Banking Benefits – Deposit Introductory

State Farm Bank® offers a number of Banking Benefits to its customers. The Banking Benefits – Deposit Introductory Package, gives You the opportunity to earn a higher rate on certain deposit accounts during an initial introductory period ("Introductory Interest Rate"). The Introductory Interest Rate applies to an eligible Consumer Money Market Savings account.

State Farm Bank also offers a Banking Benefits – Deposit program that may be referred to. For detailed information on both Banking Benefits programs, please visit statefarmbank.com or call 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.

The below terms and conditions of the Banking Benefits – Deposit Introductory 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).

Definitions:

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: Our program that allows You to earn a higher interest rate on State Farm Bank Money Market Savings accounts by maintaining other State Farm Bank accounts.

Banking Benefits – Deposit Introductory Package: Our program available to customers with new Consumer Money Market Savings accounts that allows You to earn a higher interest rate for an introductory period.

Eligible Consumer Money Market Savings account: Any new Consumer Money Market Savings account titled with unique ownership (e.g., in the name of "John Doe and Jane Doe," where no other Consumer Money Market Savings account is already held in the name of "John Doe and Jane Doe"), and where no other Consumer Money Market Savings account with the same ownership has closed within the last 12 months. Estate, Uniform Transfer to Minors, IRA Money Market, and Business Money Market Savings accounts are not eligible.

Qualifying/Benefit Account: This is the Eligible Consumer Money Market Savings account to which the Introductory Rate is applied. Estate, Uniform Transfer to Minors, IRA Money Market accounts and Business Money Market Savings accounts are not eligible to be Qualifying/Benefit Accounts.

What is the Banking Benefits – Deposit Introductory Package?
Introductory Period

The Banking Benefits – Deposit Introductory Package offers a higher yield fixed Introductory Interest Rate for the first 5 statement cycles after opening an eligible Consumer Money Market Savings account.  The Introductory Interest Rate begins the next business day after Your Consumer Money Market Savings account is opened, which means all information has been submitted, received by Us, and the account has been reviewed and approved.

Introductory Interest Rate

You will earn a higher yield Introductory Rate for the first 5 statement cycles. See
Banking Benefits - Deposit Introductory Rates.

While there are no minimum balance requirements to be enrolled in or maintain the Banking Benefits – Deposit Introductory Package, there may be a minimum opening balance or ongoing balance requirements for Your Consumer Money Market Savings account. See the Disclosures and Customer Agreements for details. You can earn the Introductory Interest Rate on balances up to $250,000. If the account balance exceeds $250,000, the Introductory Interest Rate is not applicable. Fees may reduce earnings.
What happens when the 5 statement cycle Introductory Period ends?
At the end of the 5 statement cycle Introductory Period, We will evaluate Your account and any other accounts You have with Us. This evaluation will take place 3 business days prior to Your Consumer Money Market Savings statement date.

If at that time You also have a Checking or Interest Checking account with the same ownership, You are eligible to receive a higher yield rate through Our Banking Benefits – Deposit Package (Relationship Rate). You will receive a separate, advanced notification regarding Your eligibility for the Relationship Package.

If at that time You do not have an eligible Checking or Interest Checking account, Your Consumer Money Market Savings account Introductory Interest Rate will be discontinued at the end of the 5 statement cycle period and the account will earn the regular Consumer Money Market Savings rates at that time.
What do I need to do now to take advantage of the Banking Benefits –Deposit Introductory Package?
Enrollment

Open a new Consumer Money Market Savings. This account will be known as both a Qualifying and Benefit account. It is the account You need to establish in order to qualify for the Introductory Package.

There is no fee for the Banking Benefits – Deposit Introductory Package. Each new Consumer Money Market Savings account that has different ownership may be eligible for the Banking Benefits – Deposit Introductory Package. For example, if You have an individual Consumer Money Market Savings account and a joint Consumer Money Market Savings account, each new account may be eligible for enrollment based on the different account ownership.

If You close Your Qualifying/Benefit Account Consumer Money Market Savings account, You are no longer eligible for the Package and Your enrollment will immediately be terminated. This is also the account that needs to remain open with other eligible accounts, as described in the Banking Benefits – Deposit disclosures, in order to qualify for the Relationship Rate under the Banking Benefits – Deposit Package after the Introductory Package expires.
Will my Consumer Money Market Savings statement reflect when I start receiving the higher yield?
Package Summary Statement

While You are enrolled in the Deposit Introductory Package, We will provide You with a statement providing details on Your Introductory Interest Rate.

The Banking Benefits – Deposit Introductory 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.

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