State Farm Bank® deposit products are FDIC insured.
Earn more with a Money Market Savings Account and still have easy self-service access to your funds.
Introductory Rate is 2.25% Annual Percentage Yield (APY)1
Relationship Rate is 2.25% APY2
Important Account Disclosures
Apply for a Money Market Savings Account
Open a Money Market Savings Account
A money market account is a type of savings account that typically earns a higher interest rate than a regular savings or checking account. They are usually best for someone who wants to earn a better interest rate on their hard earned money and doesn’t need to withdraw from the account as often as they would a typical checking or savings account.
Minimum balance fee of $10 if fail to maintain the minimum average daily balance of $500. This fee will be waived if the account receives a direct deposit via an Automated Clearing House (ACH) credit during the statement cycle.
Fees and charges may reduce earnings on accounts. Refer to the Pricing Schedule for Consumer & Business Deposit Accounts and the Truth in Savings Disclosures for more details.
Read more about Banking Benefits – Deposit Relationship
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. Interest will be compounded daily and credited to your account monthly at the statement cycle date. Interest begins to accrue on the business day your deposits are received at our Bank Operations Center.
When the primary account holder is 18 years of age or older, a minimum balance fee will be imposed monthly if the average daily balance for the month falls below $100. The minimum balance fee will be waived if the account receives a direct deposit via an Automated Clearing House (ACH) credit during the statement cycle. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.
This account may be subject to fees and charges. Refer to the Pricing Schedule for Consumer & Business Deposit accounts.
You may make six transfers from your account each monthly statement cycle by preauthorized or automatic transfer, point-of-sale, telephone and/or electronic banking. If you exceed these limitations, we may refuse to honor the excessive transactions, remove your transfer privileges, close the account without prior notice, convert it to another type of account, and/or impose a fee (Refer to the Pricing Schedule for Consumer & Business Deposit accounts) for exceeding the limits. (Note: We count transactions for purposes of the transaction limitations as of the date we post them to your account, not as of the date you initiate them. As such, a transaction you initiate during one statement period may not be counted until a subsequent statement period). In addition to the above transfers, you are allowed unlimited withdrawals by ATM; by mail (payments directly to you or transfers of funds from your account to any of your loan accounts with us); or by telephone (via check payable to you.)
The Bank reserves the right to require written notice seven days prior to any withdrawal or transfer from this account. Account statements provided monthly. Convenient access to the account by ATM, point-of sale, mail, phone, or the Internet.
If you prefer to limit sharing this information within our State Farm family of companies, please call your State Farm agent or 1-800-863-6035.
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.
What this means for you: When you open an account, we will ask you for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.
Visa is a registered trademark of Visa International Service Association.
State Farm Bank, F.S.B., Bloomington, Illinois ("Bank"), is a Member FDIC and Equal Housing Lender. NMLS ID 139716. The other products offered by affiliate companies of State Farm Bank are not FDIC insured, not a State Farm Bank obligation or guaranteed by State Farm Bank, and may be subject to investment risk, including possible loss of principal invested. The Bank encourages any interested individual(s) to submit an application for any product(s) offered by the Bank. We also encourage you to obtain information regarding the Bank's underwriting standards for each type of credit or service offered by visiting statefarm.com® or by contacting the Bank at 877-SF4-BANK (877-734-2265). If you are deaf, hard of hearing, or do not use your voice to communicate, you may contact us via 711 or other relay services. To apply for a Bank product, you may also see your participating State Farm Agent.
The Banking Benefits – Deposit Introductory program offers a high yield fixed Introductory Rate during the first 12 statement cycles after opening a new Consumer Money Market Savings account with State Farm Bank. A new Consumer Money Market Savings account means you cannot have an existing Money Market Savings with the same ownership currently open or which closed within the last 12 months. Your Benefit account balance must remain below $5,000,000 to earn the Introductory Rate. If the account balance is $5,000,000 or above, you will earn the Standard Rate on your entire balance. The new Money Market Savings must be a Personal or Trust account. IRA Money Market, Estate, Uniform Transfer to Minors, and Business accounts are NOT eligible.
The Banking Benefits – Deposit Relationship program requires a Consumer Checking or Interest Checking AND a Consumer Money Market Savings with the same ownerships. Requirements to earn the Relationship Rates are qualifying activity in the Checking or Interest Checking account(s) of $2,500+ daily balance OR 10 withdrawal transactions.2
If you have multiple Checking or Interest Checking accounts with the same ownership as the Consumer Money Market Savings, the balances and transactions in those Checking or Interest Checking account will be added together to determine your Benefit eligibility. The 10 withdrawals can be made by Debit Card, ATM Card, Bill Pay, Account to Account Transfer, ACH, Wire Transfer, or Check per statement cycle.