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Barrington Bank & Trust Company Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Barrington Bank & Trust Company Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1996, Barrington Bank & Trust Company has assets totaling $2 billion along with $1 billion in deposits, making it a large bank. Barrington Bank & Trust Company, whose headquarters are in Barrington, Illinois, lacks premium access to support representatives, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. Coming in at a commendable 4.1 stars out of 5, Barrington Bank & Trust Company is a respectable bank that should be given a look. Barrington Bank & Trust Company provides customers with a full array of banking products, which include savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Barrington Bank & Trust Company offers an option without a monthly fee. Finding an institution with free checking, in addition to a high interest rate savings account is your best bet for gaining the highest income from your deposits while maintaining convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.1/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

3.1
SmartAsset Average: 3.5

Barrington Bank & Trust Company features a savings rate of 0.20%, which is fair in comparison to other U.S. banks. Its one-year CD has a rate of 0.15% and the five-year CD has a rate of 0.80%, while its highest-yielding money market account earns at a rate of 0.30%. Given its below average savings rate, you should consider opting for higher earning savings accounts with other banks.

How Barrington Bank & Trust Company's Savings Rates Compare

Barrington Bank & Trust Company Savings 0.20 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, Barrington Bank & Trust Company charges customers extremely low fees in comparison to the national average. Its checking account has no monthly fee, rating it excellent for anyone looking for a hassle-free account. For those who will need cash in a pinch, Barrington Bank & Trust Company is perfect because it has no out-of-network ATM fees. Barrington Bank & Trust Company does not reimburse out-of-network ATM fees, which means you'll be required to locate a Barrington Bank & Trust Company ATM or pay the ATM charge.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

3.2
SmartAsset Average: 3.7

Barrington Bank & Trust Company is a brick-and-mortar bank, with seven total branches in Illinois. With mobile and web apps, Barrington Bank & Trust Company makes mobile banking straightforward, even on the go. Barrington Bank & Trust Company's online and mobile banking platforms get poor scores from users. The Barrington Bank & Trust Company mobile app is rated at 2.6 out of 5 (with 25 ratings on Apple and Android) compared to the national average of 3.8. Barrington Bank & Trust Company's mobile app lets you manage your accounts by looking at account balances, sending and receiving money and accessing support representatives. Barrington Bank & Trust Company gets an outstanding consumer satisfaction score due to relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 2.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

Barrington Bank & Trust Company ranks as a large bank owning $2 billion in assets as well as $1 billion in deposits. Its Texas Ratio is 3.95%, signifying that the bank is in outstanding financial condition and far from failure. Additionally, Barrington Bank & Trust Company is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.95%
High Risk 75% 50% 20% 10% Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Barrington Bank & Trust Company to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% APY $1
Checking Account 0.05% APY $1
Certificates of Deposit
  • 12 Month: 0.15% APY
  • 24 Month: 0.30% APY
  • 36 Month: 0.40% APY
  • 48 Month: 0.50% APY
  • 60 Month: 0.80% APY
$1000 for all terms
Money Market Accounts 0.3% APY 0.3% APY $10000 $15000

Barrington Bank & Trust Company has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Barrington Bank & Trust Company does not have the best savings rate, which means you should consider taking a look elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Barrington Bank & Trust Company's CD rates are fair in comparison to the average U.S. bank.

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Find a Barrington Bank & Trust Company Near Me

Barrington Bank & Trust Company has seven branches across the U.S.

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