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

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Deal Summary: Statement Savings, 2.25% APY, rate guaranteed for 12 months, minimum opening deposit of $1k of new money.

Availability: Nationwide through online application.

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.25%--Barrington Bank & Trust Company, National AssociationStatement Savings 12 month Introduction Special - New Money
Rates as of August 22, 2019.

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
0.35*%$100k-Barrington Bank & Trust Company, National AssociationMoney Market
OTHER TIERS: 0.05% Up to $10k | 0.15% $10k - $50k | 0.20% $50k - $100k
0.10%--Barrington Bank & Trust Company, National AssociationStatement Savings Account
Rates as of August 22, 2019.

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 21st 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.

Interest RateAccount NameCredit Union/Bank
3.00% APYFitness Savings, 12,500+ Steps ($100 min/no max)Salem Five Direct
2.52% APYHigh Yield Online Savings ($100 min/no max)Vio Bank
2.51% APYeOne Savings (no min/$1m max)Salem Five Direct
2.45% APYHigh-Yield Savings ($100 min/$10m max)Comenity Direct
2.25% APYStatement Savings ($1k min/no max)Barrington Bank

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.

Related Pages: Chicago savings accounts, savings accounts, nationwide deals

Comments
Weegee
Weegee   |     |   Comment #1
Seems like a good deal, except I already have a 2.3% guarantee for more than the next 12 months (no longer available). So it's not a high enough rate for my needs.
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Norra
Norra   |     |   Comment #3
Make it 2.5% then I'm in.
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Test3
Test3   |     |   Comment #14
What are ACH limits etc?
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JWL
JWL   |     |   Comment #23
If you want more than 2.25% interest rate guaranteed for a year, just get a one year CD, it pay more than 2.25% guaranteed.
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Stan
Stan   |     |   Comment #29
My application was rejected. They do not offer this product in Georgia.
Anonymoose
Anonymoose   |     |   Comment #30
There have been other reports that this offer was not valid in other places in the country. Sounds like we need a definitive answer as to whether or not this is a nationwide offer, and if not, where is it available and not available. Anyone have that definitive info?
Anonymoose
Anonymoose   |     |   Comment #43
I just spoke to a CSR. He said this promotion is not available Nationwide. Apparently you cannot even open an account Nationwide. It's restricted to their local region although he could not define what that region was other than to say Chicago "area.". He said if you try to open an account from elsewhere you'll be rejected. He confirmed that information with his supervisor.

So I think that pretty much clears up the confusion.
Stan
Stan   |     |   Comment #44
I called today and was told it is available only to customers that come in to their offices.
Att
Att   |     |   Comment #31
The Marcus bonus deal would have been a great option for liquid funds. 1% bonus up to $500 for new funds deposited to a savings account payable after 90 days.
Weegee
Weegee   |     |   Comment #32
A comment on Marcus Goldman Sachs... So far best bank I've ever done a deal with. Sign up was about as simple as it gets. They immediately provide you with all the important information you need to verify every important detail of the deal in writing (something you have to pry out of every other bank and CU I've dealt with and can never quite be sure that they're going to stick to their word).

This was a first class experience and a model for how every FI should treat their customers.
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willy12
willy12   |     |   Comment #33
Marcus is still available, you can still enroll today and get 10 business days to get your money to them.
(I signed up Saturday)
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Weegee
Weegee   |     |   Comment #36
I really appreciate their no BS approach.

Really makes you wonder why all the other FIs have to put you through so many hoops just to set up an account and send them YOUR money.
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