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State Farm Bank® deposit products are FDIC insured.

Money Market
Savings Account

 

Account
Highlights

Important Account Disclosures
  • Earns a higher interest rate1 than an Interest Checking or Savings account.
  • Can write checks, transfer funds or withdraw money when you need it.2
  • Complimentary ATM card and Money Market Savings checks.
  • Can receive up to 100% rebate per statement cycle for ATM fees. Limitations apply.3
  • No minimum balance fee with direct deposit.4
  • Interest compounded daily.
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What Is a Money
Market Savings Account?

A money market savings account is a savings account that typically earns a higher interest rate than a regular savings or checking account.

Benefits of a Money
Market Savings Account

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  • Ideal for those seeking a better interest rate and don’t need to withdraw from the account as often as they would a typical checking or savings account.
  • Well suited for an emergency fund or longer-term savings for a down payment, home improvements or dream vacation.
  • Can be utilized as a protecting account for overdraft protection.

Comparing Money Market Savings vs. Savings

Money Market Savings Savings
Minimum Opening Balance $1,000 $0
Withdrawals 6 per statement cycle 2 6 per statement cycle 2
 

Opening a Money Market Savings Account

Important Account Disclosures
  • Requires an initial deposit of $1,000.
  • It’ll take 5-10 minutes to complete the application process.
  • You’ll need contact information, current bank information or a check to fund your new account.
  • Each individual on the account must have a Social Security number (SSN), Tax Identification Number (TIN), or Individual Taxpayer Identification Number (ITIN).
  • At least one account holder must be age 18 or older.
  • Minors may be listed as the primary or secondary account holder. However, these accounts must be opened on the phone or through a State Farm® agent.
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1 This is a variable rate account. The interest rate and APY are subject to change daily at our sole discretion. This is a tiered rate account. Balance tier levels are subject to change without notice. Your entire balance will earn the interest rate and APY in effect for the balance tier associated with your daily balance. Current interest rate, APY, and balance tier information may be obtained by calling State Farm Bank at 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, by clicking on State Farm Bank "Bank Rates", or by contacting your local State Farm agent. More rate information

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.

2 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.

3 State Farm Bank will not charge you for the use of ATMs not owned by the Bank (considered foreign ATMs). Further, the Bank will rebate a foreign ATM surcharge imposed by the ATM owner in any amount assessed against a State Farm Bank Checking, Interest Checking, or Money Market Savings Account provided that there is a direct deposit via an Automated Clearing House (ACH) credit into that account during the statement cycle of the foreign ATM transaction. If there has been no direct deposit via an ACH credit into the State Farm Bank Checking, Interest Checking, or Money Market Savings Account during the statement cycle, the Bank will rebate up to a total of $10 in foreign ATM surcharges per account per statement cycle. State Farm Bank Savings Accounts will be rebated up to a total of $10 in foreign ATM surcharges per account per statement cycle. If your account is closed prior to the end of the statement cycle, the ATM Fee Rebate will NOT be provided for that statement cycle. Refer to the Pricing Schedule for Consumer & Business Deposit accounts for more details.
4 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.

5 Minimum balance fee of $3 if fail to maintain the minimum average daily balance of $100. This fee will be waived if the account receives a direct deposit via an Automated Clearing House (ACH) credit during the statement cycle.

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.

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