Truth in Savings Disclosures

• Checking Account
• Interest Checking Account
• Money Market Account
• Savings Account
• Fixed-Rate Certificates of Deposit
• Individual Retirement Account (IRA)
• Health Savings Account (HSA)
• Business Deposit Accounts
  

Checking Account

• Minimum opening deposit required is $100.
• Minimum average balance of $100 required to waive the $10 monthly minimum balance fee. Fee will be waived if account electronically receives monthly direct deposit.
• Non-interest bearing account.
• All account holders must be at least age 13 and one person named on the account must be at least age 18.
• Convenient access to the account by check, ATM, point-of-sale, mail, phone, or the Internet.
• Account statements mailed monthly.
• Overdraft protection available.
• Initial 50 checks provided by State Farm Bank.

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Interest Checking Account

• Minimum opening deposit required is $100.
• Minimum average balance of $500 to waive the $10 monthly minimum balance fee. Fee will be waived if account electronically receives monthly direct deposit.
• All account holders must be at least age 13 and one person named on the account must be at least age 18.
• Interest begins to accrue on the business day your deposits are received at our Bank Operations Center.
• We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day, at the end of the business day.
• Minimum daily balance required to earn interest is $2,500
• Interest is compounded daily.
• Interest is credited to your account monthly at statement cycle date.
• At our discretion, your interest rate and annual percentage yield may change daily.
• Convenient access to the account by check, ATM, point-of-sale, mail, phone, or the Internet.
• Account statements mailed monthly.
• Overdraft protection available.
• Initial 50 checks provided by State Farm Bank.

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Money Market Account

• Minimum opening deposit required is $1,000.
• Minimum average balance of $500 required to waive the $10 monthly minimum balance fee. Fee will be waived if account electronically receives monthly direct deposit.
• All account holders must be at least age 13 and one person named on the account must be at least age 18.
• Convenient access to the account by check, ATM, point-of-sale, mail, phone, or the Internet (see access restrictions).
• Minimum daily balance required to earn interest is $100.
• Interest begins to accrue on the business day your deposits are received at our Bank Operations Center.
• We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day, at the end of the business day.
• Interest is compounded daily.
• Interest is credited to your account monthly at statement cycle date.
• At our discretion, your interest rate and annual percentage yield may change daily.
• Access Restrictions:
  • You may make six (6) pre-authorized withdrawals or transfers from the account per monthly statement cycle, three (3) of which may be a point-of-sale transaction, check written by you, or a bank draft payable to a third party. Internet-initiated transfers, telephone-initiated transfers, and overdraft protection transfers between your accounts are counted in the six (6) allowed transfers as mentioned above. A $10 monthly excessive transfer fee may be assessed for exceeding the authorized number of Money Market transfers per statement cycle.
  • You are allowed unlimited withdrawals by ATM, mail and withdrawals made by telephone payable to You.
  • We may be required to close your account, take away any ability to transfer and write checks or convert the account to a checking or other transaction account if these restrictions are violated.
• Account statements are mailed monthly.
• Checks provided by State Farm Bank.
• Can be used as a "Protecting Account" for overdraft protection. Transfers to cover overdrafts are counted in the six (6) allowed transactions as mentioned above in the access restrictions.

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Savings Account

• Minimum opening deposit required is $100.
• If the primary account holder is 18 or older, minimum average daily balance is $100 or monthly electronic direct deposit to the account is required to waive the $3 monthly minimum balance fee.
• If the primary account holder is under age 18, a $5 monthly inactivity fee will apply if the account has no customer-initiated deposits or withdrawals during the previous 3 statement cycles and the minimum average daily balance is less than $100.
• Account statements mailed monthly.
• Convenient access to the account by ATM, mail, phone, or the Internet.
• Can be used as a "Protecting Account" for overdraft protection. Transfers to cover overdrafts are counted in the six (6) allowed transfers as mentioned above.
• Interest begins to accrue on the business day your deposits are received at our Bank Operations Center.
• We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day, at the end of the business day.
• Interest is compounded daily.
• Interest is credited to your account monthly at the statement cycle date.
• At our discretion, your interest rate and annual percentage yield may change daily.
• Access Restrictions
  • You may make six (6) pre-authorized withdrawals or transfers from the account per monthly statement cycle. Internet-initiated transfers, telephone-initiated transfers, and overdraft protection transfers between your accounts are counted in the six (6) allowed transactions as mentioned above. A $10 monthly excessive transfer fee may be assessed for exceeding the authorized number of Savings transactions per statement cycle.
  • You are allowed unlimited withdrawals by ATM, mail and withdrawals made by telephone payable to you.
  • We may be required to close your account, take away any ability to transfer and write checks or convert the account to a checking or other transaction account if these restrictions are violated.

