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CD Early Withdrawal Penalty: Should You Pay It?2.75% 15-Month CD & 3.00% 23-Month CD at Barnes Banking Co. in Utah - Local Only
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POSTED
ON BY Ken Tumin
Update 7/26/09: Rates have fallen but they remain competitive. Please refer to the bank's website for the latest rates.
Barnes Banking Co. has three promotional CDs with competitive rates. The most competitive ones include a 2.75% APY 15-month CD and a 3.00% APY 23-month CD. These CDs require that you have a new or existing deposit or loan account with the bank. There's also an 8-month CD with a 1.75% APY. This doesn't have the relationship requirement. Minimum deposit for all three specials is $5,000. These CD specials are listed in the bank's rate table as of 7/20/09.
A branch visit appears to be required to open an account. Branches are located in several Utah cities including Salt Lake City, South Ogden, Fort Union, St. George, Orem, Kaysville, Layton, Bountiful, Syracuse and Roy.
The bank's ratings for safety and soundness are weak: 1 stars (lowest) at Bankrate.com and 0 star (lowest) at BauerFinancial. Both ratings are based on 3/31/09 financial data. As I recommend with any bank, it's best to stay under the FDIC limits. The bank has been a FDIC member since 1934 (FDIC Certificate # 1252).
Thanks to the reader who emailed me news of these CD specials.
Other High Certificate of Deposit Rates
Barnes Banking Co. has three promotional CDs with competitive rates. The most competitive ones include a 2.75% APY 15-month CD and a 3.00% APY 23-month CD. These CDs require that you have a new or existing deposit or loan account with the bank. There's also an 8-month CD with a 1.75% APY. This doesn't have the relationship requirement. Minimum deposit for all three specials is $5,000. These CD specials are listed in the bank's rate table as of 7/20/09.
A branch visit appears to be required to open an account. Branches are located in several Utah cities including Salt Lake City, South Ogden, Fort Union, St. George, Orem, Kaysville, Layton, Bountiful, Syracuse and Roy.
The bank's ratings for safety and soundness are weak: 1 stars (lowest) at Bankrate.com and 0 star (lowest) at BauerFinancial. Both ratings are based on 3/31/09 financial data. As I recommend with any bank, it's best to stay under the FDIC limits. The bank has been a FDIC member since 1934 (FDIC Certificate # 1252).
Thanks to the reader who emailed me news of these CD specials.
Other High Certificate of Deposit Rates
