Start Saving for Your Future

Home Personal Savings Accounts

Planning for your future has never been more important. Ensure that you're ready for whatever life brings you with a personal savings account at Peoples State Bank office of South Ottumwa Savings Bank.

Opening an account with PSB office of South Ottumwa Savings Bank is easy! Just follow the steps below to get started opening your personal account(s).

Contact your local branch with questions about opening a new account. We look forward to serving you!

Step 1:   Download the Consumer Account Information Worksheet.

Step 2:   Complete the Personal Account Information Worksheet.

Step 3:   Print the Personal Account Information Worksheet and bring it into your local branch with your unexpired government issued photo ID.


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 who 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 will allow us to identify you. We may also ask to see your driver's license or other identifying documents.


Savings Account Comparison


Statement Savings

CashBack Saver*

Christmas Club Savings

Junior Savings (17 years and younger)
Minimum to open$25$25None$5
Minimum daily balanceMaintain a $250 average daily balance to avoid monthly service fee.NoneNone$0

Interest2 paid quarterly

CashBack Saver* Interest Tiers2: $0.01-$5,000; $5,000.01 and upInterest2 paid annuallyInterest2 paid quarterly
Monthly service fee3$2 per monthNoneNoneNone
Processing fees46 FREE withdrawals per month; $1 for each additional withdrawal36 FREE withdrawals per month; $1 for each additional withdrawal3$15 penalty on all withdrawals before first of November each year36 FREE withdrawals per month; $1 for each additional withdrawal3
Online BankingFREEFREE (required)FREEFREE

Quarterly statement (monthly with ACH or ATM activity)

FREE eStatement

FREE monthly eStatement combined with CashBack Checking account (required)

Annual statement

FREE eStatement

Quarterly statement

FREE eStatement

Statement cycleEnd of the quarterEnd of the monthAnnual (November of each year)End of the quarter

*Free CashBack Checking with a linked CashBack Saver account work together to build your savings automatically. When you qualify for CashBack Checking rewards, you automatically qualify for a higher CashBack Saver rate, no additional qualifications! No minimum balance is required to earn CashBack rewards. Not available as a stand-alone product; must be opened in conjunction with a CashBack checking account. See a bank representative for details.

1We use the average daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the average daily balance in the account for the period.

2We use the daily balance method to calculate the interest on the account. This method applies a periodic rate to the principal in the account each day.

3You may make no more than six (6) transfers and/or withdrawals during any one (1) calendar month or statement cycle to another of your account with us or to a third party by preauthorized, automatic, online or telephone transfer.

4Sales tax may apply.

Interest rates are subject to change at the bank's discretion at any time. The annual percentage yield may vary due to the interest rate changes and fees. Please ask a bank representative for current interest rates and annual percentage yields based on designated balance tiers.