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State Farm Savings Account Interest Rates: May 2024

Learn more about State Farm’s savings account and the rates it offers

By

Kat Tretina

Updated April 30, 2024

Reviewed by

Samantha Silberstein

Fact checked by

Michael Rosenston

Over the shoulder view of young Asian woman checking online banking on smartphone while handling personal banking and finance at home — d3sign / Getty Images

State Farm Savings Account Rates

If you’re a State Farm customer, managing your bank accounts and insurance policies in one place can be appealing.

State Farm used to offer its own credit cards and bank accounts. But in 2020, State Farm and U.S. Bank announced a strategic alliance, and U.S. Bank took over State Farm’s existing deposit and credit card accounts. Through their agreement, customers could open U.S. Bank accounts through State Farm insurance agents or State Farm’s website.

But take note: State Farm savings account interest rates tend to be lower than the national average, and U.S. Bank charges monthly account fees.

State Farm's savings account rates may vary by location, and the rates listed below may not be available in all regions. The APYs listed below use Anderson County, Texas, and are up to date as of the date of publication of this article. We review rates every two weeks and update the information below accordingly.

Account Name	Balance for Highest APY	APY Range	Interest Rate Range	Monthly Fee
Standard Savings	$25	0.01%	0.01%	$4

See the best high-yield savings account rates today before choosing the savings account that is best for you.

State Farm Savings Accounts: Key Features

State Farm/U.S. Bank Standard Savings Account Key Features
APY Range	0.01%
Minimum Balance to Earn Highest APY	$25
Minimum Deposit	$25
Withdrawal Limit	N/A
Monthly Service Fee	$4

Through State Farm’s website and agents, you can get information about U.S. Bank’s account options, including savings accounts.

Although some banks may have several different savings accounts serving various customer groups, U.S. Bank has just one savings option: the Standard Savings account.

The Standard Savings account requires a minimum deposit of at least $25, and there is a $4 monthly fee. However, you can qualify for a monthly fee waiver if you meet one of the following criteria:

You maintain a daily balance of $300 or more.
You have an average monthly collected balance of $1,000 or more (average monthly collected balance is calculated by adding the principal balance of each calendar day and dividing by the number of days in the statement period).
You are, or a joint account holder is, 17 or younger.
You have a U.S. Bank checking account and enroll in the Smart Rewards program and meet the requirements for the Primary tier (your combined U.S. Bank account balances total at least $20,000).

Although the State Farm/U.S. Bank savings account interest rates are quite low, the account does earn some interest. Interest is compounded daily, and is credited to your account quarterly.

You can use Investor.gov’s compound interest calculator to find out how your money would grow over time at different APYs.

About State Farm: Other Savings Options

Besides its insurance products, you can also open savings and investment accounts through State Farm. Certain banking products, such as the State Farm money market account and certificate of deposit (CD) accounts, are issued through its agreement with U.S. Bank.

Some of the CDs and money market accounts offer much higher-than-average annual percentage yields (APYs), so they could be a good option to build your savings.

State Farm does manage its own investment products, including 529 education savings plans and individual retirement accounts (IRAs).

Compare Savings Account Rates

Although some of State Farm/U.S. Bank’s accounts have competitive rates, the basic savings account isn’t very attractive. Browse some accounts with higher APYs below to build your savings.

What Types of Savings Accounts Does State Farm Offer?

Through its alliance with U.S. Bank, State Farm offers a Standard Savings account with a minimum deposit of $25. If you’re looking for a higher APY, you can also open a CD or money market account.

Can You Wire Money From a State Farm Savings Account?

If you open a savings account through State Farm’s partner, U.S. Bank, you can quickly and easily wire transfer money from your savings account online or through the U.S. Bank mobile app.

Does State Farm Offer Health Savings Accounts?

State Farm previously offered health savings accounts (HSAs) to its customers. But in 2020, its HSAs were acquired by HSA Bank, so HSAs are no longer available through the insurer. See the best HSA providers here to find a great place to save for medical bills.

How Do You Close a State Farm Savings Account?

To close your account, you must contact U.S. Bank—the financial institution that took over State Farm’s savings accounts. You can close the savings account by visiting a U.S. Bank branch, submitting a written request, or calling customer support at (800) 872-2657.

Your Guide to Savings Accounts

Article Sources

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U.S. Bank. "State Farm and U.S. Bank Announce Strategic Alliance."
U.S. Bank. "Standard Savings Account."
FDIC. "National Rates and Rate Caps."
U.S. Bank. "Save for the Future."
State Farm. "Invest in Your Future With State Farm."
State Farm. "HSA Bank to Acquire Health Savings Accounts from State Farm Bank."