Farmers Insurance Federal Credit Union Review: Great Rates and Diverse Services

4.3

GBR RATING

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Quick Take: Farmers Insurance Federal Credit Union offers a comprehensive suite of financial products and services, including savings accounts, checking accounts, loans, credit cards and online banking. The credit union aims to provide competitive rates, personalized customer service and a member-focused approach.

Farmers Insurance Federal Credit Union Overview 

Farmers Insurance FCU was established in 1936 and is a financial cooperative designed to provide services for the employees, agents and retirees of Farmers Insurance Group. It offers a wide variety of banking services catering to the financial needs of its members. FIGFCU is federally insured by the National Credit Union Administration and is an Equal Housing Lender.

Farmers Insurance Federal Credit Union: Key Features

FIGFCU provides a wide range of checking and savings accounts as well as a variety of loan and credit card options. Many of these accounts come with competitive interest rates and low minimum balance requirements. Here are the key features GOBankingRates considered for this review.

Checking Accounts 

FIGFCU offers two checking options, both of which have benefits above and beyond your typical deposit account. 

CashBack Checking

Here are some features of the CashBack Checking account:

• $5 monthly statement cash back credit. 
• $10 ATM surcharge rebate a month.
• Bump-up rate bonus on the Online Savings account when you add direct deposit.

High Yield Checking

If you are considering an option for your checking where you can earn interest, consider the High Yield Checking account featuring the following: 

• APY on balances up to $5,000. If your balance is over $5,000 you can earn the Membership Savings rate of .
• $10 ATM surcharge rebate a month.
• Bump-up rate bonus on the Online Savings account when you set up direct deposit.

Savings Accounts 

There is no shortage of savings options and competitive rates you can earn at FIGFCU. Here’s a breakdown of how you can save: 

Certificates of Deposit

FIGFCU offers a variety of CD accounts with term lengths ranging between three to 30 months. All CDs come with a minimum opening deposit requirement of $1,000. APYs go up to .

Loans and Credit Cards

FIGFCU offers a variety of loan products, such as auto loans, personal loans, home equity loans and mortgages. Their loan rates are competitive, and they offer flexible terms to suit different financial situations.

The credit union also provides credit cards with attractive features like low interest rates, rewards programs and no annual fees.

How Farmers Insurance Federal Credit Union Stands Out 

Members of Farmers Insurance Federal Credit Union can access their accounts conveniently through online and mobile banking platforms. These platforms allow for easy management of accounts, bill payments, fund transfers and mobile check deposits.

The credit union also has a network of ATMs and shared branches to ensure members can access their funds without hassle.

Farmer Insurance Federal Credit Union vs. Competitors 

As a credit union, FIGFCU is member-owned and operated, prioritizing the needs and interests of its members over profits. Though it has a wide variety of products and services, they are limited to members only and as with any credit union, the loan approval process might be more stringent, and not all applicants may qualify for the best rates and terms. Here’s a look at how it stacks up against a few other banks.

FIGCU vs. Valley National Bank

Valley National Bank is better for customers who want a wide range of products. Where FIGCU has more limited banking options, it does offer higher APYs for both its checking and savings accounts.

FIGCU vs. Customers Bank

Customers Bank has a savings account that offers a high APY as well as an interest-earning checking account option. Though most accounts require a minimum balance and opening deposit, and there is limited branch availability, you do have a large network of surcharge-free ATMs at your disposal. 

How To Apply 

If you are interested in opening an account at FIGFCU, there are some eligibility requirements. You must be a Farmers employee or agent, relative of a current FIGFCU member or you are a member of the American Consumer Council. If you meet these requirements and are 18 or over, here is what you’ll need to apply: 

• Your Social Security number
• A government or state-issued ID
• $5 deposit for your Membership Savings account

Final Take To GO

Farmers Insurance Federal Credit Union is a solid choice for eligible members seeking a member-focused financial institution with competitive rates and a variety of banking products. While its membership is restricted and its physical presence limited, the credit union’s emphasis on personalized service and low fees makes it an attractive option for those within its field of membership. As with any financial decision, potential members should consider their specific needs and compare FIGCU’s offerings with other financial institutions to determine the best fit for their financial goals.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of July 1, 2024.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

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