Banking

Bonus Rate Benefits Package

State Farm Bank® deposit accounts are FDIC insured.

The Bonus Rate Benefits Package gives you the opportunity to earn an Interest Rate Bonus on a Consumer Money Market Savings account(s) provided you maintain a Qualifying Balance in a Qualifying Account. See disclosures below for details.

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 deposit account. Refer to the Truth in Savings Disclosures included in the Disclosures and Customer Agreements for the provisions that apply to Your accounts, including variable rate and tiered rate information, details on how interest is calculated, and additional account features and details.

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

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 enrolled in the Package, You will receive a monthly Package Summary Statement. This statement will provide Your current Benefit Tier, Interest Rate Bonus, and Average Balance.

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

Benefit Account – This account is required and will be the account to which the Interest Rate Bonus is applied. A Consumer Money Market Savings Account is an eligible Benefit Account. Multiple Consumer Money Market Savings accounts may be eligible to receive an Interest Rate Bonus.

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

Qualifying Accounts

Qualifying Checking Account – You are required to maintain a Qualifying Checking Account. A required Qualifying Checking Account may be a Consumer Checking Account or a Consumer Interest Checking Account. You may have more than one Qualifying Checking Account to determine Your Benefit Tier. One Qualifying Account will be identified as the Anchor Account on Your Package Summary Statement.

Trust, Estate, Uniform Transfer to Minors, and Business accounts are not eligible Qualifying Checking Accounts.

Qualifying Credit Card Account

If You have a State Farm® Visa® credit card, it may be an eligible Qualifying Credit Card Account to earn a higher Interest Rate Bonus.

State Farm Bank® Business Visa® credit card is not an eligible Qualifying Credit Card Account.

Account Ownership

Qualifying Checking Account – The account ownership on all Qualifying Checking Accounts and Benefit Accounts must be the same, and may be either sole or joint ownership.

Qualifying Credit Card Account – If the account ownership on the Qualifying Credit Card Account is the same ownership as the Qualifying Checking Account and the Benefit Account(s), which may be either sole or joint ownership, Your credit card will be automatically enrolled.

If the account ownership on Your Credit Card Account is sole ownership, or sole ownership with an authorized signer, and the ownership on the Qualifying Checking and Benefit Account(s) is joint ownership, the credit card MAY be eligible as a Qualifying Credit Card Account by providing written authorization.

The authorization acknowledges Your awareness the credit card information will be disclosed on Your Package Summary Statement. The credit card information included on the statement will be the last 4 digits of the credit card and will not contain any balance or activity information. You can access the authorization form on statefarm.com® or by calling State Farm Bank at 877-734-2265; callers who are hearing or speech impaired should dial 711 or use a preferred Telecommunications Relay Service. This form must be signed by the sole owner of the credit card and submitted to the Bank for review and approval. You have the option to revoke Your authorization at any time by contacting Us.

Required Average Balance – You must maintain a monthly Required Average Balance in a Qualifying Checking Account to earn the Interest Rate Bonus as described in the section below titled Benefit Tiers..

Qualifying Checking Account – Your Average Balance will be evaluated three business days prior to the statement date on Your Qualifying Checking Account(s). If You have multiple Qualifying Checking Accounts, the Average Balances will be added together to determine Your Benefit Tier.

Qualifying Credit Card Account – The credit card account balance is not included when determining Your Average Balance.

Interest Rate Bonus – The additional interest rate You will earn on Your Benefit Account(s) as long as You remain eligible.

If You have multiple eligible Benefit Accounts with the same ownership, each Benefit Account is eligible for an Interest Rate Bonus.

If You open a new Benefit Account, the Interest Rate Bonus will automatically be applied beginning the next business day after the Benefit Account is opened. An open account means all information has been submitted and the account has been reviewed and approved.

Enrollment

There is no fee for the Bonus Rate Benefits Package. You are enrolled when You maintain both a Qualifying Checking Account and a Benefit 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 Consumer Money Market Savings account, each account will be eligible for the Bonus Rate Benefits Package if You have a Qualifying Checking Account with the same ownership.  The account ownership on all Benefit Account(s), Qualifying Checking Account(s), and Qualifying Credit Card Accounts must be exactly the same, and may be either sole or joint ownership.

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

If You close either Your Qualifying Checking Account and/or Your Benefit Account You are no longer eligible for the Package and will be un-enrolled.

Benefit Tiers

Benefit Tier Interest Rate Bonus Required Accounts Required Average Balance

Bonus Level 3

0.35% Annual Percentage Yield (APY); 0.35% Interest Rate

1. Qualifying Checking Account
2. Qualifying Credit Card Account
3. Benefit Account

The monthly Average Balance in Your Qualifying Checking Account(s) must total at least $2,500.

Bonus Level 2

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

1. Qualifying Checking Account
2. Benefit Account

The monthly Average Balance in Your Qualifying Checking Account(s) must total at least $2,500.
Standard Level

1. Qualifying Checking Account
2. Benefit Account

The monthly Average Balance in Your Qualifying Checking  Account(s) is less than $2,500*.

* You are eligible to move to a higher tier if Your monthly Average Balance increases to at least $2,500.

Determining Your Benefit Tier

When You are first enrolled in the Bonus Rate Benefits Package, You will be placed in the highest Interest Rate Bonus Benefit Tier based on Your Required Accounts. You will be in this tier for two statement cycles. After two statement cycles, You will be placed in the Bonus Level aligned with the Required Accounts and Required Average Balance.

For example, if You have a Qualifying Checking Account, a Qualifying Credit Card Account and a Benefit Account, You will be placed in Bonus Level 3. If You only have a Qualifying Checking Account and a Benefit Account You will be placed in Bonus Level 2.

The Future Benefit Tiers may adjust as follows:

Your Benefit Tier is evaluated monthly, based on the Required Accounts and the Required Average Balance of Your Qualifying Checking Account(s). The Average Balance will be evaluated three business days before the statement cycle date of Your Qualifying Checking Account(s). The statement cycle date is when the Interest Rate Bonus for the applicable Benefit Tier will be applied to the Benefit Account(s).

  • If Your Required Accounts and Required Average Balance do 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 Accounts and Required Average Balance meet the criteria of a higher Benefit Tier, You will be moved to the applicable higher Benefit Tier with the next statement cycle.
  • If You open a new eligible Qualifying Checking Account or Qualifying Credit Card Account during Your Package Summary Statement cycle, the new account will be included when Determining Your Benefit Tier at the next statement cycle date. An open account means all information has been submitted and the account has been reviewed and approved.
  • If You no longer have a Qualifying Checking Account and Benefit Account, You will not be eligible for a Benefit Tier and will be un-enrolled.

The Bonus Rate Benefits Package is provided by State Farm Bank as a courtesy to its customers. State Farm Bank may modify the terms and conditions of the Package at any time. If the terms are adverse, We will provide You with written notice 30 days prior to the change.

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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