Last Updated: 04/18/2025
State Farm Federal CU Share Savings Account
Unaffiliated
Last Updated: 04/18/2025
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Highlights
APY (Annual Percentage Yield)
1.01%(Verified 06/21/2024)
Disclaimer popup with additional information
Minimum Opening Deposit
Starting at $5
Minimum Balance to Earn APY
N/A
State Farm Federal CU Share Savings Account Review
State Farm Federal CU 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 are available in 50 states and Washington, DC.
Key Takeaways
- High yield savings. This account offers an annual percentage yield of up to 1.01%, which is much higher than the average interest rate for a savings account.
- Small minimum initial deposit. You only need $5 to open an account.
State Farm Federal Credit Union share savings Pros & Cons
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State Farm Federal Credit Union share savings FAQ
Are savings accounts from State Farm Federal Credit Union federally insured?
Yes, your 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.| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Average Balance to Avoid Monthly Service Fee | Starting at $5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Opening Deposit | Starting at $5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What APY does State Farm Federal CU Share Savings Account 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 much higher than the average savings account rate.
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?
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?
Yes, you can typically set up a direct deposit to this account. 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.
What is the customer support email for State Farm Federal Credit Union share savings?
The customer support email for State Farm Federal Credit Union share savings is Home.CU-Corporate.876A00@statefarm.com.
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