Featured Savings Rates
Featured Accounts

State Farm Bank

Popular Accounts at this Bank

APYACCOUNT TYPEACCOUNT NAME
1.60%5-year CD60 Month CD
1.30%3-year CD36 Month CD
1.60%5-year IRA60 Month IRA (Traditional, Roth)

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 Raises Rates On Longer Term CDs - 1/15/2016

State Farm Bank (internet bank) has raised the rates on its 36-month CD (1.70% APY) and 60-month CD (2.20% APY). Minimum deposit is $500 with no balance cap.

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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

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.

What State farm lacks in what I would call reasonable fees, they significantly make up for in customer service. They always go above and beyond to help me and and also put a smile on my face. I would strongly recommend them to anyone!

Who Is It? It'S A Valued State Farm Customer!

Posted by: Greg2016 | Apr 27, 2016

I feel like a valued customer every time I work with State Farm bank. The website is easy to use and convenient when I'm away from home. The customer service is always quick to please and super helpful. I can't imagine banking anywhere else!

VIEW MORE REVIEWS

Health
A

Health Grade Components

Overall
FDIC Certificate #34617
Year Established1999
Employees2140
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD0.18%
Return on Equity - YTD1.68%
Annual Interest Income$157.5MM
Assets and Liabilities
AssetsQ1 2016vs Q1 2015$16.78B$16.61B
LoansQ1 2016vs Q1 2015$10.26B$10.23B
DepositsQ1 2016vs Q1 2015$10.88B$10.75B
Equity CapitalQ1 2016vs Q1 2015$1.83B$1.81B
Loan Loss AllowanceQ1 2016vs Q1 2015$213.4MM$230.4MM
Unbacked Noncurrent LoansQ1 2016vs Q1 2015$115.7MM$130.6MM
Real Estate OwnedQ1 2016vs Q1 2015$5.6MM$6.9MM
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
1.60%--60 Month CD
1.45%--48 Month CD
1.30%--36 Month CD
1.25%--28 Month CD Special
0.40%--24 Month CD
0.10%--12 Month CD

State Farm Bank IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.60%--60 Month IRA
1.60%--60 Month CESA
1.45%--48 Month IRA
1.45%--48 Month CESA
1.30%--36 Month IRA
1.30%--36 Month CESA
1.25%--28 Month IRA Special
1.25%--28 Month CESA Special
0.40%--24 Month IRA
0.40%--24 Month CESA
0.10%--12 Month IRA
0.10%--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