Banking

State Farm Bank® deposit accounts are FDIC insured.

IMPORTANT

Effective March 1, 2016, the Bonus Rate Benefits Package - Introductory offer described below is no longer available. If your account is already enrolled in the Bonus Rate Benefit Package and you are in the Introductory Period, you will continue to earn the Interest Rate Bonus for the remainder of the 9 month Introductory Period that began on your account opening date. At the end of the Introductory Period, your account may be eligible to continue to earn an Interest Rate Bonus if you have both a Qualifying Account and a Benefit Account based on your average balance.

Bonus Rate Benefits Package - Introductory

As a valued customer of State Farm Bank, We are pleased to provide You with a Bonus Rate Benefits Package for an Introductory Period. During the Introductory Period, You will receive an Interest Rate Bonus on a Consumer Money Market Savings account provided You have a Qualifying Account. After the Introductory Period ends, to continue to earn an Interest Rate Bonus, You will need to maintain a Qualifying Balance in a Qualifying Account.

These terms and conditions of the Bonus Rate Benefits Package are supplemental to the Disclosures and Customer Agreements and the Pricing Schedule for Consumer & Business Deposit Accounts, provided when You opened Your Consumer Money Market Savings account. Refer to the Truth in Savings Disclosures included in the Disclosures and Customer Agreements for the provisions that apply to Your account(s), including variable rate and tiered rate information, details on how interest is calculated, and additional account features and details.

Please note there is no Money Market Savings account minimum balance requirement to earn an Interest Rate Bonus for that account.

After the Introductory Period, however, there is a minimum balance requirement applicable to the Qualifying Account(s) in order to continue earning the Interest Rate Bonus.

Definitions and Conditions

Parties – 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.

Package – The Bonus Rate Benefits Package.

Package Summary Statement – While You are eligible for the Package, We will provide You with a separate Package statement. This statement will detail Your Required Activity, Your current Benefit Tier and Interest Rate Bonus.

Benefit Tier – There are different levels of benefits with different qualification requirements, which are described in the section below titled Benefit Tiers.

Benefit Account – This account is required and will be the new Consumer Money Market Savings account to which the Interest Rate Bonus is applied.

Trust, Estate, Uniform Transfer to Minors, Business accounts, and IRA Money Market Savings accounts are not eligible Benefit Accounts.

Qualifying Account – For the Bonus Rate Benefits Introductory Period, a new Consumer Money Market Savings account is a Qualifying Account. After the Introductory Period ends, You are required to maintain a Qualifying Deposit Account, which is a Consumer Checking account or a Consumer Interest Checking account to qualify for a Benefit Tier. You may have more than one Qualifying Deposit Account and We will add together the balances in those accounts to determine the Benefit Tier. Your Package Summary Statement will identify one Qualifying Account as the anchor account.

Trust, Estate, Uniform Transfer to Minors, Business accounts, and IRA Money Market Savings accounts are not eligible Qualifying Accounts.

Account Ownership – The account ownership on all Qualifying Account(s) and the Benefit Account must be exactly the same, and may be either sole or joint ownership. Potential Qualifying Accounts must have exactly the same account ownership as the Benefit Account to be treated as Qualifying Accounts.

Introductory Period – The Introductory Period is for nine months, beginning the next business day after Your Consumer Money Market Savings Account is opened, which means all information has been submitted and the account has been reviewed and approved.

Required Activity – After the Introductory Period ends, You must maintain a minimum balance in a Qualifying Account, which is a Consumer Checking account or a Consumer Interest Checking account, to earn the Interest Rate Bonus as described in the section below titled Benefit Tiers. Your minimum balance will be measured as Your average monthly balance(s) determined three business days prior to the statement date on Your Qualifying Account(s). If You have multiple Qualifying Accounts, the average monthly balances will be added together to determine Your Benefit Tier.

Interest Rate Bonus – The additional interest rate You will earn on Your Benefit Account during the Introductory Period and thereafter as long as You remain eligible.

Introductory Period

You become eligible for the Interest Rate Bonus during the Introductory Period through the Package when You open a New Consumer Money Market Savings account. For the Introductory Period only, Your Interest Rate Bonus will be the Bonus Level 2 Tier.

The Introductory Period is for nine months, beginning the next business day after Your Consumer Money Market Savings account is opened, which means all information has been submitted and the account has been reviewed and approved.

Consumer Money Market Savings accounts opened prior to December 8, 2014 are not eligible for the Introductory Period.