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Fixed-Rate Certificates of Deposit

• Minimum opening deposit required for a certificate of deposit is $500. Minimum opening deposit required for a jumbo certificate of deposit is $100,000.
• Interest begins to accrue on the business day your deposits are received at our Bank Operations Center.
• We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day, at the end of the business day.
• Interest earned is compounded daily and credited to the account at maturity for terms less than one year and monthly for terms one year and longer. Interest may also be transferred by ACH to an external bank account, in which case the interest will be credited to the State Farm Bank certificate of deposit account at the same frequency as the external transfer - monthly, quarterly, semiannually, or annually.
• The Annual Percentage Yield (APY) assumes principal and interest will remain on deposit until maturity. Any withdrawal of credited interest prior to maturity will reduce the APY.
• For fixed-rate certificates, the interest rate for your account will be paid until the maturity date of your certificate. The interest rate for variable-rate certificates may fluctuate during the term of the certificate according to the terms for that account.
• The account will automatically renew at maturity. You may make a single withdrawal within 20 calendar days (grace period) from the maturity date to withdraw your funds without being charged a penalty. Any additional withdrawals during or after the grace period will be subject to a penalty.
• Unless otherwise distributed, interest is capitalized at maturity, and becomes part of the principal balance for the subsequent term(s).
• Interest will be earned during the grace period at the renewal rate.
• After the account is opened, You may not make deposits into or withdrawals from this account until the maturity date, without penalty.
• You have contracted to keep the funds on deposit as evidenced by the Deposit Received Date and Maturity Term listed on the Certificate of Time Deposit Application. Acceptance of a request by You for a withdrawal of some or all of the funds prior to the Maturity Date is at the discretion of State Farm Bank.
• If a request for early withdrawal is granted and any of the principal is withdrawn from the account before the maturity date, a penalty of 90 days interest, earned or not, on the principal withdrawn, may be imposed for certificates with terms of 1 year or less. A penalty of 180 days interest on the principal withdrawn, earned or not, may be imposed for any withdrawal of principal for certificates with terms of greater than 1 year.

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Individual Retirement Account (IRA) & Education Savings Account (ESA) Fixed-Rate Certificates of Deposit
(Includes Traditional IRAs, Roth IRAs and Coverdell ESAs)

• Minimum opening deposit required for a Traditional IRA, Roth IRA, or an ESA certificate of deposit is $500.
• Minimum opening deposit required for a jumbo Traditional IRA or jumbo Roth IRA is $100,000.
• Interest begins to accrue on the business day your deposits are received at our Bank Operations Center.
• We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day, at the end of the business day.
• Interest earned is compounded daily and credited to the account monthly.
• The Annual Percentage Yield (APY) assumes principal and interest will remain on deposit until maturity. Any withdrawal of principal or credited interest prior to maturity will reduce the APY.
• For fixed-rate certificates, the interest rate for your account will be paid until the maturity date of your certificate. The interest rate for variable-rate certificates may fluctuate during the term of the certificate according to the terms for that account.
• The account will automatically renew at maturity. You will have 20 calendar days (grace period) from the maturity date to withdraw your funds without being charged a penalty. Consult your tax advisor to determine applicable Internal Revenue Service (IRS) policy regarding income taxes or IRS penalties.
• Unless otherwise distributed, interest is capitalized at maturity, and becomes part of the principal balance for the subsequent term(s).
• Interest will be earned during the grace period at the renewal rate.
• Additional deposits may be made only to a 1-year term Traditional IRA, Roth IRA or ESA. Additions cannot be made in the 7-day period before the maturity date. Additions will earn interest from the business day your deposit is received at our Bank Operations Center, and will not change the maturity date or interest rate of the account. The minimum additional deposit to the account is $100.
• Distributions: Normal distributions will be allowed without incurring an early withdrawal penalty for customers who have reached age 59 1/2. Transfers or Rollovers to another IRA are not considered normal distributions.
• Distributions will be limited to a minimum of $10 each. As a result of distributions, the IRA certificate of deposit balance may fall below the minimum opening balance. However, the account shall never be allowed to fall below a minimum balance of $10.
• You have contracted to keep the funds on deposit as evidenced by the Deposit Received Date and Maturity Term listed on the Certificate of Time Deposit Application. Acceptance of a request by You for a withdrawal of some or all of the funds prior to the Maturity Date is at the discretion of State Farm Bank.
• With the exception of IRA distributions as outlined above, if a request for early withdrawal is granted and any of the principal is withdrawn from the account before the maturity date, a penalty of 90 days interest, earned or not, on the principal withdrawn, may be imposed for certificates with terms of 1 year or less. A penalty of 180 days interest on the principal withdrawn, earned or not, may be imposed for any withdrawal of principal for certificates with terms of greater than 1 year.

