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A money market savings account is a savings account that typically earns a higher interest rate than a regular savings or checking account.
Available on new Consumer Money Market Savings accounts. The account cannot have the same ownership as an existing Money Market Savings account or one that has closed within the past 12 months. IRA Money Market, Estate, Uniform Transfer to Minors, and Business accounts are NOT eligible.More information
For those with an existing State Farm Bank Consumer Money Market Savings account. Combine it with other qualifying State Farm Bank accounts to earn a higher yield Relationship Rate on your Money Market Savings account. The Relationship Rate requires a Checking or Interest Checking account with at least $2,500 daily balance or at least 10 withdrawal transactions.2More information
Your Money Market Savings account will earn the Standard Rate, instead of the Relationship Rate, when your total withdrawal transactions2. on your Checking or Interest Checking are less than 10 per statement cycle OR your daily Checking or Interest Checking balance is less than $2,500. However, the account will be monitored to determine if it qualifies for a Relationship Rate in future account cycles.
Read more about Banking Benefits – Deposit Introductory disclosures
If you have multiple Qualifying checking accounts with the same ownership as Your Benefit Account, the balances and transactions for those Checking and/or Interest Checking accounts will be added together to determine Benefit eligibility. The 10 withdrawal transactions per statement cycle can be Debit Card, ATM Card, Bill Pay, Account to Account transfer, ACH, Wire Transfer, or Check. We count withdrawals for purposes of eligibility requirements as of the date they are posted to your account, not as of the date you initiate them. As such, a withdrawal you initiate during one statement period may not be counted until a subsequent statement period. The account will be monitored to determine if it qualifies for a Relationship Rate in future account cycles. More rate information
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.
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.
State Farm Bank, F.S.B., Bloomington, Illinois offers deposit and loan products. Other insurance, securities or investment products are offered by affiliate companies.
State Farm Bank ("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.