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No matter your goals – retirement, competitive interest rates that compound daily, or online convenience – there’s a savings account that’s just right for you.
Predictable income on your terms.
The individual(s) on the account must have a Social Security Number (SSN), Tax Identification Number (TIN), or Individual Taxpayer Identification Number (ITIN). With the exception of CDs, 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.
Still trying to decide which savings account is right for you? See their different features and benefits side-by-side.
|Savings||Money Market Savings||Fixed-Rate CDs|
|Best Use||Short term savings||Longer term savings with access to funds||Longer term savings without immediate access|
|Minimum Opening Deposit||$0||$1,000||$500|
|Annual Percentage Yield (APY)||Varies by balance||1.85%||Varies by term|
|Minimum Balance Fee*||$3/None with direct deposit||$10/None with direct deposit||None|
|Minimum Average Daily Balance||$100||$500||None|
|Subject to Withdrawal Penalties||No||No||Yes|
* Minimum balance fee waived with direct deposit or by maintaining a daily average of the minimum balance. Savings fee waived for individuals under age 18.
1 Refer to the Pricing Schedule for Consumer & Business Deposit accounts and the Truth in Savings Disclosures for more details.
2 The Banking Benefits – Introductory program offers a high yield fixed Introductory Rate during the first 12 statement cycles after opening a new Consumer Money Market Savings account with State Farm Bank. A new Consumer Money Market Savings account means you cannot have an existing Money Market Savings with the same ownership currently open or which closed within the last 12 months. Your Benefit account balance must remain below $5,000,000 to earn the Introductory Rate. If the account balance is $5,000,000 or above, you will earn the Standard Rate on your entire balance. The new Money Market Savings must be a Personal or Trust account. IRA Money Market , Estate, Uniform Transfer to Minors, and Business accounts are NOT eligible.
3 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) (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.