Featured Savings Rates
Featured Accounts

State Farm Bank

Popular Accounts at this Bank

APYACCOUNT TYPEACCOUNT NAME
2.10%5-year CD60 Month CD
1.40%3-year CD36 Month CD
2.10%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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Happy Customer

Posted by: sunnyside | Sep 9, 2016

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.

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 banking

Posted by: catsai | Nov 1, 2016

I opened my first online only account with State Farm over 10 years ago. Overall I have always had good service from them. The checks and deposit envelopes are free. For large deposits they sent me FedEx envelopes and provide an extra measure of security. My account is a Money Market, so it is limited to a certain number of checks a month, that is the only big drawback. I have been able to easily transfer money from this account to other institutions (stocks and mutual funds) as well as pay credit cards. The website is a bit clunky compared to many of the online banks today but the interest rates are comparable. I have had to call the institution a few times in the duration I have had an account, simply because I could not find a solution online. I would have preferred a web chat option, but these occasions have been rare. On a whole, the benefits and service have outweighed the negatives. I have not considered switching to a more"current" online bank, due to the energy involved.

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!

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Health
A

Health Grade Components

Overall
FDIC Certificate #34617
Year Established1999
Employees2305
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD0.16%
Return on Equity - YTD1.46%
Annual Interest Income$474.3MM
Assets and Liabilities
AssetsQ3 2016vs Q3 2015$16.82B$16.76B
LoansQ3 2016vs Q3 2015$10.62B$10.54B
DepositsQ3 2016vs Q3 2015$10.88B$10.52B
Equity CapitalQ3 2016vs Q3 2015$1.85B$1.82B
Loan Loss AllowanceQ3 2016vs Q3 2015$202.6MM$221.2MM
Unbacked Noncurrent LoansQ3 2016vs Q3 2015$114.2MM$121.3MM
Real Estate OwnedQ3 2016vs Q3 2015$2.3MM$7.7MM
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
2.10%--60 Month CD
1.45%--48 Month CD
1.40%--36 Month CD
1.25%--28 Month CD Special
1.15%--15 Month CD Special
0.40%--24 Month CD
0.10%--12 Month CD

State Farm Bank IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.10%--60 Month IRA
2.10%--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
1.15%--15 Month IRA Special
1.15%--15 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