Barnes Banking Savings and CD Rates

Barnes Banking Co was founded in Davis County, Utah in 1891.  The bank is one of Utah’s largest community banks with assets just shy of one billion dollars, actual 2008 year end assets were $970,277,000.  The bank has ten bank branches, in Kaysville, Layton, Bountiful, Syracuse, Roy, South Ogden, Salt Lake City, Fort Union, St. George and Orem Utah.  Barnes Banking Company is chartered as a Federal Reserve Member.  Therefore the primary regulator is the Federal Reserve Board (FRB).

The bank has been in continuous operation since its inception, going on 117 years.  Surviving the Great Depression, two world wars and countless economic cycles.  For 2008, the bank did lose quite a bit of money, with a net loss totaling -$21,991,000.  Loan losses accounted for the majority of the income problems.  The bank ended the year with non current loans as a percent of total loans of 13.74%.

Barnes Banking Company offers several consumer bank products and services.  Included in these offerings are a number of savings options such as a standard savings account, money market accounts and certificates of deposits.

The Barnes Bank statement savings account offers interest with a starting balance of just $25.  This is an interest earning savings account that can be managed account online offers direct deposit and provides a quarterly statement.

The Barnes Bank CDs offers competitive yields with a variety of terms, and exceptional service.  These bank CDs will work for savings strategy that cover a long or short-term.  Maturity terms from eleven to forty-eight months.  Opening deposit are as low as $500.00.  Interest can be compounded quarterly or paid directly to the bank CD account holder.  These accounts can also be viewed online 24/7.

For consumers that have savings plan requiring more flexibility than a CD, the Barnes Bank money market account offers liquidity with a better yield than typical savings accounts.  The bank has a few money market accounts to choose from.  An electronic money market account provides an even greater yield for those willing to manage the money market account primarily online.

There is and opening deposit requirement beginning at $500.00.  Direct deposit is available.  The money market account is ATM card accessible.  The account allows for online management 24/7, free automatic account transfers and the money market account earned interest is compounded monthly.
 
With a minimum opening balance of $500.00, Barnes Banking Co offers the following CD rates.

A three month CD rate is 1.51% APY.
A six month CD rate is 1.76% APY.
A one year CD rate is 2.01% APY.
An eighteen month CD rate is 2.52% APY.
A two year CD rate is 2.78% APY.
A three year CD rate is 3.03% APY.
A four year CD rate is 3.35% APY.
And a five year CD rate is 3.60% APY.
 
Barnes Banking Co is also currently offering a special CD promotion.  With a minimum deposit of $5,000.00 with a relationship account at the bank  (any other new or existing deposit or loan account with Barnes Bank), the bank is providing a seventeen month CD with an interest rate of 3.00% APY.
 
Bank CD interest rates are subject to change.  Additional conditions may apply.  For current CD rates and account information contact the bank directly at 888-353-3424.  CD rates, account information and other disclosures can be found at the bank website, www.barnesbank.com.

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This entry was posted on Friday, March 6th, 2009 at 9:26 pm and is filed under Bank Promotions. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.