State Farm Bank CD Rates

By: EconomyWatch Content Team   Date: 16 July 2010

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The State Farm Bank is very much like the neighbor you enjoy seeing on a regular basis, only in this case your neighbor is keeping your money safe and sound! When you decide that the time has come to open a certificate of deposit (CD) then look no further than the terrific rates at this bank. State Farm Bank CD rates are competitive with other banks and credit unions.

When it comes to certificate of deposit (CD) accounts the State Farm Bank offers fixed rate CDs, and the Coverdell Education Savings Account CD. Let us take a look at both of these now.

If you wish to open a fixed rate certificate of deposit (CD) you need to start it with a minimum opening balance of $500. The terms available for the CD range from three months to 60 months. All CDs available from the State Farm Bank are insured by the FDIC. The fixed rate certificate will automatically renew itself when it reaches its maturity date. If you wish to fund a certificate of deposit you can do so by way of an electronic transfer (ACH). With this CD you receive free, secure and convenient online statements.

Once the maturity date of the fixed rate CD comes around you are given 10 days following it to change the terms of it. Or you may instead decide to withdraw your funds. You are allowed to do this without having to worry about incurring a penalty. If you decide to renew your CD during the grace period you can decide at this time to increase the amount of money that you have in it. Please note that the interest is compounded daily on this CD. To learn more about the State Farm Bank CD rates visit a bank branch or go online to learn more.

To open a Coverdell Education Savings Account (ESA) certificate of deposit you also require a minimum of $500. This CD account was created for those under the age of 18 and is meant as a savings for future educational purposes. The account is FDIC insured and will automatically renew once it reaches the maturity date. Interest for this CD is compounded on a daily basis and is credited to the account monthly. The earnings for the Coverdell Education CD are tax-free if the money is indeed put towards educational costs.

The State Farm Bank CD rates can be viewed at the website. See them at http://www.statefarm..com/


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