State Farm Bank Paying 0.500% APY on 24-Month CDs

State Farm Bank, offers 0.500% APY on 24-month term certificates of deposit for a minimum deposit amount of $500. The interest is compounded on a daily basis.

The bank offers CDs of multiple terms ranging from 3 months to 60 months. The CDs are renewed automatically upon maturity ensuring that you earn a substantial interest amount during the grace period of ten days.