State Farm 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.