Certificate of Deposits: Grinnell State Bank offers exceptionally competitive rates on our CDs. The easiest way to inquire about the specifics of our CD products is to pick up the phone and have a conversation with one of our friendly customer service representatives. (641) 236-3174 or 1-800-236-3187 

 

 

TIME CERTIFICATE OF DEPOSIT ACCOUNTS 

Certificate of Deposit                          Minimum Deposit 

30 to 59 Days                                     $2,500.00 

60 to 89 Days                                     $2,500.00 

90 to 179 Days                                   $1,000.00 

180 to 364 Days                                 $1,000.00 

12 to 17 Months                                  $1,000.00 

18 to 23 Months                                  $1,000.00 

24 Months                                           $1,000.00 

30 Months                                           $1,000.00 

36 Months                                           $1,000.00 

48 Months                                           $1,000.00 

60 Months                                           $1,000.00 

 

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. There is a penalty for early withdrawal. 

 

 

I.R.A. (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 consultants. 

 

Open Time Account: This account follows the 30 month Certificate of Deposit rate at the beginning of each quarter. This is a great place to pool I.R.A. funds to invest later. Small amounts may be added at any interval of time. We can set up an automatic withdrawal from your checking or savings account. Even small amounts add up if you start early! 

 

Time Certificates of Deposit: Much the same as listed above, but smaller balance certificates are paid at the $50,000 tier.  

 

Self Directed Options: Located inside Grinnell State Bank is Grinnell Investor Center which offer even greater flexibility to our customers and their ability to purchase Stocks, Bonds, Mutual Funds and much, much more! Be sure to check out the Grinnell Investor Center section of the website, located under “Brokerage/Insurance”. 

 

For details on any of these accounts please feel free to call us at 641.236.3174 or 1-800-236-3187. or email; customerservice@grinnellbank.com