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State Farm Bank


Overview / Commentary
www.statefarm.com
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 Selling Deposit Accounts To U.S. Bank - 3/12/2020

Heads up. SFB is selling its deposit account portfolio to U.S. Bank. The announcement seems purposefully vague as to whether the "fine print" terms and conditions of SFB CDs will still apply, most importantly, those regarding IRA CDs. As long-term readers of DA are aware, one major perquisite of SFB IRA CDs was their "no EWP for partial withdrawals" from IRA CDs. In effect, this gave SFB IRA CD holders the benefit of long-term IRA CD rates with the liquidity of money market accounts. The rather vague waffle words of SFB's announcement (both on its website and in a recent mailing) cast some doubt on whether the perquisite will continue. As my relatively tasty IRA CDs do not mature until 2024, and I plan no partial withdrawals in any event, it is but academic for me. However, folks contemplating renewing or buying IRA CDs at SFB might want to consider.

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Reviews (31)

Great Online Bank

Posted by: |

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

20

One of the best and most convenient ways to Bank

Posted by: |

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.

6

My experince with Statefarm Bank

Posted by: |

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.

6

SLOW CUSTOMER SERVICE

Posted by: |

On 06/10/2019, in the morning, I applied for a money market savings account over the telephone, and was faxed signature cards and an authorization to initiate an ach transfer from another bank. I signed and dated these forms and returned them by fax the same morning. As of 06/14/2019, this morning, the ach transfer has not been initiated. I am rating one star and will change it if something happens to make me.

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Health
A+

Data as of Q4 2019

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #34617
Year Established1999
Employees1497
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD0.37%
Return on Equity - YTD3.18%
Annual Interest Income$746.4MM
Assets and Liabilities
AssetsQ4 2019vs Q4 2018$16.42B$16.93B
LoansQ4 2019vs Q4 2018$9.77B$10.71B
DepositsQ4 2019vs Q4 2018$11.23B$10.21B
Equity CapitalQ4 2019vs Q4 2018$1.95B$1.85B
Loan Loss AllowanceQ4 2019vs Q4 2018$151.0MM$162.0MM
Unbacked Noncurrent LoansQ4 2019vs Q4 2018$110.6MM$123.5MM
Real Estate OwnedQ4 2019vs Q4 2018$2.1MM$4.1MM
  User-submitted Promotions & Notices

This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.

State Farm Bank Selling Deposit Accounts To U.S. Bank

  |  
Heads up. SFB is selling its deposit account portfolio to U.S. Bank. The announcement seems purposefully vague as to whether the "fine print" terms and conditions of SFB CDs will still apply, most importantly, those regarding IRA CDs.

As long-term readers of DA are aware, one major perquisite of SFB IRA CDs was their "no EWP for partial withdrawals" from IRA CDs. In effect, this gave SFB IRA CD holders the benefit of long-term IRA CD rates with the liquidity of money market accounts.

The rather vague waffle words of SFB's announcement (both on its website and in a recent mailing) cast some doubt on whether the perquisite will continue.

As my relatively tasty IRA CDs do not mature until 2024, and I plan no partial withdrawals in any event, it is but academic for me. However, folks contemplating renewing or buying IRA CDs at SFB might want to consider.
1

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 $2.5k | 0.15% → $2.5k - $10k
0.30%*†$5k*$5mSavings
OTHER TIERS: 0.10% → Any amount
0.30%*†$5k*$5mBusiness Savings
OTHER TIERS: 0.10% → Any amount

State Farm Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.01%*†-$5mBanking Benefits - Relationship Rate
OTHER TIERS: 0.50% → $5m+
1.01%*†-$5mBanking Benefit - 12 Month Intro Rate
OTHER TIERS: 0.50% → $5m+
0.50%†--Money Market
0.50%†--IRA Money Market
0.50%†--Business Money Market

State Farm Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.25%†$2.5k-Interest Checking

State Farm Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.95%†$500-36 Month CD
0.95%†$500-48 Month CD
0.95%†$500-60 Month CD
0.95%†$500-30 Month CD Special
0.95%†$500-Business 60 Month CD
0.95%†$500-Business 48 Month CD
0.95%†$500-Business 36 Month CD
0.95%†$500-Business 30 Month Special CD
0.80%†$500-12 Month CD
0.80%†$500-24 Month CD
0.80%†$500-Business 24 Month CD
0.80%†$500-Business 12 Month CD

State Farm Bank IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.95%†$500-36 Month IRA
0.95%†$500-48 Month IRA
0.95%†$500-60 Month IRA
0.95%†$500-36 Month CESA
0.95%†$500-48 Month CESA
0.95%†$500-60 Month CESA
0.95%†$500-30 Month IRA Special
0.95%†$500-30 Month CESA Special
0.80%†$500-12 Month IRA
0.80%†$500-24 Month IRA
0.80%†$500-12 Month CESA
0.80%†$500-24 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

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.