State Farm - Savings

Average Score:

•   Tired of Tiers

  If it weren't for the tiered interest rates, I'd say this is a good account.

  The account has online bill pay, debit card, AND they reimburse 10 of ATM fees per month which is great. Because of this I don't need to worry about which ATM I use, which is very nice.

  The monthly service fee may bother some people, but I don't think it's a problem, because I just pretend that 100 is zero and then never go below that - and 100 is not too much to keep in the account.

  The problem for me with this account is the different interest rates for the different amounts of money in the account. I know a lot of banks do it, but for some reason I find it really annoying. Because my balance changes, I can never tell which rate I should have, and then am never sure when I see my statement if the bank is playing sneaky interest rate games or if they've changed the rate.

  If State Farm changed this to a single interest rate for the entire account, I'd like it a whole lot more.

  Posted by casarosa -- Sept. 16, 2009