State Farm Bank based in Illinois offers attractive interest rates for their money market account. The money in the bank opportunity is structured as follows:

$100 to $9,999 0.70% APY

$10,000 to $24,999 0.80% APY

$25,000 to $49,999 0.89% APY

$50,000 to $99,999 0.94% APY

$100K and over 1.10% APY

You can open this money market account for $1000 and start enjoying their best interest rate. Take note though that the bank can change the interest rates any time without notice.

Some important details about this money market account based on the account disclosure:

• this is a variable rate money market account
• the earnings of the account start to accrue as soon as the bank receives your initial funding at their Bank Operations Center
• Fees will apply if your average daily balance drops below $500 (The fees can be waived though if a direct deposit is posted via ACH within the statement cycle.)
• Account holders must maintain a daily balance of at least $100 to obtain the effective APY
• account holders can get the Blue Specialty checks free. You have to shoulder some fees if you want another style for your checks
• you have six allowable transfers per month; charges apply when you go beyond this limit. Aside from the service charges, the bank may refuse to honor these transactions, convert it into another account, or close the money market account without notice.
• you are allowed unlimited withdrawals by ATM, mail, telephone, and transfers to you other deposit accounts

The interest rates are computed using the daily balance method which basically makes use of a daily periodic rate on the deposits per day. The earnings of the money market account are compounded on a daily basis and credited every monthly.

When you go to their rates page, you have to enter your zip codes to view the numbers. We entered several zip codes for the state of Illinois and the rates are pretty much the same. In case you live outside their market area, you do not have to worry since they accept applications from any state. You can contact the bank through 1877-734-2265.

If you are interested to open an account, there is an application button on the website. The application proces takes around 5 to 10 minutes to complete just make sure you have your social security number, email address, and other banking necessities handy.

State Farm Bank is an online bank and does not operate any offices or branches. This means that everything thing is done online, over the phone, or via mail. They have been in business since November 1998. They operate under the umbrella of State Farm Mutual Automobile Insurance Company headquartered in Bloomington, Illinois.

State Farm Bank is insured with the Federal Deposit Insurance Corporation or FDIC.