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State Farm Bank Savings account review

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Has solid ATM perks but a low APY.’s rating: 3.7 / 5.0


State Farm Bank’s savings account could help streamline your banking with mobile check deposit, ATM fee rebates and a free ATM card. But a low 0.05% interest rate and account fees might put a damper on your savings goals.



$3 per month



Minimum deposit to open


Fee$3 per month
To waive the feeBe an account holder under the age of 18
OR direct deposit at least once during the statement cycle
OR $100 minimum average daily balance
Minimum deposit to open$0
Minimum balance to earn interest$0
Interest compoundingDaily
Monthly transaction limit6
Fee per transaction over the limit$10
More Info

Expert review

Shannon Terrell

Review by

Shannon Terrell is a writer for Finder who studied communications and English literature at the University of Toronto. On any given day, you can find her researching everything from equine financing and business loans to student debt refinancing and how to start a trust. She loves hot coffee, the smell of fresh books and discovering new ways to save her pennies.

Expert review

The State Farm Bank Savings account is best for those looking for an account with interest that’s compounded daily. The account offers mobile banking and free in-network ATM access and $10 rebates a month at out-of-network ATMs.

But the account lacks competitive interest rates. Minimum balance fees and excessive transaction fees could also take a dig at your savings.

What are the benefits of a savings account with State Farm Bank?

The State Farm Bank Savings account offers the convenience of online banking alongside the following:

  • Complimentary ATM card. You get a free ATM card when you sign up for this account.
  • ATM fee rebates. There’s no cost for using a State Farm Bank ATM, but other providers may charge a service fee. Receive a rebate of up to $10 per billing cycle for fees accrued at non-State Farm Bank ATMs.
  • Interest compounded daily. With the State Farm Bank Savings account, interest is compounded daily and credited monthly.

What should I look out for?

  • $3 minimum balance fee. If a $100 minimum account balance isn’t maintained, you’ll be charged a $3 minimum balance fee. The account holder can waive this fee if they’re under the age of 18 or if the account receives at least one direct deposit during the statement cycle.
  • Low APY. You’ll earn a 0.05% APY on your total balance, which is on par with the national average but lower than the competition.
  • $10 excessive transaction fee. If you make more than six transactions per billing cycle, be prepared for a $10 excessive transaction fee or potential account closure.

If you’re looking for an account with a higher interest rate, you’ll want to keep looking. As always, compare your options when choosing a savings account.

Compare with other savings accounts

Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned More info
Citibank® Account Package

0.13% on $500,000+
0.08% on $25,000 to $99,999.99
0.04% on $0 to $24,999.99
$25 per month
(can be waived)
Go to site
View details
Earn a $400 bonus after opening new eligible checking and savings accounts and completing required activities.
Aspiration Spend & Save Account

1.00% on $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
$0 per month or $7 per month for Aspiration Plus ($5.75 per month if you pay annually)
Go to site
View details
A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC. The Aspiration Spend & Save Account is a cash management account offering of Aspiration Financial, LLC, an SEC-registered broker-dealer. Aspiration is not a chartered bank.
CIT Bank Money Market
Go to site
View details
A savings account with a higher-than-average rate and minimal fees.
Chase Savings
$5 per month
(can be waived)
Go to site
View details
A simple savings account with low, waivable monthly fees and a $150 signup bonus when you meet deposit and balance requirements.
CIT Bank Savings Builder High Yield Savings Account

0.55% on $25,000+ or set up a direct deposit of $100+ each month
0.31% on $0 to $24,999
Go to site
View details
No account opening or maintenance fees. Daily compounding interest. Earn one of the nation's top rates

Compare up to 4 providers

How do I open an account?

  1. Go to State Farm Bank’s website and click Apply Today.
  2. Enter your full name, Social Security number, phone number, email address and employment status. Click Continue.
  3. Enter your address and indicate what you intend to use your State Farm Bank Savings account for, including anticipated monthly deposits and withdrawals. Click Continue.
  4. Review the information you’ve submitted along with State Farm Bank’s account disclosures. Click Continue.
Your ATM card will arrive by mail in seven to 10 business days.


If you plan to apply online, you’ll need to be at least 18 years old. You’ll also need to meet the following criteria:

  • Be a US citizen
  • Have a Social Security number
  • Have a valid bank account

Required information

Before you apply, be ready to supply the following information:

  • Name, date of birth and residential address
  • Contact information
  • Social Security number
  • External bank account number and routing number of funding account

How do I deposit or withdraw my money?

There are three options for accessing funds from your State Farm Bank Savings account:

  • Online deposit. Use an electronic funds transfer and move money to or from an externally linked account.
  • Mobile check deposit. Using State Farm Bank’s MyTime Deposit feature, you can deposit a check into your account with your mobile device.
  • ATM. This savings account comes with an ATM card for depositing and withdrawing cash on the go.

What other savings options does State Farm Bank offer?

State Farm Bank has two additional savings products to offer:

  • Money Market Savings. An initial opening deposit of $1,000 is required, but you’ll get 1.01% APY and complimentary money market checks.
  • CDs. Terms of 12 to 60 months are available with a minimum deposit of $500 and automatic renewal upon maturity.

Frequently asked questions

Savings account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

Read the full methodology of how we rate savings accounts.

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