The Tumby Bay Community Bank Steering Committee is now in the process of choosing a company to conduct the study.

The committee has almost reached its target of $750,000 through shareholders, and is urging anyone interested in shares to express interest now, as non-binding pledges to subscribe will close once the target is reached.

If the study shows the bank will be feasible the committee will start looking for a site as well as staff, with hopes to be established sometime in spring.

Steering committee chairman Kevin Cook encouraged anyone thinking about opening an account with the bank to do so, as the money would go back into the community.

"You'd have to ask yourself why not, especially when you see the Cummins community bank putting back $1 million in 10 years," he said.

According to Mr Cook, Choice magazine recently rated 13 banks on fair practice, and Bendigo Bank came out on top.