The Banking Benefits – Deposit 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.
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The Banking Benefits – Deposit Relationship program
requires a Consumer Checking or Interest Checking AND a Consumer Money Market Savings with the same ownerships. Requirements to earn the Relationship Rates are qualifying activity in the Checking or Interest Checking account(s) of $2,500+ daily balance OR 10 withdrawal transactions. If the Checking or Interest Checking requirements are not met, the Money Market Savings Account(s) will earn the Standard Rates.
If you have multiple Qualifying checking accounts with the same ownership as Your Benefit Account, the balances and transactions for those Checking and/or Interest Checking accounts will be added together to determine Benefit eligibility. The 10 withdrawal transactions per statement cycle can be Debit Card, ATM Card, Bill Pay, Account to Account transfer, ACH, Wire Transfer, or Check. We count withdrawals for purposes of eligibility requirements as of the date they are posted to your account, not as of the date you initiate them. As such, a withdrawal you initiate during one statement period may not be counted until a subsequent statement period. The account will be monitored to determine if it qualifies for a Relationship Rate in future account cycles. More rate information
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This is a variable rate account. The interest rate and APY are subject to change daily at our sole discretion. This is a tiered rate account. Balance tier levels are subject to change without notice. Your entire balance will earn the interest rate and APY in effect for the balance tier associated with your daily balance. Current interest rate, APY, and balance tier information may be obtained by calling State Farm Bank at 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, by clicking on State Farm Bank “Bank Rates”, or by contacting your local State Farm agent. More rate information
We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. Interest will be compounded daily and credited to your account monthly at the statement cycle date. Interest begins to accrue on the business day your deposits are received at our Bank Operations Center.
When the primary account holder is 18 years of age or older, a minimum balance fee will be imposed monthly if the average daily balance for the month falls below $100. The minimum balance fee will be waived if the account receives a direct deposit via an Automated Clearing House (ACH) credit during the statement cycle. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.
This account may be subject to fees and charges. Refer to the Pricing Schedule for Consumer & Business Deposit accounts.
You may make six transfers from your account each monthly statement cycle by preauthorized or automatic transfer, point-of-sale, telephone and/or electronic banking. If you exceed these limitations, we may refuse to honor the excessive transactions, remove your transfer privileges, close the account without prior notice, convert it to another type of account, and/or impose a fee (Refer to the Pricing Schedule for Consumer & Business Deposit accounts) for exceeding the limits. (Note: We count transactions for purposes of the transaction limitations as of the date we post them to your account, not as of the date you initiate them. As such, a transaction you initiate during one statement period may not be counted until a subsequent statement period). In addition to the above transfers, you are allowed unlimited withdrawals by ATM; by mail (payments directly to you or transfers of funds from your account to any of your loan accounts with us); or by telephone (via check payable to you.)
The Bank reserves the right to require written notice seven days prior to any withdrawal or transfer from this account. Account statements provided monthly. Convenient access to the account by ATM, point-of sale, mail, phone, or the Internet.
State Farm Bank will not charge you for the use of ATMs not owned by the Bank (considered foreign ATMs). Further, the Bank will rebate a foreign ATM surcharge imposed by the ATM owner in any amount assessed against a State Farm Bank Checking, Interest Checking, or Money Market Savings Account provided that there is a direct deposit via an Automated Clearing House (ACH) credit into that account during the statement cycle of the foreign ATM transaction. If there has been no direct deposit via an ACH credit into the State Farm Bank Checking, Interest Checking, or Money Market Savings Account during the statement cycle, the Bank will rebate up to a total of $10 in foreign ATM surcharges per account per statement cycle. State Farm Bank Savings Accounts will be rebated up to a total of $10 in foreign ATM surcharges per account per statement cycle. If your account is closed prior to the end of the statement cycle, the ATM Fee Rebate will NOT be provided for that statement cycle. Refer to the Pricing Schedule for Consumer & Business Deposit accounts for more details.
Minimum balance fee of $10 if fail to maintain the minimum average daily balance of $500. This fee will be waived if the account receives a direct deposit via an Automated Clearing House (ACH) credit during the statement cycle.
Fees and charges may reduce earnings on accounts. Refer to the Pricing Schedule for Consumer & Business Deposit Accounts and the Truth in Savings Disclosures for more details.
Minimum balance fee of $3 if fail to maintain the minimum average daily balance of $100. This fee will be waived if the account receives a direct deposit via an Automated Clearing House (ACH) credit during the statement cycle.
State Farm Bank, F.S.B., Bloomington, Illinois offers deposit and loan products. Other insurance, securities or investment products are offered by affiliate companies.
State Farm Bank (“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). 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.