State Farm Money Market Account

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 are available in 50 states (and Washington, DC).

Key Takeaways

• Low annual percentage yield (APY). The maximum annual percentage yield for this account is only 0.01.
• Charges a monthly fee. This account charges a monthly service fee of up to $10, but the fee is waived if you keep a minimum balance of $10,000.
• Small minimum initial deposit. You only need $100 to open an account.

Pros & Cons of State Farm Money Market Account

Pros	Cons
Available in all 50 states. Does not offer mobile check deposits. Access to physical branches.	No signup bonus. Does not provide a debit card. Not FDIC-insured. Monthly service charge.

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 interest rates for State Farm money market rates?

State Farm Money Market Account Rates and Terms

Rates	Amount
APY	0.01%

State Farm money market 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 balance of $10000.

What are the fees for State Farm Money Market Account?

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.

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?

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

Monthly maintenance fee waiver. You can avoid the monthly fee if you keep a balance of $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 offer?

This account includes the following features:

• Check Writing - State Farm money market 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 allows you to manage your money through online banking and a dedicated mobile app.

What is the customer service phone number?

The customer service number for this business card is (800) 782-8332.

What is the support contact email?

The support contact email for this business credit card is support@statefarm.com.

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.