The latest special offers from State Farm Bank are enticing rates on the 15-Month and 30-Month CDs and IRA CDs.
State Farm Bank Special CDs and IRA CDs
State Farm Bank offers CD and IRA CDs for terms from 3 months to 5 years. Of its CD products, these are the terms with the special rates:
- 15-Month CD and IRA CD paying 1.31% APY (on deposits of $100,000 or more, 1.32% APY)
- 30-Month CD and IRA CD paying 1.71% APY (on deposits of $100,000 or more, 1.72% APY)
The minimum opening deposit for State Farm Bank CDs and IRA CDs is $500. Accounts at State Farm Bank are available to customers nationwide and can be opened online, by phone, or at a participating State Farm agent location.
The early withdrawal penalty for CD with terms longer than 12 months is equivalent to 180 days of interest.
Another note worth mentioning, State Farm Bank even extends the special CDs for Coverdell Education Accounts (ESA).
Compared to Rates at Other Banks
The 15-Month CD from State Farm Bank is earning a yield that is on par with Bank of Internet’s 15-Month CD, which is the leader for that CD maturity term according to banks tracked here on MyBankTracker.com.
As for the 30-Month CD, State Farm Bank is offering the leading rate for that CD maturity term.
Here are the leading CD and IRA CD rates to compare with the promotional offers from State Farm Bank:
|CD Product||Bank||APY (as of 2/23/11)||Minimum opening deposit||Product page|
|15-Month CD||Bank of Internet||1.31%||$1,000||View offer|
|30-Month CD||EverBank||1.63%||$1,500||View offer|
|18-Month IRA CD||OneWest Bank||1.40%||$2,500||View offer|
|30-Month IRA CD||Discover Bank||1.55%||$2,500||View offer|
The CD rates from competing banks are not only lower, they also require higher minimum opening deposits, which will affect the decisions of customers looking to invest in CDs.Related