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State Farm Money Market Account

in Money Market Accounts

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State Farm Money Market Account

Unaffiliated

in Money Market Accounts

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Overview

State Farm is not only the United States’ largest auto and home insurance company. Since 1999, State Farm is also a full-service savings association with a single branch in Bloomington, Illinois. The bank has $16.8 billion in assets and $10.5 billion in deposits. As well as checking and savings accounts, State Farm also provides credit cards and loans. Bauer Financial gives it a four-star rating.

What are State Farm Bank’s Checking and Savings Accounts like?

State Farm Bank has two checking accounts: an interest checking account and a no fee account.

The interest checking account has a $10 monthly fee for customers who don’t maintain a $100 daily balance. Customers who have a direct deposit don’t need to maintain a minimum balance. Account holders must have a balance of at least $2,500 to earn interest (0.25% APY). The account includes mobile banking, bill pay, a Visa check card, and up to $10 in ATM fee rebates,

The basic checking account does not pay interest, but it doesn’t have a monthly service fee either. It doesn’t have a minimum balance, and you only need $25 to open the account. The account includes bill pay and mobile banking.

State Farm Bank has two savings accounts: a Money Market Savings account and a basic Savings Account.

The Savings Account requires a $100 deposit to open. It offers free online access, $10 a month in ATM rebates for fees at non-State Farm ATMs. It also provides overdraft protection and mobile banking. Interest rates are tiered based on balance that ranges from 0.10% APY (less than $25,000) to 0.30% APY(over $100,000).

Money Market Savings requires a minimum deposit of $1,000 to open. The account pays interest on all balances above $100. Returns are tiered based on your balance and range from 0.30% APY ($100 to $10,000) to 0.45% APY (over $100,000).

What Are the Advantages and Disadvantages Of State Farm Bank?

This is what we like about State Farm Bank:

  • No monthly service fees on basic accounts
  • Easy to avoid fees on accounts with a higher yield
  • Rebates on non-State Farm ATM fees
  • Bill pay and mobile banking included in all accounts
  • Competitive interest rates

We don’t like this about State Farm Bank:

  • Basic accounts don’t pay interest
  • Interest rates may be competitive when compared to traditional banks, but they are still low
  • Minimum opening balances
SUPERMONEY Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...

Feature Breakdown

APY Minimum Balance
$0.01
Minimum Balance to Avoid Monthly Fee
$500
List of Fees
Monthly Fee
$0 - $10
Minimum Deposit
$1,000
Percentage
Dividend Rate
0.5% - 2.08%
    0% 2%
Percentage
APY
0.5% - 2.1%
    0% 3%
Dividend Compounding Frequency
Daily
Dividend Payout Frequency
Monthly

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