Featured Savings Rates
Featured Accounts

State Farm Bank

Popular Accounts at this Bank

APYACCOUNT TYPEACCOUNT NAME
2.20%5-year CD60 Month CD
2.20%5-year IRA60 Month IRA (Traditional, Roth)
1.55%3-year CD36 Month CD

Overview / Commentary
877-734-2265
One State Farm Plaza E-6
Bloomington, IL 61710

State Farm Bank is a mid-sized bank that was organized as a separate entity from the insurance giant’s main business. While many consumers equate State Farm with insurance and investment products, it’s banking component offers a range of personal products worth considering.

State Farm Bank’s depository banking products consist of savings, checking, money market, Certificate of Deposit (CD), and IRA accounts. Its checking account options are simple and include a free account with no monthly fee avoidance requirements, and an interest bearing account that requires direct deposit in order to avoid a monthly fee. The bank’s savings account offers an interest bearing way for consumers to save and comes with a small ATM fee monthly rebate. Money market accounts provide varying rates of interest depending on the level of account balance threshold met. Certificates of Deposit (CD) are also available in term lengths ranging from 3 to 60 months and IRAs in term lengths from 12 to 60 months. The bank operates wholly through the online channel, thus making customer service an important aspect to consider before opening an account. State Farm Bank’s website publishes real customer reviews that help consumers get a more realistic feel for the product offerings. The bank is partnered with a number of ATM networks, including NYCE, PLUS, PULSE, and STAR, making it easy for customers to access funds and perform banking tasks.

State Farm Bank online banking is an important aspect of the bank’s business because it does not operate any physical branches. DepositAccounts provides customer reviews on experiences with the online banking system. The web-based platform allows customers to deposit funds remotely, pay bills, transfer funds, and manage credit card accounts with the bank. A mobile banking app also makes these account management tasks easy and convenient to perform on the run. Consumers can also sign up for retirement accounts and monitor fund growth via the online banking system.

State Farm Bank was established as an aspect of State Farm’s expansion into financial services in 1999. It is an institution organized as an entity distinct from the major State Farm insurance brand. The bank is headquartered in Bloomington, Illinois and serves its customers through its online channels.

Related Posts

State Farm Bank Adds 20 Basis Points To 60-Month CD - 2/10/2017

State Farm Bank (internet bank) has raised the rate on its 60-month CD (2.30% APY). Minimum deposit is $500, with no state balance cap. Also as an IRA.

State Farm Bank 4-Year CD Rate Increase - 1/12/2017

State Farm Bank increased its 4-year CD and IRA CD rate yesterday: 1.70% APY 4-year CD and IRA CD (was 1.45%) Applies to all balances of $500 and above

State Farm Bank Raises 60-Month CD Rate - 12/9/2016

State Farm Bank (internet bank) has raised the rate of its 60-month CD (2.10% APY). Minimum deposit is $500, with no stated balance cap. Also available as IRAs.

View all posts from:


State Farm Online Bank

Posted by: Justin3 | Jul 31, 2014

I really enjoyed working with this bank. State Farm was one of the fist banks that let you deposit checks from your phone (rather than having to go in store). They have good security and I have had no problems with any weird fees. My experience has been fairly straight forward. Their app (State Farm Pocket Agent app for iPhone) also is nicely designed and fully functional. The app pretty much serves all the features that you would need for your banking to be smooth and reliable. State Farm also has technical assistance twenty four hours a day. That's incredibly convenient. Most other technical supports are either closed after a certain hour and you have to wait till the next day to call. Although I do not bank with them anymore, due to my family banking with another provider, I still can say good things about State Farm.

Great Online Bank

Great bank...the pocket agent is a great app...I just snap a picture of the check and hit send and the deposit is ready the next day...never have to go to a bank again....I had one issue with my account one time and customer service was excellent in resolving it

My experince with Statefarm Bank

Posted by: Casystel | Jan 6, 2017

15 years ago I was looking for an online bank with a good interest rate to begin saving. A friend pointed me to State Farm Bank. I knew from experience that they had insurance but had never heard of banking options. I opened a money market account there and have had it ever since. Their interest rates are competitive, though not as good as they once were. Their customer service is fantastic. I have only had to call a few times but my issues were resolved immediately. On a whole their web-site is pretty clunky and is not easy to navigate. They have clearly chosen to not invest in an internet presence, but it works and serves it's purpose. Overall I am very pleased with my experience and would recommend it to anyone who is not overly demanding of an on-line bank.

Displeased Former Customer

Due to State Farm Banks neglect in handling our money, I'm going to do my best to divert $250,000.00 from ever going to this institution and when the $65,000.00 they have matures, I'm going to try to move it out of this bank. This bank does NOT do their job and they take no blame. The 877 number blames the agent, but then they say as of 04/01/2017, the agent can no longer talk to me about IRA's. (The agent is unresponsive!) SO... State Farm Bank... who is doing what? Apparently NO ONE at State Farm Bank is doing anything!

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Health

Health Grade Components

Overall
FDIC Certificate #34617
Year Established1999
Employees2262
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD0.23%
Return on Equity - YTD2.12%
Annual Interest Income$639.6MM
Assets and Liabilities
AssetsQ4 2016vs Q4 2015$18.25B$16.71B
LoansQ4 2016vs Q4 2015$11.41B$10.51B
DepositsQ4 2016vs Q4 2015$10.96B$10.45B
Equity CapitalQ4 2016vs Q4 2015$1.84B$1.81B
Loan Loss AllowanceQ4 2016vs Q4 2015$183.2MM$219.1MM
Unbacked Noncurrent LoansQ4 2016vs Q4 2015$118.3MM$122.0MM
Real Estate OwnedQ4 2016vs Q4 2015$2.5MM$5.2MM
Rates
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Always verify rates and promotions with the bank or credit union. We are not State Farm Bank; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

† The rates for some products vary by region. In these cases we have listed the rates for the region closest to the bank's headquarters.

State Farm Bank Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.40%*$10k*-Health Savings Account
OTHER TIERS: 0.05% Up to $2,500 | 0.15% $2,500 - $10k
0.30%*$100k*-Savings
OTHER TIERS: 0.10% Up to $25k | 0.15% $25k - $50k | 0.25% $50k - $100k

State Farm Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.45%*$25k*-Money Market
OTHER TIERS: 0.30% $100 - $10k | 0.40% $10k - $25k
0.45%*$10k*-IRA Money Market
OTHER TIERS: 0.35% $100 - $10k

State Farm Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.25%$2,500-Interest Checking

State Farm Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.20%$500-60 Month CD
1.70%$500-48 Month CD
1.55%$500-36 Month CD
1.50%$500-28 Month CD Special
1.25%$500-11 Month CD Special
0.40%$500-24 Month CD
0.10%$500-12 Month CD

State Farm Bank IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.20%$500-60 Month IRA
2.20%$500-60 Month CESA
1.70%$500-48 Month IRA
1.70%$500-48 Month CESA
1.55%$500-36 Month IRA
1.55%$500-36 Month CESA
1.50%$500-28 Month IRA Special
1.50%$500-28 Month CESA Special
0.40%$500-24 Month IRA
0.40%$500-24 Month CESA
0.10%$500-12 Month IRA
0.10%$500-12 Month CESA
Locations

State Farm Bank is an Internet only bank and does not have branch locations. Its headquarters is located at One State Farm Plaza E-6 - Bloomington, IL 61710