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What banking products does State Farm Bank offer?

As of October 10, 2020, State Farm no longer offers its own deposit accounts. All existing State Farm checking, savings, money market and CD accounts have been converted to U.S. Bank. However, it still has these products:

• Home loans. State Farm has an emerging partnership with Quicken Loans that offers competitive rates and a variety of home loans.
• Auto loans. Vehicle loans as low as 3.39% on new vehicles and 3.89% on older vehicles.
• Credit cards. Credit card options through Visa include rewards, basic, student and business cards.

Which State Farm Bank accounts have moved to U.S. Bank?

All of State Farm’s deposit accounts have moved to U.S. Bank. This table highlights what each account was replaced with:

Your State Farm deposit account should be automatically transitioned to an equivalent U.S. Bank account by early October 2020. You should receive your new US Bank debit or ATM card in the mail by late October.

Bottom line

Frequently asked questions

• Yes. You’ll be able to use your State Farm checks until they run out. When you reorder, you’ll get checks from U.S. Bank.

• Yes. You can still make deposits by mail, but they’ll need to go to U.S. Bank instead of State Farm. If you send any deposits to State Farm by mistake, they’ll forward them to U.S. Bank.

• Credit Protection is an optional program that provides benefits in case of emergencies, such as disability or involuntary employment.

State Farm was founded in 1922 by George Jacob “G.J.” Mecherle, a retired farmer and insurance salesman. The code of conduct for the company has always been “to help people manage the risks of everyday life, recover from the unexpected and realize their dreams.” From the start, the company was branded as being “Like a good neighbor” and for “being there” for all State Farm customers. Fittingly, the State Farm agent in the television commercials is Patrick Minnis, a real State Farm insurance agent from Tempe, AZ. In 1971, Barry Manilow wrote the famous State Farm jingle that cemented the company’s brand as a helpful neighbor and Weezer covered the famous jingle in 2011.

As a pillar of the community, State Farms has helped pass several seat belt laws over the years and the company continues to champion seat belts and safe driving for teens. In partnership with several U.S highway authorities, State Farm operates a service called the State Farm Safety Patrol, which provides free roadside assistance for fuel refills, radiator refills, engine oil refills and more. The State Farm Safety Patrol personnel are also CPR and AED certified in case drivers are found to be unresponsive. In giving back to local communities, State Farm also has a disaster preparedness and recovery programs and services in place to help people. State Farm actively supports communities by sponsoring programs about homeownership, neighborhood safety and highway safety.

Originally, State Farm was a single-line auto insurance provider, but today they offer about 100 insurance products and services in 5 lines of insurance. As a mutual insurance firm, it ranked #36 on the 2018 Fortune 500 list of the largest U.S. corporations. It is the largest property and casualty insurance provider in the country and the largest auto insurance provider as well. State Farm insures more cars and homes than any other insurer in the U.S. and is the leading insurer of watercraft. Since 1999, State Farm has been expanding its financial services, which include banking and mutual funds.

As of 2017, State Farm has 70,000 employees and 48,000 agents. They have the largest agency pool of any company, with agents serving 83 million policies and accounts throughout the U.S. As the largest insurer in the U.S. State Farm, released an ad featuring basketball stars James Harden and Chris Paul from the Houston Rockets and actor Oscar Nunez of “The Office” to make fun of the idea of robots taking over insurance. An overt attack on technology, it was also a soft kick at Lemonade, a (comparatively tiny) rival in the insurance world, which uses technology instead of manpower to pay out claims. Not only did Lemonade fire back, accusing the giant insurance carrier of feeling threatened by insurtech but they also sponsored the State Farm ads claiming that “today we’re making history. We’re running and paying for our competitor’s attacks ads - we’ve decided to pick up the tab and run it on our own dime.” These ads went viral and backfired against State Farm.

The State Farm Mobile app is available for iOS and android. This award-winning mobile app can help manage insurance and banking accounts, request roadside service, file and track claims and pay bills.

Drivers typically will get a discount if they insure multiple vehicles. Here is a list of average rates that State Farm charges for drivers who have more than 1 vehicle.

Customers who own their home rather than rent can sometimes get a small discount. We found that on average State Farm charges $154.38 per month for drivers who own their home and $163.03 per month for those who rent.

Methodology
The statistics listed on this page are from our own in house reporting. We track and record quotes that carriers have provided based on various criteria. The rates and averages shown on this page should only be used as an estimate.

How Does State Farm Compare to Other Car Insurance Companies?

If you currently have auto or home insurance at State Farm, you may want to take a look at the company’s deposit products. State Farm Bank is FDIC insured and offers a large selection of account types.

