Farmers Insurance FCU review September 2024: Checking, savings, CDs, and more

Farmers Insurance FCU has seven branch locations in six states. In addition, the credit union allows you to visit shared locations where you can make deposits, withdraw cash, make loan payments, and transfer money between accounts, as well as online banking. There are over 5,000 shared locations.

FIGFCU was founded in 1936 in Los Angeles. The credit union’s corporate office is now located in Burbank, California. At the end of 2023, FIGFCU reported assets of more than $1.5 billion. 

All rates and fees are current as of September 12, 2024, and are subject to change. 

Farmers Insurance FCU

Checking accounts:	Starting at $0 per month
Savings accounts:	Open with as little as $0
Certificate of deposit (CD) rates:	Earn up to 5.75% annual percentage yield (APY)

Pros and Cons

Pros

• Membership is available to anyone who is a member of the American Consumer Council
• Strong interest yields on CDs and online savings account
• The option to visit shared locations for basic transactions gives users branch access nationwide

Cons

• Some transactions are not available at shared branch locations
• Variable rate CD, despite a high initial rate, could end up with a low rate if rates fall during the life of the CD
• High-yield checking only earns a high rate on balances up to $5,000

Who is Farmers Insurance FCU good for? 

Because you can join the credit union nationwide by first joining the American Consumer Council, it could be an excellent option for people who want to choose a credit union over their local bank. It’s also a great choice for people who want to earn solid interest yields. The credit union offers CDs with rates up to 5.75% APY and an online savings account earning 4.0% APY. Finally, with the ability to use shared branch locations, you can access a branch location for basic transactions nearly nationwide.

Who shouldn’t use Farmers Insurance FCU?

While shared branches allow for basic transactions, you won’t be able to purchase money orders at all shared locations. In addition, you won’t be able to apply for a loan, open a new account, or get a debit card issued instantly at a shared location.  In addition, the variable-rate CD, which starts at 5.75% APY, could see rates fall during its 36-month life if the Federal Reserve lowers rates. Finally, the credit union’s high-yield checking only earns its highest rate on balances up to $5,000. Balances above $5,000 earn the membership savings rate, which is currently 0.20% APY.

Farmers Insurance FCU rates and products

People looking for a free checking account can choose from one of two options provided by Farmers Insurance FCU. FIGFCU also offers several savings accounts, a money market account (MMA), and multiple CD options. All accounts but the entry-level cash back checking earn interest, although that account earns up to $5 per month cash back.

Checking accounts 

Farmers Insurance FCU has two checking accounts, both of which are free checking accounts. FIGFCU does not offer a new checking account sign-up bonus.

Farmers Insurance FCU CashBack Checking Account

The entry-level account, CashBack checking, allows you to earn cash back credits of $5 a month, an ATM surcharge rebate of up to $10 a month, and a 0.50% APY bump-up rate in Online Savings if you meet three requirements. You must make at least 10 Visa debit card purchase transactions, have a direct deposit of at least $1,000 per month, and receive e-statements.

Farmers Insurance FCU High Yield Checking Account

FIGFCU’s High Yield Checking earns 5.00% APY on balances up to $5,000, gives you a rebate of up to $10 a month in ATM surcharge fees, and gives you a 0.50% APY bump-up rate in Online Savings if you meet three requirements. You must make at least 10 Visa debit card purchase transactions, have a direct deposit of at least $1,000 per month, and receive e-statements. 

Balances above $5,000 earn the membership savings rate, currently 0.20% APY.

Savings accounts

FIGFCU offers four standard savings accounts, with one high-yield savings account. They also offer specialty accounts, including an individual retirement account (IRA) account, a health savings account (HSA), an education savings account, and limited withdrawal accounts for holiday, tax, and other big-purchase savings. 

Farmers Insurance FCU Membership Savings Account

This account requires a $5 minimum opening deposit. After six months, the $5 monthly fee is waived as long as you’ve opened another account with FIGFCU or have a balance of at least $250. The interest rate is low at 0.20% APY but higher than many traditional banks.

Farmers Insurance FCU Online Savings Account

This is the best savings account Farmers Insurance FCU offers. It requires no minimum opening deposit and has no monthly fees. You earn 3.00% APY, which increases to 4.00% APY with at least $1,000 in direct deposit each month.
Check out our primer on high-yield savings accounts for more information.

Farmers Insurance FCU Rainy Day Savings Account

This is an automated savings account. You can make small automatic deposits into it to have in the event of an emergency. It earns 3.04% APY on balances up to $2,000, and the membership savings rate is above that amount. It does not come with a debit card or checks, and you can only make two withdrawals in a calendar year for free. Additional withdrawals cost $20 each.

Farmers Insurance FCU savings rates compared to current top rates*

While FIGFCU is a great option, some institutions offer higher interest rates. Compare the rates above to this list of competitors:

Money market accounts 

Farmers Insurance FCU only offers one MMA with a significantly lower rate than the best MMAs. You earn 0.35% APY, which increases to 0.60% APY with direct deposit. This account does have check-writing abilities and unlimited in-person transactions. It requires a $1,000 minimum opening deposit, and all withdrawals must be at least $250.

Certificate of deposit 

FIGFCU offers three types of CDs. The credit union’s variable rate CD has a rate that compares well with some of the best CD rates on the market. It also offers a nine-month no-penalty CD with a solid interest yield. For a limited time, it also offers special rates on three-month and six-month CDs.

