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State Farm Bank Savings account review

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Its solid perks may not be worth the 0.1% introductory interest rate.

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

0.30%

APY

$3 per month

Fee

$0

Minimum deposit to open

Details

APY0.30% on balances of $5,000 to $4,999,999
0.10% on balances of $0 to $4,999
0.10% on balances of $5,000,000+
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
Minimum deposit to open$0
Minimum balance to earn interest$100
Interest compoundingDaily
Monthly transaction limit6
Fee per transaction over the limit$10
More Info

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?

  • $100 minimum account balance. To earn interest with this savings account, you’ll need a daily account balance of at least $100.
  • $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. Rates for the State Farm Bank Savings account are tiered and range from 0.1% to 0.3% APY.
  • $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.

Compare with other savings accounts

Name Product Interest rate (APY) Fee Minimum deposit to open
1.90%
$0
$0
Earn 20x the national savings account average with no fees or minimums.
1.90%
$0
$0
Enjoy no monthly fees and a competitive APY with this online-only savings account.
1.90%
$15 per month
(can be waived)
$25
Earn one of the highest annual percentage yields (APYs) if you live in one of 42 eligible states, and access your money by ATM, check or bill pay.
2.10%
$0
$100
A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank.
0.01%
$5 per month
(can be waived)
$0
Get a $150 bonus when you open a new Chase Savings account, deposit a total of $10,000 or more in new money within 10 business days and maintain a $10,000 balance for 90 days.
2.15%
$0
$100
Earn a competitive rate with a balance higher than $10,000.

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.

Eligibility

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 2.25% 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.

Bottom line

The State Farm Bank Savings account offers mobile banking and ATM access, but lacks competitive interest rates. Minimum balance fees and excessive transaction fees could also take a dig at your savings.

Compare your savings options with other providers to find the account that best fits your individual savings goals.

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