First up is State Farm’s checking account. It comes with no monthly fees and has no minimum balance requirement. The bank does require a deposit of at least $25 to open the account, and it pays zero interest.

The account comes with a Visa debit card at no cost. State Farm does not charge for using any cash machine. ATM fees charged by other financial institutions are refunded up to $10 per month. If you have a direct deposit come in during the month, this cap is removed.

The first set of checks is free, and paper statements are also free. E-statements are available if you want them. Overdraft protection can be established by linking the checking account to another deposit account or a State Farm credit card.

Second on our list is State Farm’s interest-bearing checking account. Unlike the first checking account, this one has a $10 monthly fee. The bank waives it if you have a $500 average daily balance and a direct deposit.

State Farm requires a $100 deposit to open the interest-bearing account, which is a four-fold increase compared to the non-interest bearing account. Interest is earned only if the account’s balance is at least $2,500.

Now we come to the savings account, which earns interest at all balance levels. This account requires a minimum opening deposit of $100. The savings account has a $3 monthly fee. State Farm will waive it if you have a $100 average daily balance for the statement cycle.

State Farm’s savings account comes with a Visa debit card, one of the few savings accounts on the market to have one. Furthermore, the bank provides the same $10 monthly ATM fee rebate for the savings account; although there is no direct deposit policy that waives the $10 maximum.

Strangely, State Farm does not permit the savings account to have overdraft protection. Presumably, this policy exists because the savings account itself would serve as a backup account for other accounts, such as a checking account.

Next is the bank’s money market deposit account. This one requires $1,000 to open, although it pays the highest rate of interest of the accounts in our survey. Interest is compounded each day and credited once per month to the account. Checks and a Visa debit card are free.

There is a $10 monthly charge for the account. A $500 balance and direct deposit waives the fee. Like the other accounts, State Farm reimburses up to $10 per month in ATM charges. The bank allows for unlimited rebates for accounts that set up direct deposit.

The money market deposit account offers silver and gold interest rates for customers who link a checking account to the MMDA. These interest rates are higher than normal rates. To qualify for gold status, the bank requires a State Farm Visa credit card and either (1) ten withdrawals, or (2) at least $2,500 in assets. To get the silver rate, you have to meet one of the last two requirements, but don’t have to have the credit card.

All of State Farm’s bank accounts come with a host of features, such as online and mobile banking. The State Farm app is compatible with Android and Apple devices. In addition to banking functions like mobile check deposit, the app offers several insurance functions. You can file a claim and even request roadside assistance. Your insurance card can also be stored in the app, so you never need to worry about misplacing it.

Besides its insurance, credit cards, and banking services, State Farm provides car loans, IRA’s, estate planning, mortgages, annuities, and mutual fund accounts. If you prefer to keep all your financial accounts in one place, State Farm would be a pretty good choice.

When shopping for car insurance, it’s important to ask about discounts. There may be ways to lower car insurance premiums with a discount or two or even more. Not all discounts are available in every state. So be sure to ask about the discounts available in your state from State Farm.

Here are some discounts you are likely to see from State Farm.

Accident-free discount. If you drive without having an accident for three years in a row, you can qualify for an accident-free discount from State Farm.

Good student discount. If a student is age 16 to 25, is going full-time to high school or college, and has a B average, 3.0 grade point average or other qualifications, you can save up to 25% discount on car insurance from State Farm.

Loyal customer discounts. Insure more than one car with State Farm and you could save as much as 20%. Insure a home or a condo or sign up for life insurance or renters insurance with State Farm alongside your auto insurance policy and you can save up to 17%.

Defensive driving course discount. Take a defensive driving class and you may be eligible for a discount of 10% to 15%.

Good driving discount. Keep a good driving record for three years with no at-fault accidents or moving violations and you’ll qualify for a discount.

Driver training discount. If young drivers under 21 complete driver training, you’ll get a discount.

Student away at school discount. If one of the drivers of your cars is a student under the age of 25 who moves away to go to school, you may be eligible for a discount.

Anti-theft discount. If your car has an alarm or other anti-theft device, you may qualify for a discount.

For years, State Farm agents could offer mortgages to their customers through State Farm Bank, the company’s banking arm that offers home loans, auto loans, checking accounts, savings accounts, credit cards and other traditional banking services to State Farm customers.

But that won’t be the case for much longer. Soon, State Farm will begin using Quicken Loans to originate mortgages for its customers thanks to a significant new partnership between the two companies.

According to the companies, State Farm agents who are licensed loan originators will actually be able to originate a mortgage for their customers using Quicken’s Rocket Mortgage platform.

Quicken launched Rocket Mortgage more than three years ago, offering mortgage pre-approvals in minutes and jumpstarting a digital mortgage revolution.

