State Farm Bank
Popular Accounts at this Bank
| APY | ACCOUNT TYPE | HOW THEY COMPARE |
|---|---|---|
| 3.10% | 5-year CD | 2.27% - National Average |
| 3.10% | 5-year IRA | 2.28% - National Average |
| 2.75% | 3-year CD | 1.88% - 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.
Related Posts
1/12 - State Farm Bank 4-Year CD Rate Increase
1/15 - State Farm Bank Raises Rates On Longer Term CDs
8/7 - State Farm Bank (5 Yr CD, 2.15%APY)
1/16 - Higher CD Rates and IRA Rates at State Farm Bank
7/5/13 - Special 15-Month CD Rate at State Farm Bank
2/23/11 - State Farm Bank Update: Special CD Rates & Online Check Deposits
6/19/10 - 1.51% 15-Mo CD & 2.85% 60-Mo CD At State Farm Bank
10/3/09 - State Farm Bank Continues to Offer a Competitive Regular Checking Account
8/3/09 - 3.00% 28-Month CD and 1.55% Checking Account at State Farm Bank - Nationally Available
5/20/09 - 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
9/6/08 - 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
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
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
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.
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.
Data as of Q4 2018
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 34617 |
| Year Established | 1999 |
| Employees | 1652 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.21% |
| Return on Equity - YTD | 1.95% |
| Annual Interest Income | $726.3MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2018vs Q4 2017 | $16.93B$16.70B |
| Loans | Q4 2018vs Q4 2017 | $10.71B$10.64B |
| Deposits | Q4 2018vs Q4 2017 | $10.21B$11.21B |
| Equity Capital | Q4 2018vs Q4 2017 | $1.85B$1.84B |
| Loan Loss Allowance | Q4 2018vs Q4 2017 | $162.0MM$164.6MM |
| Unbacked Noncurrent Loans | Q4 2018vs Q4 2017 | $123.5MM$120.9MM |
| Real Estate Owned | Q4 2018vs Q4 2017 | $4.1MM$3.7MM |
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 $2.5k | 0.15% → $2.5k - $10k | |||||
| 0.30%*† | $5k* | $5m | Savings | ||
| OTHER TIERS: 0.10% → Any amount | |||||
| 0.30%*† | $5k* | $5m | Business Savings | ||
| OTHER TIERS: 0.10% → Any amount | |||||
State Farm Bank Money Market Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 2.25%* | - | $5m | Banking Benefits - Relationship Rate | ||
| OTHER TIERS: 0.50% → $5m+ | |||||
| 2.25%* | - | $5m | Banking Benefit - 12 Month Intro Rate | ||
| OTHER TIERS: 0.50% → $5m+ | |||||
| 1.01%*† | $5k* | $5m | Money Market | ||
| OTHER TIERS: 0.50% → Any amount | |||||
| 1.01%*† | $5k* | $5m | IRA Money Market | ||
| OTHER TIERS: 0.50% → Any amount | |||||
| 1.01%*† | $5k* | $5m | Business Money Market | ||
| OTHER TIERS: 0.50% → Any amount | |||||
State Farm Bank Checking Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 0.25%† | $2.5k | - | Interest Checking |
State Farm Bank CD Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 3.10%† | $500 | - | 60 Month CD | |
| 3.10%† | $500 | - | Business 60 Month CD | |
| 2.90%† | $500 | - | 30 Month CD Special | |
| 2.90%† | $500 | - | Business 30 Month Special CD | |
| 2.85%† | $500 | - | 48 Month CD | |
| 2.85%† | $500 | - | Business 48 Month CD | |
| 2.75%† | $500 | - | 36 Month CD | |
| 2.75%† | $500 | - | Business 36 Month CD | |
| 2.50%† | $500 | - | 24 Month CD | |
| 2.50%† | $500 | - | Business 24 Month CD | |
| 2.15%† | $500 | - | 12 Month CD | |
| 2.15%† | $500 | - | Business 12 Month CD |
State Farm Bank IRA Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 3.10%† | $500 | - | 60 Month IRA | |
| 3.10%† | $500 | - | 60 Month CESA | |
| 2.90%† | $500 | - | 30 Month IRA Special | |
| 2.90%† | $500 | - | 30 Month CESA Special | |
| 2.85%† | $500 | - | 48 Month IRA | |
| 2.85%† | $500 | - | 48 Month CESA | |
| 2.75%† | $500 | - | 36 Month IRA | |
| 2.75%† | $500 | - | 36 Month CESA | |
| 2.50%† | $500 | - | 24 Month IRA | |
| 2.50%† | $500 | - | 24 Month CESA | |
| 2.15%† | $500 | - | 12 Month IRA | |
| 2.15%† | $500 | - | 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