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  State Farm Bank Savings Account

State Farm Bank Savings Account

in Savings Accounts from State Farm · fdic

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State Farm Bank Savings Account

Unaffiliated

in Savings Accounts from State Farm · Member FDIC

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Highlights
Monthly Fee $0 - $4
APY (Annual Percentage Yield) 0.01%
APY Minimum Balance N/A

State Farm Bank Savings Account Review

State Farm Bank Savings Account is offered by State Farm, a financial services company founded in 1922 and based in Bloomington, IL. State Farm Bank Savings Account is available in 50 states (and Washington, DC).

Key Takeaways
  • Low APY. The maximum annual percentage yield for this account is only 0.01%.
  • $0 monthly Service Charge available. This account charges a monthly service fee of up to $4, but the fee is waived if you keep a minimum balance of $300.
  • No ATM fees. State Farm Bank Savings Account does not charge fees on ATM transactions.
  • ATM fee reimbursements. This account will reimburse you for ATM fees (see terms and conditions for details).
State Farm savings accounts Pros & Cons
Pros Cons
  • Available in all 50 states.
  • Interest-yielding account.
  • Access to physical branches.
  • No signup bonus.
  • Does not come with a debit card
  • Higher than average wire transfer fees.
  • Monthly service charge.
State Farm savings accounts FAQ

Are savings accounts from State Farm federally insured?

Yes, your State Farm savings 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.

Does State Farm offer a signup bonus?

State Farm savings accounts doesn't offer a signup bonus.

What is the minimum initial deposit for State Farm savings accounts?

The minimum deposit to open a State Farm savings accounts is $25.
State Farm Bank Savings Account Minimums
Description
Minimum Balance to Avoid Monthly Fee Starting at $300
Minimum Opening Deposit Starting at $25

What APY does State Farm offer?

State Farm savings accounts offers an APY of 0.01% (APY stands for annual percentage yield, rates may change).

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 savings accounts charge?

State Farm savings accounts 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 $300.

  • Outgoing domestic bank transfers come with a $30 fee.
  • Incoming domestic bank transfers come with a $20 fee.
  • Outgoing international bank transfers come with a $50 fee. You can save a ton of money in fees if you use use a nonbank money transfer service.
  • Incoming international bank transfers come with a $25 fee.
  • An overdraft on your account will trigger a $36 fee per item.
  • State Farm savings accounts charges $2 every time you request a paper statement.

Does State Farm savings accounts charge overdraft fees?

Yes, State Farm savings accounts charges a $36 overdraft fee.

State Farm savings accounts offers overdraft protection at a cost of $12.50 per transaction. This overdraft protection fee is charged every time the bank arranges a transfer from another one of your accounts, typically a savings account, to cover the overdraft.

What features and perks does State Farm savings accounts offer?

This savings account includes the following features:

  • ATM reimbursement - This account provides ATM access and will reimburse you for the ATM fees charged by other networks.
  • Check images with monthly statement - Reconciling your accounts and complying with document retention standards is easier when you have access to a copy of your checks for each statement period.
  • Fraud monitoring - State Farm savings accounts 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 savings accounts allows you to manage your money online or with a mobile app. This includes depositing checks in your account with a mobile app on your smartphone.
  • Nationwide ATM network - Conveniently transact at a nearby ATM.

Can you set up a direct deposit to State Farm savings accounts?

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.

What is the customer support email for State Farm savings accounts?

The customer support email for State Farm savings accounts is support@statefarm.com.

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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Availability

  Available in 50 states and Washington, D.C.
  • Alaska
  • Alabama
  • Arkansas
  • Arizona
  • California
  • Colorado
  • Connecticut
  • Washington, DC
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Iowa
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Massachusetts
  • Maryland
  • Maine
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • North Carolina
  • North Dakota
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • Nevada
  • New York
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Vermont
  • Washington
  • Wisconsin
  • West Virginia
  • Wyoming

Feature Breakdown

Minimum Balance to Avoid Monthly Fee Starting at $300
Minimum Opening Deposit Starting at $25
Monthly Fee $0 - $4
Overdraft Item Fee $36
Overdraft Protection Fee (per transfer) $12.50
Paper Statement Fee $2
Returned Deposit Fee (Domestic) $19
Wire Transfer Fee - Domestic (Incoming) $20
Wire Transfer Fee - Domestic (Outgoing) $30
Wire Transfer Fee - International (Incoming) $25
Wire Transfer Fee - International (Outgoing) $50
Bauer Financial A+/A Rating
Account Features
  • No ATM Fees
  • Mobile Check Deposit
  • No Monthly Maintenance Fee
  • Interest Bearing Account
  • ATM Reimbursement
  • Nationwide ATM Network
  • Check Images with Statement
  • Mobile Banking
  • Fraud Monitoring
  • Automatic Transfers
  • Bauer Financial A+/A Rating
  • Branch Access
APY (Annual Percentage Yield) 0.01%

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