Enrollment

There is no fee for the Bonus Rate Benefits Package. You are enrolled for the Introductory Period when You open an eligible Consumer Money Market Savings account.

Each Benefit Account that has different ownership may be eligible for the Bonus Rate Benefits Package. For example, if You have a sole owner Consumer Money Market Savings account and a joint Money Market Savings account, each account will be eligible for the Bonus Rate Benefits Package if You have a Qualifying Account with the same ownership. The account ownership on all Qualifying Account(s) and the Benefit Account must be exactly the same, and may be either sole or joint ownership. You may only receive one Interest Rate Bonus on each Benefit Account.

If You have multiple eligible Benefit Accounts with the same ownership, only one Benefit Account is eligible for the Interest Rate Bonus. For example if You have two sole owner Consumer Money Market Savings accounts, only one account can receive the Interest Rate Bonus.

At the end of the Introductory Period You must maintain both a Qualifying Account and a Benefit Account to be eligible for an Interest Rate Bonus. If You do not have both a Qualifying Account and Benefit Account by Your next statement date, You will be notified that You are no longer eligible for the Package.

Benefits Tiers

Bonus Rate Benefits - Introductory

Interest Rate Bonus Tier Required Accounts Qualifying Account(s)* Benefit Account*
Bonus Level 2
9 month Introductory Period
0.25% Annual Percentage Yield (APY); 0.25% Interest Rate
New Consumer Money Market Savings
  • Open a New Consumer Money Market Savings
Consumer Money Market Savings

*Trust, Estate, Uniform Transfer to Minors, Business accounts, and IRA Money Market Savings accounts are not eligible Benefit or Qualifying Accounts.

Bonus Rate Benefits - After the Introductory Period

After the Introductory Period has ended, if You have both a Qualifying Account and a Benefit Account, You will be enrolled in Bonus Level 2 Tier for two statement cycles. After two statement cycles, You may be moved to the Bonus Tier aligned with the Required Activity for the Bonus Level Tiers explained below, provided You continue to maintain both a Benefit and Qualifying Account.

Interest Rate Bonus Tier Required Accounts Qualifying Account (s)* Benefit Account*

Bonus Level 2

0.25% Annual Percentage Yield (APY); 0.25% Interest Rate

Consumer Checking or Consumer Interest Checking

AND

Consumer Money Market Savings

Consumer Checking or Consumer Interest Checking

  • You must maintain a total average monthly balance in Your Qualifying Account(s) of a least $2,500.
Consumer Money Market Savings

Bonus Level 1

0.10% Annual Percentage Yield (APY); 0.10% Interest Rate

Consumer Checking or Consumer Interest Checking

AND

Consumer Money Market Savings

Consumer Checking or Consumer Interest Checking

  • You must maintain a total average monthly balance in Your Qualifying Account(s) of at least $1,500.
Consumer Money Market Savings
Standard Level

Consumer Checking or Consumer Interest Checking

AND

Consumer Money Market Savings

Consumer Checking or Consumer Interest Checking

  • To maintain eligibility in the Standard Level, You must maintain a Qualifying Account(s) and Benefit Account
  • No interest rate bonus, You may become eligible to move to a higher tier if the total average monthly balance reaches or exceeds $1,500
Consumer Money Market Savings

*Trust, Estate, Uniform Transfer to Minors, Business accounts, and IRA Money Market Savings accounts are not eligible Benefit or Qualifying Accounts.

Determining Your Benefit Tier

We will determine Your Benefit Tier as follows: After the Introductory Period, the Required Activity will be reviewed three business days before the statement cycle date of Your Qualifying Account(s) to determine the applicable Benefit Tier. The Interest Rate Bonus for the applicable Benefit Tier will be applied to the Benefit Account during the new statement cycle for the Qualifying Account and will adjust in the future as follows:

  • If Your Required Activity does not meet the criteria of Your current Benefit Tier for two consecutive statement cycles, You will be moved to the applicable lower Benefit Tier for the new statement cycle.
  • If Your Required Activity meets the criteria of a higher Benefit Tier, You will be moved to the applicable higher Benefit Tier for the new statement cycle.
  • If You no longer have a Qualifying Account and a Benefit Account, You will no longer be eligible for the Bonus Rate Benefits Package and will not receive the benefits of any Benefit Tier.

The Bonus Rate Benefits 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 upon thirty days advanced written notice to You.

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). Callers who are hearing or speech impaired should dial 711 or use a preferred Telecommunications Relay Service. To apply for a Bank product, you may also see your participating State Farm agent.

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