State Farm Money Market Account
in Money Market Accounts from State FarmUnaffiliated
|APY (Annual Percentage Yield)||0.50% - 2.10%|
|APY Minimum Balance||$0.01|
|Minimum Initial Deposit||N/A|
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 state across the USA.
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 offers an APY starting at .50% and ranging up to 2.10% (APY stands for annual percentage yield, rates may change). However, to earn interest you must keep a minimum balance of $.01.
|APY (Annualized Percentage Yield)||.50% - 2.10%|
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 $500. 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.
|Monthly Fee||up to $10|
|Paper Statement Fee||N/A|
|Excess Transaction Fee||$10|
What is the minimum balance for State Farm Money Market Account?
No minimum initial deposit. State Farm does not require a minimum initial deposit to open an account.
Monthly maintenance minimum balance of $500. You can avoid the monthly fee if you keep a minimum balance $500.
Interest rate minimum balance of $0.01. You must keep the account balance above $0.01 to earn interest.
What features and perks does State Farm Money Market Account offer?
This account does not seem to offer any of the features and perks we track.
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.
One State Farm Plaza
Bloomington, IL 61701 USA
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