State Farm Bank Review: Checking, Savings and CDs

Margarette BurnetteOctober 21, 2019

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Overall bank rating

State Farm Bank

    3.5

    NerdWallet rating 

    The bottom line:

    State Farm Bank is an online institution with checking, savings and CD accounts that have low fees and reimbursements for out-of-network ATM charges. Though perhaps not as well known as its insurance business, the bank has solid accounts to meet everyday banking needs.

     

    Best if: You're looking for an online bank that reimburses ATM fees.

     

    » Want more options? See NerdWallet’s analysis of the best savings accounts and the best checking accounts.

    Pros

    • Generous ATM reimbursements.

    • Checking account with no monthly fees.

    Cons

    • Low interest rates on basic savings accounts.

    • Lack of bank branches.

    RATING METHODOLOGY

    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, banking 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.