State Farm Bank Savings account review
Has solid ATM perks but a low APY.
finder.com’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.
Minimum deposit to open
|To waive the fee||Be 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|
|Monthly transaction limit||6|
|Fee per transaction over the limit||$10|
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.
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.
How do I open a State Farm Bank Savings account?
- Go to the provider’s site and follow the steps to apply.
- From State Farm’s website, click Apply Today.
- Enter your full name, Social Security number, phone number, email address and employment status. Click Continue.
- 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.
- Review the information you’ve submitted along with State Farm Bank’s account disclosures. Click Continue.
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
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
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
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
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