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.
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).
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