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  State Farm Money Market Account

State Farm Money Market Account

in Money Market Accounts from State Farm · Member fdic

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State Farm Money Market Account

Unaffiliated

in Money Market Accounts from State Farm · Member FDIC

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Highlights
APY (Annual Percentage Yield) 0.01%
APY Minimum Balance $10,000
Minimum Opening Deposit Starting at $100

State Farm Money Market Account Review

State Farm Money Market Account is offered by State Farm, a financial services company founded in 1922 and based in Bloomington, IL. State Farm Money Market Account is available in 50 states (and Washington, DC).

State Farm Money Market Account FAQ

Are money market accounts from State Farm federally insured?

Yes, your State Farm money market accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). 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 are the State Farm Money Market Account rates?

State Farm Money Market Account Rates and Terms
Rates Amount
APY 0.01%

State Farm Money Market Account offers an APY of up to 0.01% (APY stands for annual percentage yield, rates may change).However, to earn interest you must keep a minimum balance of $10000.

What are the State Farm Money Market Account fees?

This account charges a monthly maintenance fee of up to $10. You can avoid this fee by maintaining a balance of $10,000.

State Farm will charge you a $10 fee if you exceed your maximum number of monthly transactions.

Federal regulations limit the number of transactions you can make from your money market account to six per month.

State Farm Money Market Account Fees
Fees Amount
Monthly Fee up to $10
Paper Statement Fee $2
Excess Transaction Fee $10

What is the minimum balance for State Farm Money Market Account?

Minimum initial deposit of $100. You must make an initial deposit of at least $100 to open this account.

Monthly maintenance minimum balance of $10,000. You can avoid the monthly fee if you keep a minimum balance $10,000.

Interest rate minimum balance of $10,000. You must keep the account balance above $10,000 to earn interest.

What features and perks does State Farm Money Market Account offer?

This account includes the following features:

  • Check Writing - State Farm Money Market Account includes check writing privileges. This is convenient method to pay bills and transfer money from your account.
  • Fraud monitoring - State Farm monitors transactions for potentially fraudulent activity.
  • Mobile Banking Services - State Farm Money Market Account allows you to manage your money online.

How to open an account with State Farm

  • Visit the State Farm website.
  • Fill in the application form. You will typically need to provide general financial information, such as your name, Social Security Number and address.
  • Check the information is accurate and submit your application.
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Availability

  Available in 50 states and Washington, D.C.
  • Alaska
  • Alabama
  • Arkansas
  • Arizona
  • California
  • Colorado
  • Connecticut
  • Washington, DC
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Iowa
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Massachusetts
  • Maryland
  • Maine
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • North Carolina
  • North Dakota
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • Nevada
  • New York
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Vermont
  • Washington
  • Wisconsin
  • West Virginia
  • Wyoming

Feature Breakdown

APY Minimum Balance $10,000
Minimum Balance to Avoid Monthly Fee $10,000
Minimum Opening Deposit Starting at $100
Monthly Fee $0 - $10
Paper Statement Fee 2
Bank Account Features
  • No ATM Fees
  • Interest Bearing Account
  • Mobile Banking
  • Fraud Monitoring
  • Fraud Protection
  • Branch Access
  • Check Writing
APY (Annual Percentage Yield) 0.01%
Dividend Compounding Frequency Daily
Dividend Payout Frequency Monthly
Dividend Rate 0.01%

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