State Farm Federal Credit Union Share Savings Account Review

State Farm Federal Credit Union Share Savings Account is offered by State Farm Federal Credit Union, a credit union founded in 1936 and based in Bloomington, IL. State Farm Federal Credit Union Share Savings Account is available in 50 states (and Washington, DC).

• Very high APY. This account offers an annual percentage yield of up to 1.01%, which is much higher than the average for a checking account.
• Small minimum initial deposit. You only need $5 to open an account.

Pros	Cons
Available in all 50 states. High-interest yield. Insured by NCUA. Access to physical branches.	No signup bonus. Does not offer mobile check deposits. Does not provide access to a nationwide ATM network. Does not come with a debit card Not FDIC-insured.

Are savings accounts from State Farm Federal Credit Union federally insured?

Yes, your State Farm Federal Credit Union savings accounts are insured up to $250,000 per share owner for each account ownership category. The National Credit Union Administration (NCUA), a federal agency, administers the insurance fund and regulates federally insured credit unions. The fund is backed by the full faith and credit of the U.S. Government.

Does State Farm Federal Credit Union offer a signup bonus?

State Farm Federal Credit Union share savings doesn't offer a signup bonus.

What is the minimum initial deposit for State Farm Federal Credit Union share savings?

The minimum deposit to open a State Farm Federal Credit Union share savings is $5.

State Farm Federal Credit Union Share Savings Account Minimums

Description
Minimum Balance to Avoid Monthly Fee	$5
Minimum Opening Deposit	Starting at 5

What APY does State Farm Federal Credit Union offer?

State Farm Federal Credit Union share savings offers an APY of 1.01% (APY stands for annual percentage yield, rates may change). This is higher than the typical APY for online-only savings accounts, which is around 1% APY.

The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually.

What fees does State Farm Federal Credit Union share savings charge?

State Farm Federal Credit Union share savings does not charge a monthly service fee. See the fee breakdown section below to view all fees.

However, you can waive the monthly fees if you have a minimum daily balance of $5.

• Outgoing domestic bank transfers come with a $9 fee.
• Incoming domestic bank transfers come with a $4 fee.

What features and perks does State Farm Federal Credit Union share savings offer?

This savings account includes the following features:

• Fraud monitoring - State Farm Federal Credit Union share savings monitors transactions for potentially fraudulent activity, such as when a debit card is unexpectedly used in a different location, or you make a sudden string of costly purchases.
• Mobile Banking Services - State Farm Federal Credit Union share savings allows you to manage your money online or with a mobile app.

Can you set up a direct deposit to State Farm Federal Credit Union share savings?

In most cases, the answer is yes. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.