State Farm Bank Savings Account Review

Where does State Farm Bank Savings Account do business?

State Farm is based in Bloomington, IL. It was founded in 1922 and offers savings accounts in 50 states (and Washington, DC).

State Farm Bank Savings Account is a member of the Federal Deposit Insurance Corporation (FDIC). The FDIC insures deposits in checking accounts, savings accounts, certificates of deposit (CDs), and money market accounts up to $250,000 per depositor if a member institution fails.

What APY does State Farm offer?

State Farm Bank Savings Account offers an APY starting at 0.1% and ranging up to 0.3% (APY stands for annual percentage yield, rates may change).

What features and perks does State Farm Bank Savings Account offer?

This account includes the following features:

• Automatic savings - Set up an automatic transfer from your checking account to a savings account and you'll never have to second-guess your saving decisions again.
• ATM reimbursement - This account will reimburse you for the ATM fees charged by other networks. Typically there is a limit to how much you can claim for these costs, so check the fine print if you plan to make multiple withdrawals within one month.
• Check images with statement - Reconciling your accounts and complying with document retention standards is easier when you have access to a copy of your checks.
• Fraud monitoring - State Farm Bank Savings Account 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.
• Nationwide ATM network - Withdraw money and check your balance from wherever you are.

What fees does State Farm Bank Savings Account charge?

State Farm Bank Savings Account does not charge a monthly maintenance fee. See the fee breakdown section below to view all fees.

However, you can waive the monthly fee if you have a minimum daily balance of $100.

• Outgoing domestic bank transfers come with a $15 fee.
• Outoing international bank transfers come with a $35 fee. You can save a ton of money in fees if you use use a nonbank money transfer service.