Since then, Rocket Mortgage has grown substantially. According to Quicken, 98% of all mortgages originated by Quicken make use of Rocket Mortgage technology.

And within the next few months, Quicken Loans will make new Rocket Mortgage technology available to State Farm agents that will allow the agents to offer a Rocket Mortgage loan as a licensed loan originator.

According to the companies, State Farm agents will be able to help their customers get conventional mortgages backed by Fannie Mae or Freddie Mac, Federal Housing Administration mortgages, Department of Veterans Affairs mortgages, Department of Agriculture loans, and jumbo mortgages.

The companies state that the rollout of this program will take place over the next several months with all new mortgages originated by State Farm agents through Rocket Mortgage.

“Our goal is to help people live life confidently. An important component of that is helping people achieve their dream of homeownership,” said Joe Monk, senior vice president, financial services for State Farm. “As the nation’s largest mortgage lender, Rocket Mortgage brings a proven track record of strong product offerings, consistent financial strength, and award-winning service. We are excited about this opportunity to help even more people through the power of this alliance.”

Current State Farm Bank mortgage customers will not be impacted, the company said.

“We aim to provide the best mortgage experience possible, no matter where the client is or how they connect with us,” said Jay Farner, CEO of Quicken Loans. “Through this alliance, we will be able to combine Rocket Mortgage’s powerful mortgage processing and underwriting technology with the advice and strong relationships built from the power of the State Farm agent network.”

Home > State Farm Bank, F.S.B.

History

Financial Information (2020-12-31 and Older)

Assets and Liabilities

Cash and Balances Due

Securities

U.S. Government Obligations

Total Debt Securities

Net Loans and Leases

1- 4 Family Residential Net Loans and Leases

Loans to Depository Institutions

Total Loans and Leases in Foreign Offices

Maturity & Repricing for Loans and Leases

Small Business Loans

Loans Restructured in Troubled Debt Restructurings

Other Real Estate Owned

Goodwill and Other Intangibles

Total Deposits

Transaction Accounts

Nontransaction Accounts

Time Deposits of Less Than $100,000

Time Deposits of $100,000 or More

Deposits Based on the $100,000 Reporting Threshold

Deposits Based on the $250,000 Reporting Threshold

Deposits Held in Foreign Offices

Changes in Bank Equity Capital

Total Unused Commitments

Letters of Credit

Total Assets and Liabilities in Foreign Offices

Derivatives

Past Due and Nonaccrual Assets

Past Due 30- 89 Days 1- 4 Family Residential

Past Due 90+ Days 1- 4 Family Residential

Nonaccrual 1- 4 Family Residential

Past Due and Nonaccrual Loans Wholly or Partially US Gvmt Guaranteed

Fiduciary and Related Services

Number of Fiduciary and Related Asset Accounts

Total Fiduciary and Related Assets

Total Managed Assets held in Fiduciary Accounts

Corporate Trust and Agency Accounts

Collective Investment & Common Trust Funds

Gross Fiduciary and Related Services Income

Fiduciary settlements, surcharges, and other losses

Carrying Amount of Assets Covered by FDIC Loss- Share Agreements

Bank Assets Sold and Securitized

Maximum Amount of Credit Exposure Retained

Unused Commitments

Amount of Ownership (Seller) Interests

Memoranda

Income and Expense

Total Interest Income

Total Interest Expense

Trading Account Gains & Fees

Additional Noninterest Income

Additional Noninterest Expense

Loan Charge- Offs and Recoveries

Total Charge- offs 1- 4 Family Residential

Total Recoveries 1- 4 Family Residential

Net Charge- offs 1- 4 Family Residential

Cash Dividends

Interest income and expense in foreign offices

Performance and Condition Ratios

Net charge- offs to loans

Noncurrent loans to loans

If you currently have auto or home insurance at State Farm, you may want to take a look at the company’s deposit products. State Farm Bank is FDIC insured and offers a large selection of account types.

First up is State Farm’s checking account. It comes with no monthly fees and has no minimum balance requirement. The bank does require a deposit of at least $25 to open the account, and it pays zero interest.

The account comes with a Visa debit card at no cost. State Farm does not charge for using any cash machine. ATM fees charged by other financial institutions are refunded up to $10 per month. If you have a direct deposit come in during the month, this cap is removed.

The first set of checks is free, and paper statements are also free. E-statements are available if you want them. Overdraft protection can be established by linking the checking account to another deposit account or a State Farm credit card.

Second on our list is State Farm’s interest-bearing checking account. Unlike the first checking account, this one has a $10 monthly fee. The bank waives it if you have a $500 average daily balance and a direct deposit.

