The fixed rate certificates of deposit offered by State Farm Bank have lost some of their competitive edge. As CD interest rates moved lower over the past several weeks, the State Farm CD rates have moved down as well. The CD rate reductions in some maturities of State Farm CDs have dropped measurably more than others.
State Farm Bank is part of the Start Farm Mutual Company and offers a number of bank savings and lending products predominantly online. The deposit products offered by State Farm Bank are FDIC insured. The bank has grown to be the 74th largest bank in the U.S. based on total assets.
State Farm Bank promotes standard CDs that are available in amounts under $100,000.00 and jumbo CDs with deposit balances at $100,000.00 or greater. The bank also offers select, special terms CDs. Over the past 2 months, the bank’s special term CD rates and long term CD rates have absorbed the greatest loss in yield while the short term CD rates have remained mostly unmoved.
Current State Farm CD rates for the standard CDs with amounts under $100,000.00 include the following:
3 month CD interest rate 0.25%
6 month CD rate from State Farm Bank is 0.37%
12 month bank CD rate 0.70%
24 month CD interest rate 0.75%
36 month CD rate 1.07%
48 month CD rate 1.38%
60 month CD rate 1.97%
Special term CD rates and terms promoted by the bank include the following:
9 month CD rate 0.70%
30 month CD rate 1.05%
There is a minimum opening balance of $500.00 for the bank CDs. All CD interest rates are current as of this publication date but are subject to change at any time. Additional account conditions may apply.
State Farm Bank CD rates as well as the interest rates offered on other bank deposit products may vary by geographic region of the account holder. A quick check of current CD rates in Florida, CD rates in California and CD rates in Illinois offered by State Farm indicated no change on the standard CD rates or special term CD rates.
Banks CDs and other financial products offered by State Farm Bank are serviced by State Farm Agents, the bank’s telephone call center, via mail, and with State Farm online banking. State Farm Bank was established in 1999 and is headquartered in Bloomington, Illinois. State Farm Bank is chartered as a Savings Bank; the primary regulator of the bank is the Office of the Comptroller of the Currency.
State Farm CDs are offered through State Farm Bank which is part of the Start Farm Mutual company. State Farm Bank is the 76th largest bank in the U.S. based on total assets. State Farm Bank is a nontraditional bank that does not operate bank branches. Banks CDs and other financial products offered by State Farm Bank are serviced by State Farm Agents, the bank’s telephone call center, via mail, and with State Farm online banking.
Since the bank has lower overhead costs that comparable fixed financial institutions, State Farm Bank CD rates can be very competitive. State Farm Bank offers standard CDs and jumbo CDs the bank also promotes special CD rates from time to time. State Farm Bank CD rates are currently measurably higher than the average national CD rates. And the special promotion CD rates are running even higher than the above average standard CD rates.
State Farm CDs offer a fixed interest rate over the full term of the CD. Interest is compounded daily on all of the bank CDs listed. These CDs are offered through State Farm Bank which is a regulated bank with all CD accounts FDIC insured. State Farm offers a number of options for distributing the CD interest earned. Earned interest payments on the bank CDs can be added to the CD account, paid to the account holder separately by check, deposited into a separate State Farm Bank account, or electronically transferred to a another bank account.
The standard CD terms and CD rates offered by State Farm Bank include the following:
3 month CD rate 0.25%
6 month CD rate 0.37%
12 month CD rate 0.70%
24 month CD rate 0.75%
36 month CD rate 1.18%
48 month CD rate 1.48%
60 month CD rate 2.07%
Special term CDs promoted by the bank include the following:
9 month CD rate 1.06%
30 month CD rate 1.31%
State Farm Bank CD rates and other bank deposit product Rates may vary by geographic region of the account holder. All bank CD interest rates are subject to change at the bank’s discretion. The bank CD rates listed are for fixed rate and fixed term CDs with a minimum balance requirement of $500.00.
State Farm Bank CD rates are certainly not as well as known as the parents company’s insurance products; however Sate Farm Bank frequently offers very competitive CD interest rates among select CD maturities.
