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Barrington Bank & Trust Company Review

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Barrington Bank & Trust Company Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1996, Barrington Bank & Trust Company has $2 billion in assets along with deposits totaling $1 billion, classifying the institution as a large bank. Barrington Bank & Trust Company, whose headquarters are in Barrington, Illinois, lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. On the whole, Barrington Bank & Trust Company is a good bank that deserves your consideration, with a rating of 4.1 out of 5 stars from our team. Barrington Bank & Trust Company offers a varied selection of banking products, which include savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. Barrington Bank & Trust Company has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, the bank's standard checking does not carry a monthly maintenance fee. Banks that offer free checking as well as a high savings APY are your best option for accruing the most income from your deposits alongside convenient access to your funds.

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 has a savings rate of 0.20%, which is poor compared to other U.S. banks. Its CD rates are 0.15% and 0.80% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.30%. Given Barrington Bank & Trust Company's 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

Barrington Bank & Trust Company has typically extremely low fees in comparison to the average U.S. bank. With no monthly fee, Barrington Bank & Trust Company is perfect for those who want a basic banking experience. For those who will need cash in a pinch, Barrington Bank & Trust Company is perfect because it charges no out-of-network ATM fees. Barrington Bank & Trust Company unfortunately doesn't refund out-of-network ATM charges, which means you will be required to find a Barrington Bank & Trust Company ATM or pay the cost of withdrawal.

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. It also offers access to mobile and web apps for a straightforward mobile-banking experience. Barrington Bank & Trust Company's online and mobile banking services receive mediocre feedback from users. With 25 customer reviews across both iOS and Android platforms, the Barrington Bank & Trust Company mobile app rates a 2.6 out of 5 (compared to the national average of 3.8). You can access Barrington Bank & Trust Company's app to manage your finances by looking at account balances, sending and receiving money as well as accessing customer service. Barrington Bank & Trust Company receives an outstanding consumer satisfaction rating based on relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

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 is a large bank owning $2 billion in assets and deposits totaling $1 billion. Its Texas Ratio is 3.95%, indicating that the bank is in outstanding financial shape 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 Account 0.3% APY $10000

Barrington Bank & Trust Company has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Barrington Bank & Trust Company does not have the best savings rate, which means you should consider looking 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 national average.

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Find a Barrington Bank & Trust Company Near Me

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

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