About State Farm Bank

State Farm Bank, F.S.B. received formal approval for a thrift charter from the Office of Thrift Supervision (OTS) in November 1998 and is generally referred to as State Farm Bank. Its focus is on consumer-oriented financial products, complementing State Farm's insurance focus on personal lines. State Farm Bank is a nontraditional financial institution and does not have branch offices. The bulk of direct customer interaction and product assistance is provided by State Farm agents.
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Overall Rating

MyBankTracker rated State Farm Bank based on the following criteria that includes real customer reviews and bank fees, among others. Our bank report card is a proprietary rating system that highlights the financial health and stability of the bank.

A

MyBankTracker Rating

Customer Rating
Based on 26 Reviews
Financial Health
Based on Texas Ratio: 10.9
Bank Fees
vs. Average
Bank Rates
vs. Average
Mobile Deposits
Mobile Deposits
Mobile Banking
Quality of Mobile Services

Most Helpful Customer Reviews

sarahs's Profile Image

Reviewed by sarahs

May 5th 2014

4 out of 5 marks

Good service. No ATM charges. User friendly online banking.

Very user friendly. No physical bank to go to, but never a problem. Phone app makes it very easy to deposit checks. Reimburse ATM fees at the end of the month. Very friendly and helpful customer service reps when I call in. Very quick and easy to do money transfers to other accounts.

Is this review helpful? ▲ Yes 1 ▼ No 0

MattNYC's Profile Image

Reviewed by MattNYC

Jun 20th 2012

5 out of 5 marks

Great Experience for a Remote Bank

I really have had a great experience with SFB. Getting started is a little quirky since you have to deal with your local agent, but I did most of that via e-mail and fax anyway. I think that actually helps keep it small enough to manage everyone well. If it grew too fast that might change its character.

Customer service has been amazing--I usually use the on-line webform. I hate that you have to speak your information into the phone when calling teh automated service--even if you are in the middle of a crowd. I find that highly unsecure and have asked them to enable touch-tone entry (haven't checked recently so they may have fixed that). Due to some slow transfers and mis-timing (on my part), I have had a few NSF fees; however, if you are in good standing, you can request up to three "courtesy" rebates every 12 months (so I have never had to actually pay that).

I LOVE the ATM fee rebate--but I still try to go to the cheapest ATMs so as to not reward the "vampires." I used my card in Mainland China and got a much better rate than from the currency exchanges and also (again) paid NO fees. (No foreign transaction fees either.)

Their on-line scan-to-deposit site is great--I scan checks I receive and have them in my account within one business day (if over $500, they hold the excess another business day). I believe they still offer a service where--if you are depositing at least $100--you can print out a free, pre-paid FedEx label and overnight it to them. I haven't used this since the introduction of the electronic method I already mentioned.

I have no complaints. I was nervous making a remote bank my primary checking account, but I cannot imagine doing it any other way now.

Is this review helpful? ▲ Yes 1 ▼ No 0

SCO's Profile Image

Reviewed by SCO

Mar 6th 2012

5 out of 5 marks

My Kind Of Bank- Can Do Anything From Transfer Funds To A Friend, Pay Bills, Remote Check Deposit- All From My Phone!

I have been mroe than satisfied with my banking experience with state farm bank. Their online and mobile capabilities are innovative and make banking simple for me which is what i need. I get unlimited atm reimbursements which is awesome, whereas my friends will go out of their way to find their bank's atm to avoid atm fees. Oh, and i don't have to keep a minimum balance either! State farm bank's free checking accounts truly are hassle-free, fee-free, and gimmick-free! Can you tell i love state farm bank?

Is this review helpful? ▲ Yes 1 ▼ No 0

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Bank Rates

NAME RATE (APY) MIN TO EARN APY Min Deposit
Savings

0.12%

$0

$100

Savings

0.17%

$25,000

$100

Savings

0.42%

$50,000

$100

Savings

0.51%

$100,000

$100

NAME RATE (APY) MIN TO EARN APY Min Deposit
Interest Checking

0.25%

$2,500

$100

TERM RATE (APY) Min Deposit
3 Month CD

0.03%

$100

6 Month CD

0.06%

$500

12 Month CD

0.10%

$500

24 Month CD

0.40%

$100

36 Month CD

1.35%

$500

48 Month CD

1.60%

$100

60 Month CD

1.95%

$500

Banking Fees

Type Fee National average
Monthly Inactivity

N/A

$7

Non-Sufficient Fund (Overdraft)

$25

$30

Stop Payment item

$20

$27

Return Deposit

$10

$13

Domestic Wire Transfer (Outbound)

$15

$22

Domestic Wire Transfer (Inbound)

$0

$9

Non-Bank ATM

N/A

$1