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Health Savings Account (HSA)

• Minimum opening deposit required for a Health Savings Account is $100.
• There is no minimum balance fee.
• The HSA has an annual service fee of $25 assessed upon opening and annually thereafter.
• Initial set of checks provided by State Farm Bank®.
• Any checks or other withdrawals form the account will be considered distributions and will be reported as being for qualified medical expenses, unless You notify Us otherwise within 15 days of the distribution.
• Interest begins to accrue on the business day your deposits are received at our Bank Operations Center.
• We use the daily balance method to calculate the interest to your account. This method applies a daily periodic rate to the principal in the account each day, at the end of the business day.
• Interest is compounded daily.
• Interest is credited to your account monthly at statement cycle date.
• At our discretion, your interest rate and annual percentage yield may change daily.

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Business Deposit Accounts

Business Checking:

• Minimum of $100 to open account.
• Non-interest bearing account.
• Minimum average daily balance of $3000 required to waive the $10 monthly minimum balance fee.
• Initial 50 checks provided by State Farm Bank.

Agent Business Checking Account:

• Available to State Farm Agents only.
• Non-interest bearing account.
• Minimum of $100 to open account.
• No minimum balance required and no monthly balance fee.
• Initial 50 checks provided by State Farm Bank.

Business Money Market Account:

• Minimum opening deposit required of $1000.
• Minimum average daily balance of $500 required to waive the $10 monthly minimum balance fee.
• Convenient access to the account by check, ATM, mail, or phone.
• Minimum daily balance required to earn interest is $100.
• Interest begins to accrue on the business day your deposits are received at our Bank Operations Center.
• We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day, at the end of the business day.
• Interest is compounded daily and is credited to the account on the statement cycle date.
• At our discretion, your interest rate and annual percentage yield may change daily.
• Access Restrictions:
  • You may make six (6) pre-authorized withdrawals or transfers from the account per monthly statement cycle, three (3) of which may be a point-of-sale transaction, check written by You, or a bank draft payable to a third party. Internet-initiated transfers, telephone-initiated transfers, or overdraft protection transfers between your accounts are counted in the six (6) allowed transactions as mentioned above.
  • A $10 monthly excessive transaction fee may be assessed for exceeding the authorized number of Money Market transactions per statement cycle.
  • You are allowed unlimited withdrawals by ATM, mail and withdrawals made by telephone payable to You.
  • We may be required to close your account, take away any ability to transfer and write checks or convert the account if these restrictions are violated.
• Account statements are mailed monthly.
• Checks provided by State Farm Bank.

Business Savings:

• Minimum of $100 to open account.
• Minimum average daily balance of $100 required to waive the $3 monthly minimum balance fee.
• Total of six (6) pre-authorized withdrawals or transfers from the account per monthly statement cycle. A $10 monthly excessive transaction fee may be assessed for exceeding the authorized number of Savings transfers per statement cycle.
• Interest is compounded daily and is credited to the account on the statement date.

Business Fixed-Rate Certificates of Deposit:

• Minimum opening deposit required for a regular certificate of deposit is $500.
• Minimum opening deposit required for a jumbo certificate of deposit is $100,000.
• The account will automatically renew at maturity.
• You will have 20 calendar days (grace period) from the maturity date to withdraw your funds without being charged a penalty.
• Unless otherwise distributed, interest is capitalized at maturity, and becomes part of the principal balance for the subsequent term(s).
• If a request for early withdrawal is granted and any of the principal is withdrawn before the maturity date, a penalty of 90 days interest on the principal, earned or not, may be imposed for certificates with terms of 1 year or less. A penalty of 180 days interest on the principal withdrawn from the account, earned or not, may be imposed for any withdrawal of principal for certificates with terms of greater than 1 year.
• Interest is compounded daily and is credited to the account at maturity for terms less than one year and monthly for terms one year and longer.

Ready to get started?