State Farm Bank® offers a number of Banking Benefits to its customers. The Banking Benefits – Deposit Package, which gives You the opportunity to earn a high rate (Relationship Rate) on certain deposit accounts. The Relationship Rate applies to an eligible Consumer Money Market Savings account.
These terms and conditions of the Banking Benefits – Deposit Package are supplemental to the Disclosures and Customer Agreements and the Pricing Schedule for Consumer & Business Deposit Accounts. Refer to the Truth in Savings Disclosures included in the Disclosures and Customer Agreements for the provisions that apply to Your account(s).
The terms "You" and "Your" refer to the depositor (whether joint or individual) and the terms "We," "Us," and "Our" refer to State Farm Bank.
Banking Benefits – Deposit Package: This Package offers a high yield Relationship Rate on Your Consumer Money Market Savings account(s) when You maintain other State Farm Bank Qualifying Relationship Account(s).
Benefit Account(s): This is the Consumer Money Market Savings account to which the Relationship Rate is applied. IRA Money Market, Estate, Uniform Transfer to Minors, and Business accounts are NOT eligible.
Qualifying Relationship Account(s): This is the Consumer Checking or Consumer Interest Checking, which is required to earn the Relationship Rate. Estate, Uniform Transfer to Minors, and Business accounts are not eligible.
Package Summary Statement: While You are enrolled in the Package, We will provide You with a separate statement providing details on Your Banking Benefits - Deposit enrollment.
Your Benefit account balance(s) must remain below $5,000,000 to earn the Relationship Rate. If the account balance(s) is $5,000,000 or above, you will earn the Standard Rate on your entire balance(s).
The Standard Rate applies instead of the Relationship Rate when Your Checking and/or Interest Checking account(s) does not have a Daily Balance** of $2,500 OR 10 Withdrawal Transactions***. However, the account will be monitored monthly 3 days before Your statement cycle by the Bank to determine if it qualifies for a Relationship Rate.
*See the Relationship Rates noted under Banking Benefits – Deposits on statefarmbank.com.
**To meet the Daily Balance requirement, You must maintain a balance greater than or equal to $2,500 each day of Your statement cycle.
***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.
The Banking Benefits – Deposit Package is provided by State Farm Bank as a courtesy to its customers. State Farm Bank may terminate or modify the terms and conditions of the Package at any time.
Neither State Farm® nor its agents provide tax or legal advice.
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.