State Farm Savings Account Rates
If you’re a State Farm customer, having the convenience of managing your bank accounts and insurance policies in one place can be a major advantage.
In 2020, State Farm entered a strategic alliance with U.S. Bank, leading to U.S. Bank taking over State Farm’s credit cards and bank accounts. This enabled customers to open U.S. Bank accounts through State Farm channels.
However, it’s essential to note that State Farm’s savings account interest rates are typically below the national average, and U.S. Bank applies monthly account fees.
State Farm’s savings account rates are location-dependent, and the rates provided below are based on Anderson County, Texas.
| Account Name | Balance for Highest APY | APY Range | Interest Rate Range | Monthly Fee |
|---|---|---|---|---|
| Standard Savings | $25 | 0.01% | 0.01% | $4 |
Before choosing a savings account, explore the best high-yield savings account rates available today.
State Farm Savings Accounts: Key Features
Through State Farm’s website and agents, you can access information about U.S. Bank’s account offerings, including savings accounts.
Unlike other banks with various savings accounts, U.S. Bank primarily offers the Standard Savings account.
The Standard Savings account demands a minimum deposit of $25 and incurs a $4 monthly fee. However, this fee can be waived by meeting certain eligibility criteria.
- Maintain a daily balance of $300 or more.
- Have an average monthly collected balance of $1,000 or more.
- Account holder is 17 or younger.
- Hold a U.S. Bank checking account with requisite balance in the Smart Rewards program.
Despite lower interest rates, the State Farm/U.S. Bank savings account does accrue interest, compounded daily and credited quarterly. Use an online compound interest calculator to forecast your earnings at different APYs.
Pros and Cons of State Farm Savings Accounts
Pros Explained
- Low minimum deposit of $25 for account opening.
- Access to a vast ATM network through MoneyPass with no additional fees.
- Strong customer satisfaction with U.S. Bank, ranking highly in the 2024 U.S. Retail Banking Satisfaction Study.
Cons Explained
- Low APY compared to national averages.
- Physical branches only in select states.
- Monthly maintenance fee of $4, although it can be waived under specific conditions.
According to the Insurance Information Institute, State Farm was the largest property and casualty insurer in 2022, with significant market share.
About State Farm: Other Savings Options
Apart from insurance products, State Farm offers savings and investment accounts through its partnership with U.S. Bank. Specific products like money market accounts and CDs have higher APYs and can enhance your savings strategy.
Additionally, State Farm manages various investment products, such as education savings plans and IRAs.
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