Fee of $5.00