State Farm Bank offers a number of different bank CDs with competitive CD rates. State Farm Bank offers standard CDs, bank IRA CDs, Jumbo CDs and Coverdell education account CDs.
The State Farm CDs are available with a variety of maturities ranging from 3 months to 60 months. The State Farm Bank standard CDs requires a minimum opening deposit of $500.00.
The bank CDs begin to accruing interest on the business day that the deposit is received at State Farm Bank and the interest earned is compounded daily. The bank CDs can be funded by electronic transfer from another bank or financial institution.
The interest earned on the certificates can earn interest by remaining in the CD account or paid by check or be deposited to another State Farm Bank account or can be electronically transferred to another financial institution.
Bank CD rates are dependent on the region of the depositor however, at the present time a review of ten states and regions displayed the identical CD rates for all geographic locations. Current CD interest rates for balances of $500.00 up to $100,000.00 include:
3 month State Farm Bank CD rate is 0.35%
6 month CD rate is 0.47%
1 year CD rate is 1.16%
15 month State Farm CD promotional term rate is 1.51%
2 year State Farm Bank CD rate is 1.67%
3 year bank rate 2.09%
4 year bank CD rate 2.50%
5 year CD interest rate 3.00%
State Farm Bank is chartered as a Savings Association and regulated by the Office of Thrift Supervision. State Farm Bank is headquartered in Bloomington, IL. The bank was established in 1999 and has been FDIC insured since that time.
The bank CDs can be opened online or by contacting a participating State Farm® agent or by calling the bank’s customer service center at 1-877-734-2265.
The CD rates listed are current as of this publication date by may change at the bank’s discretion without notice. Additional conditions may apply to open the State Farm Bank CDs. There may be an early withdrawal penalty for CDs that are redeemed prior to maturity which may reduce the Annual Percentage Yield of the certificate.
For State Farm Bank jumbo CD rates see jumbo CD rates or for State Farm Bank IRA CD rates see bank IRA CD rates.
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