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|
|State Farm Bank 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||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 Account||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 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.
Bottom lineState 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.
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