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Explore State Farm Bank’s suite of accounts
Online banking with minimal monthly and ATM fees.
Updated . What changed?
What banking products does State Farm Bank offer?
As of October 10, 2020, State Farm no longer offers its own deposit accounts. All existing State Farm checking, savings, money market and CD accounts have been converted to U.S. Bank. However, it still has these products:
- Home loans. State Farm has an emerging partnership with Quicken Loans that offers competitive rates and a variety of home loans.
- Auto loans. Vehicle loans as low as 3.39% on new vehicles and 3.89% on older vehicles.
- Credit cards. Credit card options through Visa include rewards, basic, student and business cards.
Which State Farm Bank accounts have moved to U.S. Bank?
All of State Farm’s deposit accounts have moved to U.S. Bank. This table highlights what each account was replaced with:
|State Farm account||Replaced with||Info|
|Basic Checking||U.S. Bank Easy Checking||Has no monthly fee for the first year, then $6.95 a month after that unless you meet the minimum requirements. Also comes with one non-network ATM fee refund each month.|
|Interest Checking||U.S. Bank Platinum Checking Package||Avoid the $24.95 monthly maintenance fee when if you have a personal U.S. Bank trust or at least $25,000 in combined deposits or credit balances. Earns 0.01% APY and comes with unlimited ATM refunds.|
|Basic Savings||U.S. Bank Standard Savings||Has automatic savings tools, but earns 0.01% APY and has a $4 monthly fee unless you are under age 18 or meet certain balance requirements.|
|Money Market Savings||U.S. Bank Elite Money Market||Has no monthly fee for the first 12 months and earns up to 0.05% APY, but costs $10 a month after that unless you maintain a daily balance of at least $10,000.|
|CDs||U.S. Bank Standard CD||Terms range from three months to six years with a low $500 opening deposit. You’ll earn anywhere from 0.05% to 0.25% APY depending on your term length.|
What happens to my account if I’m currently a State Farm customer?
Your State Farm deposit account should be automatically transitioned to an equivalent U.S. Bank account by early October 2020. You should receive your new US Bank debit or ATM card in the mail by late October.
Compare State Farm Bank accounts
How does State Farm 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.
- Low opening deposits. Open most checking accounts with as little as $25.
- ATM refunds. You’ll get one ATM reimbursement each month with the Easy Checking account or unlimited reimbursements with the Platinum Checking package.
- Two account options. Open a basic checking account or an interest-bearing account if you want to earn interest on your account balance.
- Low APYs. The U.S. Bank Platinum Checking account only earns 0.01% interest — that’s one penny a year for every $100 you save.
- Monthly fees. The interest-bearing checking account has a $24 monthly fee that requires you to have at least $25,000 in combined U.S. Bank deposits to avoid.
- Free ATM card. Most savings and money market accounts come with a free ATM card for fast cash withdrawals.
- Overdraft protection. Link your U.S. Bank checking and savings account together for free overdraft protection.
- Low rates. The most you’ll earn is 0.05% APY with the money market account. The best accounts earn much more than this.
- Monthly fees. Every U.S. Bank savings account has a monthly fee, but they can be waived when you keep your account balance above a certain threshold.
- Low minimum deposit. Its $500 deposit is quite low considering some banks have minimums as high as $10,000.
- Personal and business options. Customers can open a personal or business CD and lock in the same rates for each.
- Low APYs. Its CDs aren’t nearly as competitive as other banks with rates topping out at 0.25% for a five-year term.
- Early withdrawal penalties. Expect to pay a fee equal to 90 to 545 days interest if you need to withdraw your money early.
- ATM rebates. It offers ATM rebates on all of its checking and savings accounts giving you easier access to your money.
- Daily customer service. Chat with a customer service representative by phone 24/7.
- Limited product selection. While its basic savings and checking options keep banking simple, it also means that it lacks high-yield accounts with more competitive interest rates.
State Farm Bank reviews and complaintsState 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
Any questions regarding your State Farm deposit account should be directed to U.S. Bank. You can reach them 24/7 by calling 800-890-2233.