State Farm Bank Review 2022
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Our articles, interactive tools, and hypothetical examples contain information to help you conduct research but are not intended to serve as investment advice, and we cannot guarantee that this information is applicable or accurate to your personal circumstances. Any estimates based on past performance do not a guarantee future performance, and prior to making any investment you should discuss your specific investment needs or seek advice from a qualified professional.
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Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
Early withdrawal penalties are standard. For a 12-month CD, an early exit will cost six months of interest.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
The relationship rate requires a consumer checking or interest checking account, in addition to the Money Market Savings account. You’ll also need a daily balance of at least $2,500 or at least 10 withdrawals per statement cycle to be eligible for the relationship rate.
The Money Market Savings account has an ATM card.
The other option from State Farm Bank is the traditional checking account. It does not earn interest but comes with no monthly fees and no minimum balance requirements.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. .
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Our articles, interactive tools, and hypothetical examples contain information to help you conduct research but are not intended to serve as investment advice, and we cannot guarantee that this information is applicable or accurate to your personal circumstances. Any estimates based on past performance do not a guarantee future performance, and prior to making any investment you should discuss your specific investment needs or seek advice from a qualified professional.
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The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.Editorial disclosure
All reviews are prepared by our staff. Opinions expressed are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including any rates, terms and fees associated with financial products, presented in the review is accurate as of the date of publication. State Farm BankState Farm Bank Review 2020
Adrian D. Garcia Updated November 10, 2022 Bankrate logoThe Bankrate promise
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At a glance
3.6 Bankrate Score CDs Checking Savings MMA About Bankrate Score Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.Overview
State Farm will stop taking applications for new deposit accounts on Sept. 25. The bank in March announced a strategic alliance with U.S. Bank, which would assume State Farm's existing deposit and credit card accounts. State Farm deposit accounts on Oct. 10.Highlights
24/7 Customer Service ATM Fee Refunds Compare offers Advertiser DisclosureAdvertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC Savings Account 3.00 % APY Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min. balance for APY Offer detailsCapital One
Member FDIC Savings Account Details 3.00 % APY Min balance for APY It only takes about 5 minutes to open a fee-free account. Member FDIC Savings Account 3.00 % APY Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min. balance for APY Offer detailsCapital One
Member FDIC Savings Account Details 3.00 % APY Min balance for APY It only takes about 5 minutes to open a fee-free account. Member FDIC Savings Account 3.60 % APY Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min. balance for APY Offer detailsBask Bank
Member FDIC Savings Account Details 3.60 % APY Min balance for APY 0 Monthly Acct Fees. No Balance Cap to Earn APY.Overall
State Farm Bank offers a variety of deposit, loan and financial card accounts. However, it will stop taking applicants on Sept. 25 as its deposit and credit card accounts begin to convert to U.S. Bank accounts. Existing deposit accounts will convert to U.S. Bank accounts on Oct. 10.Pros
Offers a full package of deposit and lending products. Deposit product fees can be waived or are lower than competitor fees. No charge to use ATMs, and surcharge refunds available to customers who meet certain criteria.Cons
No brick-and-mortar locations. Other banks pay higher yields.State Farm Bank bank products
Savings CD Money Market Checking 3.6 Bankrate ScoreState Farm Bank savings overview
You will need to deposit at least $5,000 to earn the highest payout. Even then, you can earn higher yields at other banks. At the very least, you will want to to keep a $100 daily balance in your savings account in order to avoid a monthly fee.Pros
Interest is compounded daily. You can get up to $10 rebate on ATM fees per statement cycle. No minimum opening deposit requirement.Cons
Other banks pay higher yields. You will need to deposit at least $5,000 to earn the highest APY. Compare Offer Advertiser DisclosureAdvertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC Savings Account 3.00 % APY Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min balance for APY Offer details Offer detailsCapital One
Member FDIC Savings Account Details 3.00 % APY Min balance for APY It only takes about 5 minutes to open a fee-free account. 2.8 Bankrate ScoreState Farm Bank CD overview
State Farm Bank offers a handful of fixed-rate certificates of deposit with term lengths ranging from 12 months to 60 months. The yields are not the highest offerings available in the market, but there’s a low barrier to entry. A minimum deposit of just $500 is needed to open an account.Early withdrawal penalties are standard. For a 12-month CD, an early exit will cost six months of interest.
Pros
Only $500 deposit required to open a CD. Account holders can decide how often they will receive interest payments.Cons
Other banks pay higher yields. Not all standard CD terms are available. A higher yield is not available for larger deposits. Compare Offer Advertiser DisclosureAdvertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC CD 4.10 % APY Info Bankrate CD rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min. deposit Term Offer details Offer detailsCapital One
Member FDIC CD Details 4.10 % APY Min. deposit Term Get peace of mind with fixed rates and guaranteed returns. 3.7 Bankrate ScoreState Farm Bank money market overview
The Money Market Savings account has a competitive introductory APY. Its "relationship rate" is currently the same as the introductory rate. That’s not a guarantee of a good APY in the future, since the relationship rates are variable, like they are at most banks. But it’s a good sign that the introductory rate matches up with the ongoing rates.The relationship rate requires a consumer checking or interest checking account, in addition to the Money Market Savings account. You’ll also need a daily balance of at least $2,500 or at least 10 withdrawals per statement cycle to be eligible for the relationship rate.
The Money Market Savings account has an ATM card.
Pros
Has check-writing privileges, and money market style checks are complimentary. ATM access is available for this account. The ATM card can be used only at an ATM. The bank rebates out-of-network ATM fees if you meet certain requirements. Interest is compounded daily.Cons
Minimum opening deposit is $1,000. Relationship rate requires either a consumer checking or interest checking account, among other requirements. 4.3 Bankrate ScoreState Farm Bank checking overview
State Farm Bank offers interest checking with no minimum opening deposit requirements. The highest rates are for those who save $2,500 or more in the account. Account holders can avoid the $10 monthly minimum balance fee if they make a direct deposit into the account or maintain a minimum average daily balance of $500.The other option from State Farm Bank is the traditional checking account. It does not earn interest but comes with no monthly fees and no minimum balance requirements.
Pros
ATM fee rebates: $10 per statement cycle or unlimited with direct deposit. First check order is complimentary. Interest on balances of at least $2,500.Cons
Balances lower than $2,500 do not earn interest. Cash deposits must be made at ATMs owned by State Farm Bank or at full-service ATMs that participate in deposit sharing. Compare Offer Advertiser DisclosureAdvertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC Checking Account 2.50 % APY Info Bankrate Checking rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. To open To avoid fees Offer details Offer detailsSoFi
Member FDIC Checking Account Details 2.50 % APY To open To avoid feesBank experience
State Farm Bank offers a mobile app that lets you take care of basic banking tasks. Customer service representatives are available seven days a week (although not available 24 hours per day). State Farm Bank does not charge customers fees for using non-State Farm Bank ATMs, and equally important, will refund surcharges that the ATM operator charges. If you are a State Farm Bank checking, interest checking or money market savings account customer with direct deposit, you will get unlimited refunds for these surcharges. If you aren’t, the bank will still refund up to $10 in out-of-network ATM fees per statement cycle.About State Farm Bank
State Farm was started in 1922 by retired farmer and insurance salesman George Jacob "G.J." Mecherle. The company has grown from a single-line auto insurer to a provider of about 100 products and services across five different lines of business. State Farm Bank officially began operations in March 1999. The financial institution is headquartered in Bloomington, Illinois. State Farm Bank offers checking and savings accounts, loans and other products through its agents, website, call center and the mail.Review methodology
With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. .