Featured Savings Rates
Featured Accounts

State Farm Bank

Popular Accounts at this Bank

APYACCOUNT TYPEACCOUNT NAME
2.10%5-year CD60 Month CD
2.10%5-year IRA60 Month IRA (Traditional, Roth)
1.45%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.

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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

One of the best and most convenient ways to Bank

Posted by: Canyonsen | Oct 19, 2017

When I was looking for a bank my first priority was the convenience. State Farm Bank offers me just that. I can access my account and my money whenever and wherever in just few clicks. I love their website , because it is very simple and you can find what you need immediately. Their customer service is very reliable and knowledgeable. I feel secure banking with a company that offers so much to its clients. I chose State Farm because they have been in this business for many years and I think they know exactly what their clients need and want. I was able to open an account with them with just $25 so this makes it very affordable for many people.

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
Employees2297
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD0.15%
Return on Equity - YTD1.43%
Annual Interest Income$509.1MM
Assets and Liabilities
AssetsQ3 2017vs Q3 2016$16.75B$16.82B
LoansQ3 2017vs Q3 2016$10.65B$10.62B
DepositsQ3 2017vs Q3 2016$11.44B$10.88B
Equity CapitalQ3 2017vs Q3 2016$1.86B$1.85B
Loan Loss AllowanceQ3 2017vs Q3 2016$168.8MM$202.6MM
Unbacked Noncurrent LoansQ3 2017vs Q3 2016$123.3MM$114.2MM
Real Estate OwnedQ3 2017vs Q3 2016$3.5MM$2.3MM
Rates
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* 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
0.30%*$100k*-Business 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
1.51%*-$25mBanking Benefits - Deposit Relationship Gold Rates
OTHER TIERS: 0.80% $25mm+
1.26%*-$25mBanking Benefits - Deposit Relationship Silver Rates
OTHER TIERS: 0.70% $25mm+
1.05%*-$250kBanking Benefits - Deposit Introductory
OTHER TIERS: 0.45% $250k+
0.45%*$25k*-Money Market
OTHER TIERS: 0.30% Up to $10k | 0.40% $10k - $25k
0.45%*$10k*-IRA Money Market
OTHER TIERS: 0.35% Up to $10k
0.45%*$25k*-Business Money Market
OTHER TIERS: 0.30% Up to $10k | 0.40% $10k - $25k

State Farm Bank Checking Account Rates

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

State Farm Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.30%$500-58 Month CD Special
2.30%$500-Business 58 Month CD Special
2.25%$500-49 Month CD Special
2.25%$500-Business 49 Month CD Special
2.10%$500-60 Month CD
2.10%$500-Business 60 Month CD
2.05%$500-30 Month CD Special
2.05%$500-Business 30 Month CD
1.75%$500-48 Month CD
1.75%$500-Business 48 Month CD
1.45%$500-36 Month CD
1.45%$500-Business 36 Month CD
0.40%$500-24 Month CD
0.40%$500-Business 24 Month CD
0.10%$500-12 Month CD
0.10%$500-Business 12 Month CD

State Farm Bank IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.30%$500-58 Month IRA Special
2.30%$500-58 Month CESA Special
2.25%$500-49 Month IRA Special
2.25%$500-49 Month CESA Special
2.10%$500-60 Month IRA
2.10%$500-60 Month CESA
2.05%$500-30 Month IRA Special
2.05%$500-30 Month CESA Special
1.75%$500-48 Month IRA
1.75%$500-48 Month CESA
1.45%$500-36 Month IRA
1.45%$500-36 Month CESA
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