Explore State Farm Bank’s suite of accounts

Online banking with minimal monthly and ATM fees.

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State Farm Bank

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State Farm Bank offers online-only personal banking options with minimal monthly and ATM fees, and no minimum deposit amounts. But it lacks advanced banking options and in-person banking.

What banking products does State Farm Bank offer?

State Farm Bank offers personal checking and savings accounts, with additional banking products such as credit cards and loans.

Personal banking

Name Product Interest rate (APY) Fee Minimum deposit to open
State Farm Bank Savings account
$3 per month
(can be waived)
This savings account offers a complimentary ATM card.

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Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
State Farm Bank CD
State Farm Bank Jumbo CD

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How does it compare to other banks or services?

State Farm Bank holds approximately $16 billion in assets, which places it outside the top 50 largest banks in the US. State Farm is a relatively small bank but it’s the largest property and casualty insurance company in the US.

It has no branch locations, but its insurance offices can accept applications and do limited banking.

Why should I open an account at State Farm Bank?

Benefits of opening an account with State Farm Bank include:

  • Minimal fees. Waive the monthly minimum balance and ATM fee by using direct deposit during each statement cycle.
  • No minimum deposit amounts. Easily start a basic checking or savings account with any amount you want.

What should I look out for?

While its basic savings and checking options keep banking simple, it also means that State Farm lacks high-yield accounts or discounts on loans, CDs and IRAs. Look out for these additional drawbacks:

  • Online only. State Farm Bank doesn’t have any branch locations and its insurance offices do limited banking.
  • Low rates. With just a 0.25% APY on its interest checking and a 2.00% APY on its Money Market savings, other banks have more aggressive rates.

State Farm Bank reviews and complaints

State Farm Bank is insured through the FDIC, which protects up to $250,000 in deposits on personal accounts. State Farm Bank is not accredited with the Better Business Bureau, although it does receive an A+ rating based on its internal criteria.

The bank doesn’t have many positive or negative online reviews. Its CRA rating was listed as outstanding in 2018. There are some negative reviews on the Consumer Complaint Database, mainly dealing with improper data on credit reports and issues managing accounts.

State Farm Bank customer service

  • Phone: 877-734-2265

6 a.m. to 11 p.m. CT weekdays
8 a.m. to 8 p.m. CT Saturdays and holidays
8 a.m. to 6 p.m. CT Sundays

  • Email: banksupport@bank.statefarm.com

Bottom line

State Farm Bank offers no ATM or monthly fees as long as you use direct deposit. But the lack of a physical branch means it can’t offer more complicated banking needs. If you’re after a more traditional bank, shop around for other options.

Frequently asked questions

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