Like a good neighbor, State Farm is there. Actually, I’m not sure of any neighbor that pays interest on a savings account but if there was you’d want it to be State Farm.
If you’re looking for a savings account with bank that’s been in business for a quite a while, the State Farm savings account is an option for you.
The savings account pays interest on a tiered level. So unless you’re sitting on a boatload of cash, you’re likely to get a below average interest rate.
There’s also more than a few tidbits of information that you should know if you’re under or over 18. Which accounts for everyone reading this article as the savings account imposes fees tied to balance restrictions.
The savings account does come with features such as 24 hour toll-free service, free internet banking and access to ATM fee rebates.
Is this savings account right for you? I’d recommend it for those that have an existing relationship with State Farm as it would be an easy way to keep your accounts consolidated and if you’re pleased with their service. This tends to go along way when things go wrong and you need a quick resolution.
Otherwise, for a higher savings account rate you’d want to check out other online savings accounts available or check some cd rates.
-Variable, Tiered Interest Rates (yuck!)
-Minimum Opening Deposit of $100
-$3 monthly fee if $100 minimum balance is not kept