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State Farm is an insurance and financial services provider in the United States. They mainly focus on their insurance efforts, however they have continued to expand their financial and banking services/products. State Farm is headquartered in Bloomington, Illinois. They are ranked 44th in the Fortune 500 rankings (in terms of revenue). Back in 2014, State Farm sold its operations to a Canadian company, the Desjardins Group, but they plan on continuing to use the State Farm company name and operating the same services. 

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The Good

  • Services and features
  • Savings account
  • Financial management

Services and Features

While State Farm is known for providing a number of insurance services, they also have an online banking solution. The State Farm online bank allows users to manage their finances all online while also obtaining loans and setting short and long-term financial goals.

A State Farm checking account comes with complimentary low maintenance features. There are three checking account options through State Farm including: basic checking, interest checking, and money market savings. While there are slight differences between each checking account, each account comes with all of the following features and benefits:

  • No fee (with direct deposit)
  • ATM Fee rebate eligible (limitations apply)
  • Minimum opening deposit required (Basic - $25, Interest - $100, Money Market Savings - $1,00)
  • Overdraft protection
  • Online banking service
  • Mobile banking service

Savings Account

In addition to providing options for those interested in checking accounts, there are also a number of savings accounts options. State Farm online banking is "savings" friendly, offering services that help customers set and reach savings goals. The three savings account options (excluding the Health Savings Account which is available through State Farm) include: Money Market Savings, Fixed-Rate CDs, and basic Savings accounts. Features and benefits of a State Farm savings account include:

  • No fee with direct deposit (no fee at all for Fixed-Rate CDs)
  • Interest eligible
  • Minimum Opening Deposit: (Money Market Savings - $1,000; Fixed-Rate CDs - $500; Basic Savings Account - $100)
  • Online Banking service
  • Mobile banking service

Financial Management

Checking and savings accounts are only two options for those serious about their online financial managements. CDs, IRA CD, credit cards, and loans can also be managed through the State Farm online bank platform. Within each of these services, there are number of varying account options to choose from.

In addition to their online banking platform, State Farm also provides a number of other financial services for their customers. State Farm clients can take advantage of the following: education savings plans, retirements & IRAs, mutual funds, estate planning, annuities, life insurance, and other financial tools and resources.

The Bad

  • Rates are not competitive
  • Restrictions
  • Insurance primarily

Rates are not Competitive

State Farm bank does not necessarily provide the most competitive rates. While their service is focused on providing a user-friendly banking solution, in terms of actual finances, it may not be the best option for those looking to save for life milestones.

Restrictions

It is a nice that State Farm provides ATM Fee rebates, there are restrictions for users to be aware of. It is important to note that not all online banks offer this rebate service as part of opening an account. These limitations include but are not limited to the following exclusions:

  • ATM Fee rebate will not be provided if an account is closed prior to the end of the statement cycle
  • Restrictions apply to international ATM fees incurred while traveling outside of the U.S.
  • Only $10 in rebate for ATM usage per statement cycle
  • Imposed fee to non-State Farm Bank issued cards for withdrawing cash from a State Farm Bank ATM.

Insurance Primarily

While State Farm has spent a significant amount of time and money on their online banking service, they have made it clear that they are still first and foremost an insurance provider. That aspect of the business remains the priority above all other State Farm branches of business.

The Bottom Line

Despite being an insurance provider, State Farm has created a well-rounded banking platform for their clients. State Farm users can not manage their finances (money and investments) entirely online without having to meet with someone in a branch. Borrowing from State Farm for certain things is also an available service. Those that use the State Farm online banking platform can expect the following from their service:

  1. Comprehensive online financial management
  2. Number of online accounts available
  3. Investment and loan options
  4. Still focused on insurance product
  5. Variety of financial services available

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