State Farm requires a $100 deposit to open the interest-bearing account, which is a four-fold increase compared to the non-interest bearing account. Interest is earned only if the account’s balance is at least $2,500.

Now we come to the savings account, which earns interest at all balance levels. This account requires a minimum opening deposit of $100. The savings account has state farm bank interest rates $3 monthly fee. State Farm will waive it if you have a $100 average daily balance for the statement cycle.

State Farm’s savings account comes with a Visa debit card, one of the few savings accounts on the market to have one. Furthermore, the bank provides the same $10 monthly ATM fee rebate for the savings account; although there is no direct deposit policy that waives the $10 maximum.

Strangely, State Farm does not permit the savings account to have overdraft protection. Presumably, this policy exists because the savings account itself would serve as a backup account for other accounts, such as a checking account.

Next is the bank’s money market deposit account. This one requires $1,000 to open, although it pays the highest rate of interest of the accounts in our survey. Interest is compounded each day and credited once per month to the account. Checks and a Visa debit card state farm bank interest rates free.

There is a $10 monthly charge for the account. A $500 balance and direct deposit waives the fee. Like the other accounts, State Farm reimburses up to $10 per month in ATM charges. The bank allows for unlimited rebates for accounts that set up direct deposit.

The money market deposit account offers silver and gold interest rates for customers who link a checking account to the MMDA. These interest rates are higher than normal rates. To qualify for gold status, the bank requires a State Farm Visa credit card and either (1) ten withdrawals, or (2) at least $2,500 in assets. To get the silver rate, you have to meet one of the last two requirements, but don’t have to have the credit card.

All of State Farm’s bank accounts come with a host of features, such as online and mobile state farm bank interest rates. The State Farm app is compatible with Android and Apple devices. In addition to banking functions like mobile check deposit, the app offers several insurance functions. You can file a claim and even request roadside assistance. Your insurance card can also be stored in the app, so you never need to worry about misplacing it.

Besides its insurance, credit cards, and banking services, State Farm provides car loans, IRA’s, estate planning, mortgages, annuities, and mutual fund accounts. If you prefer to keep all your financial accounts in one place, State Farm would be a pretty good choice.

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What banking products does State Farm Bank offer?

As of October 10, 2020, State Farm no longer offers its own deposit accounts. All existing State Farm checking, savings, money market and CD accounts have been converted to U.S. Bank. However, it still has these products:

• Home loans. State Farm has an emerging partnership public service credit union atm near me Quicken Loans that offers competitive rates and a variety of home loans.
• Auto loans. Vehicle loans as low as 3.39% on new vehicles and 3.89% on older vehicles.
• Credit cards. Credit card options through Visa include rewards, basic, student and business cards.

Which State Farm Bank accounts have moved to U.S. Bank?

All of State Farm’s deposit accounts have moved to U.S. Bank. This table highlights what each account was replaced with:

Your State Farm deposit account should be automatically transitioned to an equivalent U.S. Bank account by early October 2020. You should receive your new US Bank debit or ATM card in the mail by late October.

Bottom line

Frequently asked questions

• Yes. You’ll be able to use your State Farm checks until they run out. When you state farm bank interest rates, you’ll get checks from U.S. Bank.

• Yes. You can still make deposits by mail, but they’ll need to go to U.S. Bank instead of State Farm. If you send any deposits to State Farm by mistake, they’ll forward them to U.S. Bank.

• Credit Protection is an optional program that provides benefits in case of emergencies, such as disability or involuntary employment.

When shopping for car insurance, it’s important to ask about discounts. There may be ways to lower car insurance premiums with a discount or two or even more. Not all discounts are available in every state. So be sure to ask about the discounts available in your state from State Farm.

Here are some discounts you are likely to see from State Farm.

Accident-free discount. If you drive without having an accident for three years in a row, you can qualify for an accident-free discount from State Farm.

Good student discount. If a student is age 16 to 25, is going full-time to high school or college, and has a B average, 3.0 grade point average or other qualifications, you can save up to 25% discount on car insurance from State Farm.

Loyal customer discounts. Insure more than one car with State Farm and you could save as much as 20%. Insure a home or a condo or sign up for life insurance or renters insurance with State Farm alongside your auto insurance policy and you can save up to 17%.

Defensive driving course discount. Take a defensive driving class and you may be eligible for a discount of 10% to 15%.

Good driving discount. Keep a good driving record for three years with no at-fault accidents or moving violations and you’ll qualify for a discount.

Driver training discount. If young drivers under 21 complete driver training, you’ll get a discount.

Student away at school discount. If one of the drivers of your cars is a student under the age of 25 who moves away to go to school, you may be eligible for a discount.

Anti-theft discount. If your car has an alarm or other anti-theft device, you may qualify for a discount.