Barnes Banking Co. offers money market rate of 1.46% APY on all tiers
Barnes Banking Co. invites consumers to take advantage of their Electronic Money Market Account or eMMA which earns 1.46% APY on all terms.
Consumers can open the electronic money market account for as low as $500 but can enjoy the tiered best money market rates for a deposit of at least $1000. Earnings are compounded on a monthly basis.
Like other money market deals, you can withdraw up to six times per month. The website does not detail the fees which may affect the earnings of your money. It will be best to contact the bank for the current interest rates and inquire about the fees.
The bank injects free use of online banking with the account and access to a direct deposit facility.
Barnes Banking Co. has been in business since 1891. They have several branches in Utah particularly in Salt Lake City, Layton, South Ogden, Fort Union Kaysville, Orem, St. George, Fort Union, and Syracuse.
The bank is insured with the FDIC under certificate number 1252. The rating is weak though with 1 star from bankrate.com. You can take advantage of the interest rate but be wise and stay within the limits of the FDIC.
