State Farm Federal Credit Union Certificate

State Farm Federal Credit Union Certificate Review

State Farm Federal Credit Union Certificate are offered by State Farm Federal Credit Union, a credit union founded in 1936 and based in Bloomington, IL. State Farm Federal Credit Union Certificate are available in 50 states (and Washington, DC).

Key Takeaways

• Only one share certificate type available. State Farm CD only offers traditional share certificate accounts.
• Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 1.01%, which is much higher than the national average for a certificate account.
• Small minimum initial deposit. You only need $5 to open an account.

Pros & Cons of State Farm Federal Credit Union Certificate

State Farm Federal Credit Union Certificate FAQ

Are share certificates from State Farm Federal Credit Union federally insured?

Yes, your share certificates are insured up to $250,000 per share owner for each account ownership category. The National Credit Union Administration (NCUA), a federal agency, administers the insurance fund and regulates federally insured credit unions. The fund is backed by the full faith and credit of the U.S. Government.

What is the difference between CDs and Share Certificates?

Certificates of Deposit (CDs) and Share Certificates are both deposit accounts where your money can grow at a fixed rate for a predetermined period of time. Both are low-risk and federally insured products designed to give you a better rate on your deposits than typical savings accounts. The main difference between them is that CDs are offered by for-profit banks, whereas Share Certificates are offered by member-owned, not-for-profit credit unions.

What types of share certificates does State Farm Federal Credit Union offer?

• Traditional share certificates. These share certificates 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 share certificate for another term.

What rates does State Farm Federal Credit Union offer on its share certificates?

The share certificate rates for this account have an APY of1.01% (APY stands for annual percentage yield, rates may change).

What is the minimum deposit to open a share certificate account with State Farm Federal Credit Union?

State Farm CD require a minimum deposit of $5 to open an account.

What is the grace period for State Farm CD?

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

What types of fees, such as early withdrawal penalties, does State Farm Federal Credit Union charge?

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

State Farm Federal Credit Union does not charge an early withdrawal fee.

State Farm Federal Credit Union does charge any of the fees we track.