-
Financial Rates:
2.0
-
Customer Service:
4.5
-
Website Experience:
3.5
-
Bank Fees:
3.5
Pros:
- Reimbursement of ATM fees
- Variety of personal deposit accounts
- Most accounts have low opening amounts
- Money market has competitive rates
Cons:
- Accounts have monthly fees
- High opening balance for MMA
- Highest interest only introductory
- Daily limits for ATM withdrawals
What You Need to Know
State Farm Bank reimburses for fees charged at non-State Farm Bank ATMs. Fees are reimbursed if you have a direct deposit into the account you are withdrawing money from. If you do not have a direct deposit into that account, State Farm Bank will reimburse up to $10 each month in ATM fees.
A variety of different accounts are available through State Farm Bank. They offer a regular checking account and an interest-earning checking account. Savings and money market accounts are available. Accounts for minors, education, and retirement accounts are offered. CD terms range from 12-months to 5-years.
Most State Farm personal deposit accounts have low opening amounts. The saving account requires $100 to open. The regular checking account only requires $25. To open the interest checking account requires $100. Each of the different CDs requires $500 to open.
The State Farm Bank money market account offers a competitive interest rate. That account offers interest that is competitive with other online accounts. After the introductory period, met the qualifications to earn the competitive rate.
State Farm Bank accounts have a monthly fee and required balances to keep in the accounts. The fees range from $3 to $10 each month. The amounts required to keep in the accounts ranges from $100 to $500 for personal accounts. Having an electronic direct deposit into the account each month will waive the monthly fees.
The State Farm Bank money market earns competitive interest, but it has the highest required balances. To open this account requires $1,000. Waive the fee for this account by having a direct deposit into the account and keeping a $500 balance.
The most competitive rate is only an introductory rate for the money market account. You will receive the introductory rate for the first five billing cycles. After that time, if you have another State Farm qualifying account, you will earn the Relationship Rates which are lower, but still competitive.
State Farm Bank limits how much money you can withdraw from an ATM each day. The limit for State Farm Bank personal deposit accounts is $500 per day. There is also a limit to how much you can make in purchases each day. The purchase limit for debit cards is $3,500 per business day.
Cool Things
Relationship Rates
To receive Relationship Rates requires a State Farm Bank checking and money market account under the same ownership. To get the Gold Rate requires keeping a set daily balance or a set number of withdrawals along with a credit card. If the qualifications are not met, you receive the standard rates on accounts.
Financial Calculators
The State Farm Bank website offers a variety of financial calculators. There are calculators for paying off debt and emergency funds. There is a calculator for retirement and monthly budgeting. There are calculators for paying off credit card debt, investments, and loans. Using these different calculators help you better know your finances before big decisions.
History
State Farm started in 1922 by a retired farmer and insurance agent, George Jacob Mecherle. He started this company to operate fair and treat customers well. When it first opened, State Farm has a single line of auto insurance.
Today State Farm insures more cars and homes than any other company in the United States. They now offer more than 100 different products and services. State Farm has 19,000 agent offices. They have nearly 65,000 employees.
State Farm Bank offers personal deposit accounts as well as business accounts. Those personal accounts including checking, savings, MMA, and CDs.
Awards and Recognition
- "Corporate Social Responsibility Leadership Award" in 2017
- "Best Companies for Multicultural Women" in 2018
- "Most Admired Company" in 2018
- Ranked number 36 on the Fortune 500 list of largest companies
Giving Back
State Farm gives back to the communities they serve through scholarships. They offer a National Merit Scholarship for $2,500. They offer 100 scholarships ranging from $3,000 to $8,000. Recipients are students who have high academics and associates of State Farm employees.
Good Neighbor Citizenship has awarded $1.2 million in grants for green and eco-friendly activities. In 2009, GNC awarded $10,000 to an Eco Education project in St. Paul, Minnesota. This project teaches community projects and professional development. Over 13,000 inner-city children have benefitted from this project.
Frequently Asked Questions
Yes. State Farm Bank is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.
With checks, ATM or debit cards, electronic transfers, and bill pay.
Yes. With the State Farm Bank app, you can attend to your banking needs as well as your State Farm insurance needs. Remote check deposit and roadside assistance are available through the mobile app.
State Farm Bank has a variety of different accounts. Most of their accounts offer competitive interest rates. Answer questions for your account online or by contacting a State Farm agent.
No. Each of the accounts has a monthly fee. Waive the fee by having an electronic direct deposit into the accounts. The fees range from $3 to $10 each month, depending on the account.
State Farm Bank security complies with federal and state laws. They monitor their computer networks and maintain procedural safeguards to protect customer information.
Some accounts offer competitive interest rates, but not all. To get the competitive interest rates for some accounts requires a set balance. The money market account and CDs offer the most competitive interest rates.
Yes. State Farm Bank offers business money market accounts and business savings accounts. The interest rates for the business accounts are competitive.
The interest rates are higher than most brick and mortar bank accounts. Everything for your account is online.
Yes. The State Farm Bank earns interest if you have at least $2,500 in the checking account. Balances under that amount do not earn interest.
By phone, email, mail, or by contacting a State Farm agent. Customer service has specific hours. They are available from 6 a.m. to 11 p.m. Monday through Friday. On Saturday and Sunday, they are open from 8 a.m. to 8 p.m. All is Central Time. You can follow State Farm on Facebook, Twitter, YouTube, LinkedIn, and Flickr.
Yes. Free bill pay is available with a State Farm Bank checking and money market account.
Yes, at certain ATMs. Make deposits also by electronic transfers, direct deposits, wire transfers, and through the app. You can send a check deposit through the mail or UPS.
Online and wire transfers are available the same day. Transfers to an external bank account are available the next day.
Yes. Money can be directly deposited into State Farm Bank accounts. Having money directly deposited allows for unlimited ATM fee reimbursements. Direct deposits also help waive the monthly account fees.
Bank Contact Information
State Farm BankPO Box 2316
Bloomington, IL 61702-2316
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| Savings (Rate as of 11/21/2024) | |
| APY | 4.00% |
|---|---|
| Rate | 3.92% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 11/21/2024) | |
| APY | 4.75% |
|---|---|
| Rate | 4.64% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC No monthly maintenance fee, $0 to open, easily grow your money | |
The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own website where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.