State Farm, a popular insurance company, is also a fully stocked online bank with a good selection of account options. To find out if State Farm Bank is right for you, continue reading the review below.
Their slogan, “like a good neighbor, State Farm is here,” can apply to the banking world as well. Although their variety is small, their accounts still provide some pretty good benefits.
This bank is great in the fact that a lot of their accounts don’t even require a minimum opening deposit whereas most traditional banks do.
Checking Account Options
State Farm Bank has two checking accounts that are both easy to open and maintain.
This is a completely FREE checking account that requires no minimum opening deposit!
In addition to that, there are also no monthly fees nor minimum balance requirement as well.
You can access your account at your convenience with the State Farm Bank mobile app.
This account is great because there is no opening deposit required and you can still earn interest on it.
As long as you manage to keep a minimum balance of $500, you will continuously earn interest.
What’s even better is that the interest is compounded daily.
However, there is a $10 monthly fee, but you can waive it if you sign up for direct deposit.
Compare Checking Accounts
Savings Account Options
State Farm Bank has one main savings account option that requires no minimum opening deposit.
- Receive a complimentary Debit Visa® Card card
- Get access to their ATMs for free
- Avoid minimum balance requirements if you sign up for direct deposit
- the interest is compounded daily
Compare Savings Accounts
Open a Discover Online Savings Account for all these features:
• Earn $200/$150 Bonus with promo code HMB223 by 06/15/2023
• Earn high interest rate of 3.60% APY
• No minimum opening deposit, no minimum balance requirement, and now no fees
• Interest on Discover Online Savings Accounts is compounded daily and credited monthly
• Manage your account online or with the Discover mobile app
• FDIC insurance up to $250,000
• See advertiser website for full details
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code HMB223 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 6/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice.
With the American Express® High Yield Savings Account:
• Earn 3.75% APY as of 3/16/23 on your deposits. Your High Yield Savings account earns interest daily and is posted to your account monthly.
• Links easily with your current bank accounts. No need to switch banks.
• FDIC Insured. Your account is insured to at least $250,000 per depositor.
• 24/7 Account Access
Money Market Account Options
Money Market accounts allow for a higher yield and gives access to your funds with either checks or a bankcard. State Farm Bank offers one money market that earns competitive interest rates.
Money Market Savings:
- This account earns a higher interest rate than Interest Checking
- You will have access to check writing privileges and can transfer funds
- A complimentary ATM card is provided with this money market
- You can get up to 100% rebate per statement cycle
- There is no minimum balance fee with direct deposit
You will need a minimum deposit of $1,000 to open this account.
CD Account Options
State Farm Bank offers CDs with decent interest rates. These CD terms range from 12 months to 60 months and each of them requires $500 to open.
To find more about their CDs, click here.
The CDs will automatically renew upon maturity.
Compare CD Accounts
• Available nationwide online, Discover offers CDs with some of the highest & most competitive rates! with select terms as short as 3 months up to 120 months
• Rates ranging from 2.00% APY up to 4.75% APY.
• Opening a Discover Bank Certificate of Deposit is extremely quick and easy.
• Funds on deposit are FDIC-insured up to the maximum allowed by law.
• Start today with a minimum deposit of $2,500!
• Get started and open a Discover CD in 3 easy steps.
• Available online nationwide
• Earn up to 4.65% APY
• $1,000 minimum to open
• Selection of terms to meet your needs
• A range of choices. Low minimum deposits.
• No fees to open or maintain the account
• Available as Custodial
• Open a CIT Bank Certificate of Deposit Account today!
Reasons to Bank with State Farm Bank
- They offer a lot of accounts that require no minimum opening deposit.
- Their accounts are simple and easy to maintain.
- They have low minimum balance requirements and easily waiveable monthly fees.
- The checking account is actually completely free.
- Their interest earning checking account doesn’t require anything to open.
- The interest is compounded daily.
- They earn very, very competitive interest rates, much higher than most traditional banks.
- You can gain access to overdraft protection if you link one of your checking accounts to your savings account.
- They are both an insurance company and financial institution.
- Their customer service hours are open on holidays.
- Conduct all your banking online or through the State Farm Bank mobile app.
Reasons Not to Bank with State Farm Bank
- They have a small selection of standard savings accounts.
- State Farm Bank is only available online.
- They have no physical branches.
- They don’t have 24/7 customer service.
State Farm Bank Routing Number
The routing number for State Farm is 071174431.
Contact Customer Service
You can reach State Farm Bank at 877-734-2265.
A customer representative will be available to speak with you at these hours:
- Monday – Friday at 6 a.m. — 11 p.m. (CST)
- Saturday at 8 a.m. – 8 p.m. (CST)
- Sunday at 8 a.m. – 6 p.m. (CST)
- Holidays at 8 a.m. – 6 p.m. (CST)
How State Farm Bank Compares
- Chase Bank: Chase is one of the biggest banks in the U.S and offers just about almost everything. Compared to its other competitors, Chase offers much more checking account options.
- TD Bank: TD Bank offers bonuses for signing up for a checking account! They have various account options that suit all kinds of consumers as well.
- PNC Bank: PNC Bank offers free access to PNC Bank ATMs, free mobile/online banking, reimbursement of PNC fees for use of non-PNC ATMs, and many other features that can be found on their website. They have several account options.
- Discover Bank: Discover Bank is an online nationwide bank that offers bonuses for their checking and savings accounts!
- Wells Fargo: Located throughout the US with over 5,800 branches and 13,000 ATMs. They offer a variety of deposits accounts, including accounts for teens and customers who need a second chance.
If you are looking for a simple but still affordable bank then State Farm Bank is here to assist you.
With a completely free checking account, and several free other accounts, State Farm really is “like a good neighbor” who aims to make not only insurance but also banking as smooth as possible for you.
However, keep in mind that when you look for a checking or savings account be sure to look into all the fees charged. Don’t focus on the interest rate alone, but on what the account will cost you overall.
If you’re interested in banking with State Farm Bank, then apply today! For more options from a variety of banks, see our list of the best bank promotions!
Deborah Lawrence-Auten says
Poor service – I’ve been on hold for 30 minutes now to confirm wire instructions on a payoff and no one has picked up yet. Is there another phone number I can call?