State Farm Bank
Popular Accounts at this Bank
| APY | ACCOUNT TYPE | ACCOUNT NAME |
|---|---|---|
| 1.60% | 5-year CD | 60 Month CD 1.85% - Synchrony Bank 60 Month CD |
| 1.40% | 3-year CD | 36 Month CD 1.55% - Ally Bank High Yield 3 Year CD |
| 1.60% | 5-year IRA | 60 Month IRA (Traditional, Roth) 1.41% - National Average |
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.
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8/7 - State Farm Bank (5 Yr CD, 2.15%APY)
1/16 - Higher CD Rates and IRA Rates at State Farm Bank
7/5 - Special 15-Month CD Rate at State Farm Bank
6/19/10 - 1.51% 15-Mo CD & 2.85% 60-Mo CD At State Farm Bank
8/18/09 - State Farm Bank Continues to Offer a Competitive Regular Checking Account
6/18/09 - 3.00% 28-Month CD and 1.55% Checking Account at State Farm Bank - Nationally Available
4/28/09 - 2.71% 18-Month CD at State Farm Bank - Nationally Available
3/11/09 - 2.77% 21-Month CD at State Farm Bank - Nationally Available
7/10/08 - 3.80% 9-Month CD at State Farm Bank
8/4/06 - 5.75% 24-Month CD at State Farm Bank
6/12/06 - 5.50% 24-Month CD at State Farm Bank
10/26/05 - State Farm Bank's 3-month 4.25% CD
Happy Customer
I have been one happy and satisfied customer with State Farm Bank! I don't always have time to go in person to the actual physical locations, so I really appreciate that they have online banking that is easy to use and operate. I often need to transfer funds from one account to another and they make this really easy to do! I also like that when I did once have an issue regarding a bill payment that did not seem to go through properly their customer service worker was very polite and efficient in handling my issue. It was resolved quickly. The fees are decent and I never find hidden fees that I have with other banks billing systems. I would recommend state farm to anyone who wants an easy online banking solution.
State Farm Online Bank
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
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!
Data as of Q2 2016
Learn more about bank healthHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 34617 |
| Year Established | 1999 |
| Employees | 2307 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.2% |
| Return on Equity - YTD | 1.87% |
| Annual Interest Income | $313.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2016vs Q2 2015 | $16.77B$16.56B |
| Loans | Q2 2016vs Q2 2015 | $10.48B$10.31B |
| Deposits | Q2 2016vs Q2 2015 | $10.86B$10.55B |
| Equity Capital | Q2 2016vs Q2 2015 | $1.85B$1.79B |
| Loan Loss Allowance | Q2 2016vs Q2 2015 | $202.6MM$221.2MM |
| Unbacked Noncurrent Loans | Q2 2016vs Q2 2015 | $109.9MM$118.4MM |
| Real Estate Owned | Q2 2016vs Q2 2015 | $4.4MM$6.3MM |
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
| APY | MIN | MAX | ACCOUNT NAME | VIEW 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
| APY | MIN | MAX | ACCOUNT NAME | VIEW 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
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 0.25%† | $2,500 | - | Interest Checking |
State Farm Bank CD Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 1.60%† | - | - | 60 Month CD | |
| 1.45%† | - | - | 48 Month CD | |
| 1.40%† | - | - | 36 Month CD | |
| 1.25% | - | - | 28 Month CD Special | |
| 1.01% | - | - | 15 Month CD Special | |
| 0.40%† | - | - | 24 Month CD | |
| 0.10%† | - | - | 12 Month CD |
State Farm Bank IRA Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 1.60%† | - | - | 60 Month IRA | |
| 1.60%† | - | - | 60 Month CESA | |
| 1.45%† | - | - | 48 Month IRA | |
| 1.45%† | - | - | 48 Month CESA | |
| 1.40%† | - | - | 36 Month IRA | |
| 1.40%† | - | - | 36 Month CESA | |
| 1.25% | - | - | 28 Month IRA Special | |
| 1.25% | - | - | 28 Month CESA Special | |
| 1.01% | - | - | 15 Month IRA Special | |
| 1.01% | - | - | 15 Month CESA Special | |
| 0.40%† | - | - | 24 Month IRA | |
| 0.40%† | - | - | 24 Month CESA | |
| 0.10%† | - | - | 12 Month IRA | |
| 0.10%† | - | - | 12 Month CESA |
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