State Farm, a popular insurance company, is also a fully stocked online bank with a good selection of account options. To find out if State Farm Bank is right for you, continue reading the review below.
Their slogan, “like a good neighbor, State Farm is here,” can apply to the banking world as well. Although their variety is small, their accounts still provide some pretty good benefits.
This bank is great in the fact that a lot of their accounts don’t even require a minimum opening deposit whereas most traditional banks do.
Checking Account Options
State Farm Bank has two checking accounts that are both easy to open and maintain.
This is a completely FREE checking account that requires no minimum opening deposit!
In addition to that, there are also no monthly fees nor minimum balance requirement as well.
You can access your account at your convenience with the State Farm Bank mobile app.
This account is great because there is no opening deposit required and you can still earn interest on it.
As long as you manage to keep a minimum balance of $500, you will continuously earn interest.
What’s even better is that the interest is compounded daily.
However, there is a $10 monthly fee, but you can waive it if you sign up for direct deposit.
Compare Checking Accounts
 • New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities • Chase Mobile® app - Manage accounts, pay bills, send money to friends with Zelle® and deposit checks from almost anywhere. • Chase Overdraft AssistSM – no overdraft fees if you’re overdrawn by $50 or less at the end of the business day or if you’re overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day* • Help keep your money protected with features like Zero Liability Protection, fraud monitoring and card lock. • Chase Total Checking includes FDIC insurance up to the maximum amount allowed by law. • With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs. • Open your account online now • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com. *With Chase Overdraft AssistSM, we won’t charge an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts. |
Savings Account Options
State Farm Bank has one main savings account option that requires no minimum opening deposit.
Savings Account:
- Receive a complimentary Debit Visa® Card card
- Get access to their ATMs for free
- Avoid minimum balance requirements if you sign up for direct deposit
- the interest is compounded daily
Compare Savings Accounts
 Open a Discover® Online Savings Account for all these features: • Earn $200/$150 Bonus with promo code LOP325 by 9/11/2025 • Earn high interest rate of 3.60% APY • No minimum opening deposit, no minimum balance requirement, and now no fees • Interest on Discover Online Savings Accounts is compounded daily and credited monthly • Manage your account online or with the Discover mobile app • FDIC insurance up to $250,000 • See advertiser website for full details To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code LOP325 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200. What to know: Offer not valid for existing or prior Discover savings customers. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/11/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding, see FAQs on Discover.com/Bank. |
Money Market Account Options
Money Market accounts allow for a higher yield and gives access to your funds with either checks or a bankcard. State Farm Bank offers one money market that earns competitive interest rates.
Money Market Savings:
- This account earns a higher interest rate than Interest Checking
- You will have access to check writing privileges and can transfer funds
- A complimentary ATM card is provided with this money market
- You can get up to 100% rebate per statement cycle
- There is no minimum balance fee with direct deposit
You will need a minimum deposit of $1,000 to open this account.
CD Account Options
State Farm Bank offers CDs with decent interest rates. These CD terms range from 12 months to 60 months and each of them requires $500 to open.
To find more about their CDs, click here.
The CDs will automatically renew upon maturity.
Compare CD Accounts
 • Available nationwide online, Discover® offers CDs with some of the highest & most competitive rates! with select terms as short as 3 months up to 120 months • Rates ranging from 2.00% APY up to 4.00% APY. • Opening a Discover Bank Certificate of Deposit is extremely quick and easy. • Funds on deposit are FDIC-insured up to the maximum allowed by law. • Get started and open a Discover CD in 3 easy steps. |
Reasons to Bank with State Farm Bank
- They offer a lot of accounts that require no minimum opening deposit.
- Their accounts are simple and easy to maintain.
- They have low minimum balance requirements and easily waiveable monthly fees.
- The checking account is actually completely free.
- Their interest earning checking account doesn’t require anything to open.
- The interest is compounded daily.
- They earn very, very competitive interest rates, much higher than most traditional banks.
- You can gain access to overdraft protection if you link one of your checking accounts to your savings account.
- They are both an insurance company and financial institution.
- Their customer service hours are open on holidays.
- Conduct all your banking online or through the State Farm Bank mobile app.
Reasons Not to Bank with State Farm Bank
- They have a small selection of standard savings accounts.
- State Farm Bank is only available online.
- They have no physical branches.
- They don’t have 24/7 customer service.
State Farm Bank Routing Number
The routing number for State Farm is 071174431.
Contact Customer Service
You can reach State Farm Bank at 877-734-2265.
A customer representative will be available to speak with you at these hours:
- Monday – Friday at 6 a.m. — 11 p.m. (CST)
- Saturday at 8 a.m. – 8 p.m. (CST)
- Sunday at 8 a.m. – 6 p.m. (CST)
- Holidays at 8 a.m. – 6 p.m. (CST)
How State Farm Bank Compares
- Chase Bank: Chase is one of the biggest banks in the U.S and offers just about almost everything. Compared to its other competitors, Chase offers much more checking account options.
- TD Bank: TD Bank offers bonuses for signing up for a checking account! They have various account options that suit all kinds of consumers as well.
- PNC Bank: PNC Bank offers free access to PNC Bank ATMs, free mobile/online banking, reimbursement of PNC fees for use of non-PNC ATMs, and many other features that can be found on their website. They have several account options.
- Discover Bank: Discover Bank is an online nationwide bank that offers bonuses for their checking and savings accounts!
- Wells Fargo: Located throughout the US with over 5,800 branches and 13,000 ATMs. They offer a variety of deposits accounts, including accounts for teens and customers who need a second chance.
Bottom Line
If you are looking for a simple but still affordable bank then State Farm Bank is here to assist you.
With a completely free checking account, and several free other accounts, State Farm really is “like a good neighbor” who aims to make not only insurance but also banking as smooth as possible for you.
However, keep in mind that when you look for a checking or savings account be sure to look into all the fees charged. Don’t focus on the interest rate alone, but on what the account will cost you overall.
If you’re interested in banking with State Farm Bank, then apply today! For more options from a variety of banks, see our list of the best bank promotions!
Poor service – I’ve been on hold for 30 minutes now to confirm wire instructions on a payoff and no one has picked up yet. Is there another phone number I can call?