State Farm Bank

By: EconomyWatch   Date: 21 September 2009

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State Farm Bank is a consumer banking unit of State Farm Insurance Company, which began operations with consumer and home loan products. However, now it provides a wide array of products and services, such as mortgage loans, home equity, certificate of deposits (CDs), individual retirement accounts (IRA) and health savings account (HAS) and credit / debit cards.

State Farm Bank: Company Profile

Originally known as State Farm Bank, F.S.B., the bank received formal authorization for establishing a thrift institution in 1998. With its head office at Bloomington, Illinois, the bank acts as a subsidiary of State Farm Mutual Automobile Insurance Company. The bank now operates across the US. However, the entity does not have any other branch office.

State Farm Bank has a diverse product line, with highly customized financial instruments. The bank utilizes the financial expertise of State Farm insurance agents to provide product assistance and direct customer interaction.

State Farm Bank Accounts

The State Farm Bank offers the following types of accounts to individuals:

  • CD accounts: Fixed rate CDs and education savings account CD

  • IRA accounts: Fixed rate IRA accounts for CDs with retirement benefits

  • Money market account

  • Checking account: Standard checking and interest checking accounts

  • Savings account

  • Health savings account: To save for qualified medical expenses under high deductible health plan (HDHP)

State Farm Bank Credit Cards

State Farm Bank has associations with Visa for providing credit card services. The bank has four credit cards, with varying rates of interest and reward plans to meet individual credit needs:

  • Platinum Rewards Visa credit card

  • Good Neighbor Visa credit card

  • Student Visa credit card

  • State Farm Bank Visa business card

State Farm Bank also offers Visa-based gift cards, with purchase value between $20 and $500. These gift cards can be used to purchase from any store where Visa credit cards are accepted.

State Farm Bank Loans

State Farm Bank offers personal and business loan products at competitive rates. Major loan products are:

  • Home mortgage loans

  • Home equity loans

  • Vehicle loans

  • Business loans

State Farm Bank integrates online banking services and phone banking for a rich customer experience. Also, bank customers receive discounted rates while buying insurance products from the parent company.


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