State Farm US Bank is the most famous farmers' bank that came into being in 1922. This was the start of the company, and now it insures more homes and cars than any other American company. Credit cards, CDs, savings accounts, and checking accounts are just a few of the customer banking services that State Farm has offered since the beginning. With that being said, you must be eager to learn more about the State Farm Bank, so keep reading.

State Farm Bank Account Basics

State Farm US Banks online branch opened in 1999, and in 2020, U.S. Bank purchased State Farm Bank with existing accounts. Together, they provide banking products. Also, for more details about their physical accounts on the branch, check the Farmers State Bank hours on their website to find out when they're open for business.

U.S. Bank Smartly Checking

The U.S. Bank Smartly Checking account is a simple checking account with relationship benefits. All you need to open it is $25 and nothing else. Customers who start accounts through State Farm U.S. Bank don't have to pay the $6.95 monthly management fee. While this account is technically earning interest, the annual percentage yield (APY) is 0.001% to 0.005%, which is much lower than the best high-yield checking accounts.

People from State Farm who open this account through State Farm US Banks Smart Rewards program are added to the Alliance user group. Alliance clients are automatically added to Smart Rewards' second level, called Primary. Main members can get benefits like lower loan rates, no upkeep or other bank fees, and higher savings rates. Different people with U.S. bank accounts must meet balance requirements in order to move up in tier.

When combined with an authorized savings account, U.S. Bank checking accounts prevent overdrawing. So, if you make an approved deposit before the payment date, you may not have to pay. With over 4,400 ATMs and 2,300 local banks, U.S. Bank customers may utilize any of them. State Farm U.S. Bank clients must pay for foreign ATMs. ATMs and MoneyPass transactions are also free in the network.

Safe Debit Checking

The U.S. Bank Safe Debit Account doesn't issue paper checks. Account holders may access their funds using U.S. Bank Visa Debit cards, online or mobile banking, or both. You can gain discounts for using money orders instead of checks.

A $4.95 monthly fee is required to keep this account open. A Safe Debit Checking account requires a minimum payment of $25 and does not earn Smart Rewards or interest. It is not possible to go overdrawn on this account, so overdraft fees and security do not apply. This account is for people who just want a simple bank account without overdraft fees or paper checks.

Standard Savings

Savings on average State Farm U.S. Bank for a normal savings account, you need to put at least $25 down, and you can do this online. There is a small $4 management fee every month, but clients under 17 years old or who keep a $300 minimum balance or $1,000 average earned balance every month don't have to pay it.

A typical savings account offers a horrible 0.01% APY. As of December 18, 2023, the FDIC reports that this is much below the 5.00% APY of many high-yield savings accounts. This is greater than the national average savings rate of 0.46% APY. By linking this savings account to a U.S. Bank Smartly Checking account, it receives 5% more interest. However, the increase is minor.

Money Market Accounts

State Farm US Bank offers the Retirement Money Market Account and Elite Money Market Savings Account. Elite Money Market accounts are free for the first year. Monthly fees are $10 after that. State Farm Smartly Checking account holders immediately enter the Primary Smart Rewards tier and get all its advantages. Therefore, they don't pay this cost. Accounts above $10,000 are exempt from this levy.

Moreover, a $100 deposit opens an Elite Money Market account, which pays 0.01% on balances under $25,000. Also, the top money market accounts provide 4.00% APYs; this way, the interest rate on $25,000+ is 4.25%. The bonus APY is available to U.S. Bank and State Farm U.S. Bank customers without MMAs. Elite Money Market accounts provide bank account privileges. State Farm US Bank ATMs don't charge for checks.

Spreading retirement savings is another possibility with the Retirement Money Market account. The account requires $100 to establish and has no maintenance costs. The Elite Money Market account pays new users a high APY on quantities exceeding $25,000, whereas this account pays 0.01% on all amounts.

CDs

In addition to Trade Up CDs, State Farm U.S. Bank also sells Standard CDs, Jumbo CDs, CD Specials, and Step Up CDs. Term lengths range from three months to five years. You can lock in a better rate just once during the first term of your Trade Up CD. As little as $500 will get you started. Prices might be different in some places.

Features

• $500 minimum deposit
• APY up to 0.40% for CD Special
• Terms are 3 months to 5 years
• Rate guaranteed for the term
• APY up to 0.25% for Standard/Jumbo CDs
• 0.35% APY for Step-Up CD

Final Verdict

Generally, State Farm is a good online bank option. It provides many products and services, including a popular mobile app. One of the biggest ATM networks in the country is linked to the bank through U.S. Bank.

Additionally, if you are a customer of State Farm US Bank, an agent in your area can assist you with the application for a U.S. bank account. Also, Farmers State Bank hours may vary by location, so it's a good idea to confirm the specific hours for your nearest branch.