State Farm Bank Certificates of Deposit and Money Market – Innovative product (MyTimeDeposit) and good CD rates
State Farm is typically associated with insurance, such as homeowners or auto. However, they have developed their business to expand to investment interests that include certificates of deposit and money market accounts in addition to checking and savings accounts. State Farm is a huge Bank has over $15 billion in assets and a great overall health score which makes it a great place to place your investment funds.
State farm Bank has made some interesting changes to their checking and certificates of deposits in order to draw new customers to their marketplace. They have changed their checking, savings and money market accounts to offer customers online check deposits which they have named MyTimeDeposit. This service delivers the option for customers to deposit their paper checks using their smartphones or with a personal computer and a scanner.
MyTime Deposit allows customers to deposit their paper checks using their smartphones or with a personal computer and a scanner. For more info, visit http://www.statefarm.com/bank/aboutbank/mytime-deposit.asp
State Farm Bank customers holding a state farm money market, checking or savings accounts are eligible to use this new feature being offered for customer convenience. There is a limit of 50 checks per week with a total of no more than 10 checks on any given day.
With changes to their savings, checking and money market account they are also upgrading their certificates of deposit. Seeking to deliver more competitive rates in the market to appeal to more investors, the company has created two unique CDs.
- A 15 month CD with APY of 1.31%
- A 30 month CD with APY of 1.71%
These particular CDs will only exist for a very limited time frame according to State Farm representatives. Additional information related to all of State Farm Bank’s certificates of deposit includes; a minimum deposit of at least $500 to open a State Farm Bank certificate of deposit account. An option of opening the CD account online or via telephone is presented. Your rate is locked after the funds have been received for your CD.
Besides insurance, State Farm Bank now also offers a wide variety of deposit, loan, and financial card accounts to help meet your needs.
Early withdrawal of your CD will result in penalties. Penalties for early withdrawal include 180 days of interest earned on the principal amount withdrawn from the CD account that has a maturity date longer than 12 months or 1 year.
Certificates of deposit that reach maturity will have funds paid directly to the investor by check, ACH transfer or a wire transfer. Funds are paid in the form of the account holder’s preference. There is a grace period of 10 calendar days after maturity.
As a member of the FDIC since 1999 you know your accounts are safe and secure.