State Farm Bank is headquartered in Bloomington, IL and offers the bank CDs online to all U.S. locations. State Farm Bank is an FDIC insured bank and has certificates of deposit that cover a wide range of maturities as well as jumbo CDs, bank IRA CD accounts and Coverdell Education savings account CDs.
Standard bank CD terms are available from 3 months to 60 months in length. The minimum opening deposit is $500.00 which can be funded by electronic funds transfer from an existing bank account.
Interest earned on the certificates is compounded daily. Accrued interest on the bank CDs can be held in the CD account or paid to the account holder by check or deposited to another State Farm Bank account or electronically transferred to another financial institution.
State Farm Bank CD rates vary by geographic location. To sample current CD rates, Los Angeles, California was chosen for the current rate survey. The CD rates in CA were similar in 20 other states sampled. CA CD rates and terms for deposits under $100,000.00 offered by State Farm Bank include:
3 month CD rate at 0.35%
6 month CD rate is 0.47%
1 year CD rate is 1.16%
2 year CD rate in CA is 1.35%
3 year CD interest rate is 1.63%
4 year State Farm CD rate in CA is 2.04%
5 year bank rate is 2.54%
Bank CD interest rates may change at the Bank’s discretion. Additional conditions may apply to open the accounts. For current CD rates, a State Farm Bank representative can be reached at 877-734-2265.
Based on a sample of 20 state locations, State Farm Bank IL CD rates were the same as were the TX CD rates, NY CD rates, FL CD rates, NJ CD rates, VA CD rates, WA CD rates, MA CD rates, IN CD rates, AZ CD rates, TN CD rates, MO CD rates, MD CD rates, WI CD rates, OH CD rates, GA CD rates, NC CD rates, PA CD rates as well as MI CD rates.
State Farm Bank CD rates are competitive with other large banks and credit unions.
In addition, State Farm Bank also offers a competitive online money market account that earns an interest rate of 0.80% for
To review of a list of the best CD rate available nationally by term refer to the following sections on the home page of Selectcdrates.com, 6 month CD rates, 1 year CD rates, 2 year CD rates, 5 year CD rates.
State Farm Bank offers a number of different bank CDs with competitive CD rates. State Farm Bank offers standard CDs, bank IRA CDs, Jumbo CDs and Coverdell education account CDs.
The State Farm CDs are available with a variety of maturities ranging from 3 months to 60 months. The State Farm Bank standard CDs requires a minimum opening deposit of $500.00.
The bank CDs begin to accruing interest on the business day that the deposit is received at State Farm Bank and the interest earned is compounded daily. The bank CDs can be funded by electronic transfer from another bank or financial institution.
The interest earned on the certificates can earn interest by remaining in the CD account or paid by check or be deposited to another State Farm Bank account or can be electronically transferred to another financial institution.
Bank CD rates are dependent on the region of the depositor however, at the present time a review of ten states and regions displayed the identical CD rates for all geographic locations. Current CD interest rates for balances of $500.00 up to $100,000.00 include:
3 month State Farm Bank CD rate is 0.35%
6 month CD rate is 0.47%
1 year CD rate is 1.16%
15 month State Farm CD promotional term rate is 1.51%
2 year State Farm Bank CD rate is 1.67%
3 year bank rate 2.09%
4 year bank CD rate 2.50%
5 year CD interest rate 3.00%
State Farm Bank is chartered as a Savings Association and regulated by the Office of Thrift Supervision. State Farm Bank is headquartered in Bloomington, IL. The bank was established in 1999 and has been FDIC insured since that time.
The bank CDs can be opened online or by contacting a participating State Farm® agent or by calling the bank’s customer service center at 1-877-734-2265.
The CD rates listed are current as of this publication date by may change at the bank’s discretion without notice. Additional conditions may apply to open the State Farm Bank CDs. There may be an early withdrawal penalty for CDs that are redeemed prior to maturity which may reduce the Annual Percentage Yield of the certificate.