State Farm Bank Ups CD Rates

State Farm Bank CD rates, which were around the middle of the pack as far as rates goes, were increased. The CD rate increases at State Farm Bank were on intermediate term CDs from 1 year to 30 months. The largest CD rate increase was on their 30 month certificates of deposit which was increased by 60 basis point, or 0.60 percent. 30 month CD rates at State Farm Bank were increased from 2.27 percent with an APY of 2.30 percent to 2.86 percent with an APY of 2.90 percent.

Other CD rate increases at State Farm Bank were 15 basis points, or 0.15 percent. 1 year CD rates at State Farm Bank were increased from 1.98 percent with an APY of 2.00 percent to 2.13 percent with an APY of 2.15 percent.

2 year CD rates at State Farm Bank were increased from 2.32 percent with an APY of 2.35 percent to 2.47 percent with an APY of 2.50 percent.

These CD rate increases at State Farm Bank are on regular CDs jumbo CDs, IRA CDs, and jumbo IRA CDs.

As with any CD account, there are early withdrawal penalties. State Farm Bank's early CD withdrawal penalties are as follows:

• Penalty of seven (7) days' interest on the principal withdrawn when the withdrawal is made within six (6) days of the initial deposit.
• Penalty of seven (7) days' interest on the principal withdrawn when the withdrawal is made within six (6) days of a previous withdrawal.

State Farm Bank CD Account Benefits:

• Minimum opening deposit is only $500
• Interest is compounded daily which maximizes your earning potential.
• Interest payments can be added to the CD account, paid by check, or deposited to a State Farm Bank account.
• Automatic renewal at maturity which allows you to continue to earn interest through your grace period.
• 10-calendar-day grace period after the maturity date to change the length of the term or withdraw funds without being charged a penalty.
• You can also increase the amount in your Certificate of Deposit during the grace period.
• Online statements are available.

To get the best deal on a CD account see how other CD rates at banks compare to State Farm Bank CD Rates.