State Farm Bank
- ATM fees: None. Bank reimburses some or all fees charged by out-of-network ATMs.
- APY on five-year CD: 2.20%
- Minimum balance in checking account to earn interest: $25,000
State Farm Bank
|Certificates of deposit (CDs)|
Read on for more details about State Farm banking, including checking and savings accounts, CDs, customer experience and fees.
4.5 / 5.0
You can open a State Farm Bank checking account with a $25 minimum deposit. The regular checking account requires no minimum balance and charges no monthly fee.
State Farm also offers interest checking. For that, you’d need a $100 minimum opening deposit. The bank waives its $10 monthly minimum balance fee if you have a $500 minimum balance and at least one direct deposit during that month.
You can make cash deposits at ATMs owned by State Farm that take deposits or at ATMs in the NYCE, Visa or Plus deposit sharing network. To find ATMs in the deposit sharing network in your area, call 877-734-2265.
3.5 / 5.0
You can open a State Farm Bank savings account with $100 or more. Interest rates range from 0.10% to 0.30% depending on balance amounts.
State Farm’s money market savings account offers interest rates ranging from 0.30% for balances of $100 to $9,999, to 0.45% for balances of $25,000 or more.
Certificates of deposit
3.5 / 5.0
State Farm Bank offers a range of CDs with terms from one year to five years.
» MORE: NerdWallet’s best CD rates
3.5 / 5.0
State Farm Bank’s website isn’t fancy, but it’s loaded with information about its accounts that, for the most part, is easy to find. That’s not always a given at banks’ websites.
Customers who are new to banking might find the online video demos helpful. They cover subjects like how to manage your accounts, how to set up automatic bill pay, and how to transfer money between accounts.
While State Farm Bank doesn’t have live 24/7 customer phone service, it does offer extended hours, from 4 a.m. to 9 p.m. PT, Monday through Friday, and weekends and holidays from 6 a.m. to 6 p.m. PT. If you need a personal touch, you can visit, call or email a State Farm agent in your area.
State Farm’s Pocket Agent mobile app lets you deposit checks, pay bills and credit cards, check balances, transfer money and more. Users rate the iOS and Android apps three stars and four stars, respectively.
State Farm customer service can be reached via Facebook, Twitter and other social media. The company also offers chat service when you apply online for some deposit accounts.
3.0 / 5.0
State Farm charges overdraft and returned item fees — $25 per item, capping fees at $75 in a business day. These aren’t low fees, but they’re below the national big-bank median of $34.
You can set up overdraft protection by linking your account to another State Farm account, which can include checking, interest checking, savings, money market savings or a State Farm Visa credit card. You can choose up to two protecting accounts, one primary and one secondary. There’s a $3 fee for each transfer.
The bottom line
- State Farm Bank doesn’t charge ATM fees, and it refunds some or all fees that you might rack up at out-of-network ATMS.
- Although the return on State Farm’s savings accounts is higher than the national average, you can find better savings interest rates elsewhere, including at other online-only banks.
- State Farm offers an interest checking account, but you won’t earn interest if you have less than $2,500 in the account.
- State Farm owns and operates only about 50 ATMS nationwide. But State Farm customers can make withdrawals, transfers and balance inquiries at more than 2.6 million ATMs belonging to the NYCE, Visa or Plus networks in the U.S. and Europe. Customers who sign up for direct deposit get unlimited rebates on fees and surcharges incurred for using ATMs that aren’t in State Farm’s network.
Updated July 3, 2017.
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, customer experience and overdraft fees.
Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation.
The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.