This week’s special CD rate comes from State Farm Bank. State Farm Bank operates as a subsidiary of State Farm Mutual Automobile Insurance Company. The bank is based in Bloomington, Illinois.
The special certificate of deposit offer from State Farm Bank is on their 28 month certificate. The 28 month CD rate is currently at 3.00%. As a comparison, the average of the top ten best CD rates available nationally on a two year term is 2.56% and the average of the top ten best bank rates on a five year term is 3.61%. The best two year CD rate available nationally is at 2.84%, 16 basis points or 16/100 of a percent lower than the State Farm Bank offer. The 3.00% CD rate from State Farm Bank stands out as great opportunity to pick up a higher CD yield than is presently available on the two year CD rates without tying up funds for the longer five year term.
The minimum amount to open a State Farm Bank certificate of deposit is $500.00. State Farm Bank changes their CD rates on Wednesday; the bank gave no indication as to how long this offer will be good for.
State Farm Bank accounts can be accessed via mail, telephone and the Internet. Bank accounts also have access 24 hours a day, 7 days a week, including holidays by using their automated phone banking system.
State Farm Bank was formed in 1999 and has been FDIC insured since that time. The bank is chartered as a savings association making the Office of Thrift Supervision its primary regulator. State Farm Bank provides a wide assortment of banking products and services. The bank offers CDs, savings accounts, interest bearing checking accounts, money market accounts, IRAs, health savings accounts, credit cards, ATMs, and online banking services. The bank also offers mortgage loans, home equity lines of credit, boat loans, recreational vehicle loans and auto loans.
A State Farm Bank representative can be reached at 1-877-734-2265. The bank web address is www.statefarm.com.
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