State Farm Bank Interest Rates

State Farm Bank offers competitive interest rates on many of their consumer banking products.  Today, in the Fort Worth Star-Telegram, the bank has a full display ad promoting their many savings products.  The ad includes the rates on the banks savings, money market accounts and CDs.

The savings rates for the bank are tiered based on the amount on deposit.  The minimum opening deposit for the savings accounts is $100.00.  The rates are as follows:

 A balance of $0.00 to $24,999.00 has an interest rate of 0.50%.
 Balances of $25,000.00 to $49,999.00 have an interest rate of 1.20%.
 Balances of $50,000.00 to $99,999.00 have an interest rate of 1.75%.
 And balances greater than $100,000.00 have an interest rate of 1.85%.

The money market accounts are also tiered.  The minimum opening deposit for the money market accounts is $1,000.00.  The interest rates paid on this account are as follows:

A balance of $0.00 to $999.00 does not pay interest.
Balances of $100.00 to $9,999.00 have an interest rate of 2.00%.
Balances of $10,000.00 to $24,999.00 have an interest rate of 2.25%.
Balances of $25,000.00 to $49,999.00 have an interest rate of 2.65%.
Balances of $50,000.00 to $99,999.00 have an interest rate of 2.75%.
And balances greater than $100,000.00 have an interest rate of 3.10%.

For the bank CDs, the minimum account balance to open the CD account and earn the advertised yield is $500.00.  The rates on the various term CDs include:

 The 90 day CD has an interest rate of 2.30% APY.
 The 180 day CD has an interest rate of 2.50% APY.
 The 9 month CD has an interest rate of 3.50% APY.
 The one year CD has an interest rate of 2.75% APY.
 The two year CD has an interest rate of 3.30% APY.
 The three year CD has an interest rate of 3.35% APY.
 The four year CD has an interest rate of 3.40% APY.
 The five year CD has an interest rate of 3.50% APY.

State Farm Bank is internet based bank and does not have branch offices. The majority of customer communication and product assistance is provided by State Farm agents®, supplemented by the banks telephone call center, mail and Internet access. State Farm Bank, F.S.B. received formal approval for a thrift charter from the Office of Thrift Supervision in November 1998.  State Farm Bank, Bloomington, Illinois, is a Member FDIC.  According to the banks website, “Its focus is on consumer-oriented financial products, complementing State Farm’s insurance focus on personal lines.”  State Farm Bank is part of the State Farm companies.  State Farm has 17,000 agents and 68,000 employees serve 80 million policies and accounts, more than 78 million auto, fire, life and health policies in the United States and Canada, and more than 1.9 million bank accounts.

All of the bank products have interest rates that are subject to change without notice.  State Farm Bank updates their rates on their website.  The bank web address can be found at www.statefarm.com.  For questions or current information the bank can be reached by calling 877-734-2265.  This data was reviewed on December 10, 2008.

This entry was posted on Wednesday, December 10th, 2008 at 9:18 pm and is filed under Bank Promotions. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.