The credit union can charge early withdrawal penalties for most CDs, although many fees are waived with its no-penalty CD.

Farmers Insurance FCU Standard CD

Standard CDs range from three to 30 months, with jumbo CDs running from 36 to 60 months. Standard rates run from 3.00% APY to 4.00% APY, although the credit union currently offers special rates of 4.25% APY on three-month and six-month CDs.

Most CDs require a $1,000 minimum opening deposit. If you deposit $100,000 into a jumbo CD, you get a 0.15% APY rate bump.

Farmers Insurance FCU No Penalty Certificate

FIGFCU offers a no-penalty CD with a nine-month term length that earns 4.50% APY. You cannot make additional deposits to it during the term length. After the first 30 days, you get one penalty-free withdrawal per calendar month. Funds used for this CD must be new to the credit union.

Farmers Insurance FCU Variable Rate Certificate

This may be Farmers Insurance FCU’s most interesting savings product. It is a variable-rate CD with a 36-month term. It starts with an excellent rate of 5.75% APY. However, rates can fluctuate with the market. With falling rates forecast, you may not end up getting as great a rate during the CD's life. It requires a $1,000 minimum deposit.

Other services Farmers Insurance FCU offers 

Farmers Insurance FCU provides a wide range of other products and services to members, including:

• Commercial real estate (CRE) loans: Loans from $50,000 to $5 million are available to finance offices, office condos, retail, retail strip, and five-plus-unit apartment buildings.
• Vehicle loans: Loans are available for automobiles, motorcycles, motorhomes, travel trailers, boats, and jet skis. You can qualify for a rate discount with direct deposit.
• Agency loans: For Farmers Insurance agents, you get access to special lending products. These products include secured loans, lines of credit, business secured loans, business lines of credit, staffing loans, CRE loans, agency acquisition loans, preferred agent mortgages, and protégé loans.
• Credit cards: FIGFCU offers six credit card products with various perks. Perks include cash back bonuses, lower interest rates, no annual fee, and rewards points. The credit union also offers a credit-building secured credit card.

Online banking

FIGFCU personal digital banking services, including online banking and bill pay. The credit union’s digital banking services are called Tulee Digital Banking. You can check your account balances, view transaction history, and monitor financial activity. You can make transfers, set up bill pay, deposit checks remotely, message customer service securely, and set up alerts.

Peer-to-peer (P2P) payments can be sent and received via Zelle but can also be sent directly through Tulee. Finally, you can access your FIGFCU loan to skip a payment in Tulee. It is processed within 24 hours.

The Farmers Insurance FCU platform and customer support 

Farmers Insurance FCU bank accounts can be accessed via the desktop or mobile Tulee Digital Banking app. The mobile app has decent ratings online, earning 4.0 stars out of 5 on the Apple App Store based on almost 3,000 ratings and 4.2 stars out of 5 based on 559 reviews on the Google Play Store.

In addition to secure messaging built into the Tulee desktop and mobile apps, there are many ways to contact FIGFCU. You can use the built-in chat feature on the credit union’s website or book an appointment with a branch or lending department online. You can call the credit union at (800) 877-2345, presumably during branch hours (although not stated on the credit union’s website). You can also email different departments directly, send mail or faxes, or message them by texting FARMERS to 344328.

Is Farmers Insurance FCU secure?

FIGFCU has implemented standard security features to protect your sensitive data. When signing into online banking, you will have to set up security questions and enter phone numbers that will be used to verify your identity when logging in. 

You can also set up mobile app alerts to notify you of any potentially suspicious transactions. The credit union doesn’t list specific encryption levels on its app or website. 

Deposit funds at FIGFCU are insured by the National Credit Union Administration (NCUA) to up to $250,000 per depositor, per institution.

Farmers Insurance FCU user reviews

Farmers Insurance FCU has mixed online reviews, although they only have a very few reviews. They are rated 4.2 stars out of 5 on WalletHub out of more than 10 reviews and 1.5 stars out of 5 on DepositAccounts out of  more than 10 reviews. 

Positive reviews praised FIGFCU's customer service and the ease of signing up for accounts. Negative reviews expressed concern about the variable-rate CD and its potential for declining future rates.

Compare Farmers Insurance FCU alternatives

Farmers Insurance FCU	Alliant Credit Union	Quorum FCU
Top savings APY	Top savings APY	Top savings APY
USE SHORT CODES	3.10%	4.25%
Top checking APY	Top checking APY	Top checking APY
5.00%	0.25%	1.35%
Top CD APY	Top CD APY	Top CD APY
5.75%	4.75%	5.10%
Other services	Other services	Other services
CRE loans Vehicle loans Agency loans Credit cards	Auto loans Alliant Signature Card Alliant Platinum Card Uniform Transfers to Minors Act (UTMA) custodial account	Credit cards Lending products Low insurance rates Financial counseling services
Learn more	Learn more	Learn more
Compare more online bank alternatives	View offer at MoneyLion	View offer at MoneyLion

Is Farmers Insurance FCU right for you?

Overall, Farmers Insurance FCU is an excellent credit union. With the ability to join nationwide and access your accounts in shared branch locations, FIGFCU gives you the convenience of your local bank with the perks of higher savings and CD rates. Some standard savings rates are a little lower than other credit unions, so shop around before opening an account. Overall, Farmers Insurance FCU is a great place to earn passive income on reserve funds.

Frequently asked questions