State Farm Bank is a nontraditional bank. State Farm Bank does not have bank branch offices. Customer accounts and bank services are handled by State Farm agents®, augmented by a telephone call center, via mail and with the Internet and online banking.
State Farm Bank® offers convenience, security with secure online banking and FDIC insurance coverage combined with competitive interest rates on a wide range of consumer bank products and services.
Bank products offered by State Farm Bank include: savings accounts, certificates of deposit, money market accounts, checking accounts, auto loans, mortgages, credit cards and more.
Along with standard bank CDs, State Farm Bank offers CDs that can be held in IRA accounts with the bank. Both traditional and Roth IRA CDs are offered. The bank IRA CDs can be held in an IRA that provides standard tax advantages that are found in IRA accounts.
Contributions may be deductible from the contributor’s gross income on their federal income tax return for the year in which the contributions are made. Earnings grow on a tax-deferred basis. Deductible contributions and earnings are generally subject to federal income tax when withdrawn from the accounts. Of course, consult your tax advisor to determine applicable IRS policy regarding income taxes or IRS penalties.
State Farm Bank IRA CDs have a minimum opening deposit of $500.00, the accounts offer FDIC protection, secure online statements available as well as annual paper statements, there is a 10 calendar day grace period after the maturity date of the CDs allowing the account holder to change the investment terms or withdraw account funds without being charged a penalty an increase the amount held in the bank CD can also be made during the grace period.
Current bank IRA CD rates and terms for amounts under $100,000.00 include:
12 month IRA CD rate is 0.99%
24 month bank IRA CD rate is 1.37%
36 month IRA CD interest rate is 1.63%
48 month bank CD interest rate is 1.73%
60 month CD IRA rate is 2.75%
Additional deposits of $100.00 or more can be made to the bank’s 12 month term IRA CD.
Bank rates and CD rates are subject to change. Additional conditions may apply to open these accounts. Bank CD rates are established by state and region; these CD rates listed are for Illinois on February 8, 2010. For current CD rates and additional account information a bank representative can be reached at 1-877-734-2265.
Bank accounts with State Farm Bank can be opened via the Internet and via phone. State Farm Bank representatives are also available for assistance regarding the opening any of the bank accounts.
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