Barrrington Bank Has Savings with 12 Month Rate Guarantee (2.25% APY)

Formally known as Barrington Bank & Trust Company, N. A., Barrington Bank is offering a limited-time special rate of 2.25% APY on its Statement Savings, which is guaranteed for 12 months following account opening. The minimum opening deposit is $1k of new money.

The fine print on the Rate Sheet reads,

This Statement Savings Special Rate is only available in
certain instances, please see a banker for further details.

When I asked the Barrington Bank Private Banker what exactly “certain instances” entailed, I fully expected to hear a laundry list of limitations and requirements. Not so. The Private Banker stated lower rates are anticipated, following the highly probable lowering of the Fed rate. The use of “certain instances” serves two purposes: it’s a veiled reference to a rate that may not be available for long and it encourages customers to call the Bank for more detail. Other than the $1k deposit of new money, there are no other requirements.

The current rates offered on Barrington Bank’s non-promotional Statement Savings and Money Market accounts suggest a big rate drop for the promotional Statement Savings the day after its one-year opening anniversary.

Deposits into a Statement Savings account can be made through ACH, wire, mobile bank, and remote deposit capture. There is a $5 monthly service fee that can be avoided by maintaining a $200 minimum daily balance. A $10 excessive transaction fee will be incurred for each transaction in excess of the six allowed per month. An ATM/Debit card is available with a linked Barrington Bank checking account and is fee-free, if used at Allpoint, SUM®, or MoneyPass® network ATMs.

Availability

Headquartered in Barrington, Illinois, Barrington Bank & Trust Company considers itself to be a “true” community bank “where tellers know their customers by name.” While “community” is often synonymous with small and local, Barrington Bank is neither: its physical market area is Cook County (the second-most populous county in the country) and a portion of the product line (including the Statement Savings) is available nationwide through online application.

Opening a Statement Savings account can be done online, or at any of seven Illinois branches located in Barrington (2), Hanover Park, Hoffman Estates (3), and Palatine.

Barrington Bank is one of fifteen Wintrust Community Banks, and deposits, withdrawals, and loan payments can be made at any of the more than 150 Wintrust Community Bank locations.

Bank Overview

Barrington Bank & Trust Company has an overall health rating of “A+" at DepositAccounts.com, with a Texas Ratio of 2.28% (excellent), based on March 31, 2019 data. In the past year, the Bank has increased its total non-brokered deposits by $139.5 million, excellent annual growth rate of 10.15% growth rate. Please refer to our financial overview of Barrington Bank (FDIC Certificate # 34395) for more details.

To say Wintrust’s beginnings were humble would be an understatement.

Wintrust began over a card table, a few cold beers, and the idea to be the alternative to the big banks. In 1991, armed with a briefcase, a folding table, and a cell phone the size of a shoebox, Wintrust’s current CEO and one of the company’s founders, Ed Wehmer, set up shop in his hometown, a northern Chicago suburb. More than twenty-five years and more than 150 locations later, we’ve stayed true to that original mission.

As a Wintrust Community Bank, Barrington Bank is currently the 21^st largest bank in Illinois, with assets in excess of $2.1 billion and more than 35,000 customer accounts.

How the Statement Savings Compares

When compared to 213 Savings Accounts tracked by DepositAccounts.com that are available nationally, Barrington Bank’s Statement Savings APY currently ranks tenth, but the 12-month rate guarantee may well prove to be invaluable for the upcoming year.

The above rates are accurate as of 7/26/2019.

To look for the best Savings Accounts rates, both nationwide and state specific, please refer to our Savings Account Rates page.