State Farm Bank Standard CD

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U.S. Bank CD Special

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Highlights
APY (Annual Percentage Yield)	0.05% - 0.25%
Minimum Opening Deposit	Starting at $500
Certificate Term	3 months 6 months 9 months 12 months 18 months 2 years 3 years 4 years 5 years

State Farm Bank Standard CD Review

State Farm Bank Standard CD are offered by U.S. Bank, a bank founded in 1863 and based in Minneapolis, MN. State Farm Bank Standard CD are available in 50 states (and Washington, DC).

Key Takeaways

Small selection of CD account types. State Farm CD only offers IRA and traditional CDs.
Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 0.25%, which is much higher than the national average for a CD account.
$500 minimum deposit. This is a typical minimum initial deposit for the CDs we track.
Wide selection of CD terms. State Farm CD allows you to create a CD ladder by spreading your cash across certificates with different terms. This combines the benefits of frequent access to funds and higher rates of return on your savings.

Pros & Cons of State Farm Bank Standard CD

Pros	Cons
FDIC insured. Multiple CD terms available. Available in all 50 states. High-interest yield.	There isn't a no-penalty CD option.

State Farm Bank Standard CD FAQ

Are CD from U.S. Bank federally insured?

Yes, your U.S. Bank CDs are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC #6548). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

What types of CDs does U.S. Bank offer?

State Farm CD provides the following types of CDs.

Traditional CDs. These CDs pay a fixed interest rate if you deposit a fixed amount of money for a specific term. Once the maturity date arrives, you have the option of cashing out or automatically renewing the CDs for another term.
IRA CDs. An IRA CD is a type of IRA that consists entirely of CDs. In general, you can invest in CDs in any IRA, but State Farm CD offers a CD that is specifically for retirement.

What rates does U.S. Bank offer on its CDs?

State Farm CD offers an APY starting at 0.05% and ranging up to 0.25%. APY stands for annual percentage yield and shows the interest rate paid by the CD after taking into account compounding.

What terms does State Farm CD offer?

U.S. Bank offers CD terms of the following lengths:

State Farm Bank Standard CD Rates & Terms
Description
APY (Annual Percentage Yield)	0.05% - 0.25%
3-Month APY	0.05%
6-Month APY	0.05%
12-Month APY	0.05%
2-Year APY	0.05%
3-Year APY	0.1%
4-Year APY	0.15%
5-Year APY	0.25%

What is the minimum deposit to open a CD account with U.S. Bank?

State Farm CD require a minimum deposit of $500 to open an account.

What is the grace period for State Farm CD?

There is a 10-day grace period for State Farm CD. A grace period is a period of time during which you can withdraw the money in your CD without paying an early withdrawal penalty. A grace period starts the day after a CD’s maturity date, or the final day a CD is opened. Standard CDs renew automatically at the same term if you don't withdraw your money after the 10-day grace period. Note that the new CD rates probably won’t be the same as the original.

What types of fees, such as early withdrawal penalties, does U.S. Bank charge?

Financial institutions don't typically charge many fees on CDs. However, most charge a fee if you choose to withdraw your money before the term ends.

U.S. Bank does not charge an early withdrawal fee.

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Message From State Farm CD

Together, U.S. Bank and State Farm bring U.S. Bank deposit and credit card products and services to State Farm customers. This strategic alliance gives you access to U.S. Bank branches, ATMs and digital banking tools so you can bank how you want. This alliance will benefit you, offering easy ways to manage your banking needs.

When it comes to term lengths, this CD is flexible. You can go as short as three months to as long as five years. The Standard CD offers a lower minimum deposit compared to CD Special, and guaranteed rate for the duration of your term.