Preheat oven to 350°. Combine first 3 ingredients in a medium bowl. Cut in butter with a pastry blender until crumbly. Reserve 1 cup flour mixture.
Lightly grease an 11- x 7-inch or 9-inch square pan. Press remaining flour mixture onto bottom of prepared pan.
Bake at 350° for 25 to 30 minutes or until lightly browned.
Spread peach preserves over crust in pan. Dollop raspberry preserves by 1/2 teaspoonfuls over peach preserves. Sprinkle reserved 1 cup flour mixture over preserves. Sprinkle with almonds.
Bake at 350° for 35 to 40 minutes or until golden brown. Let cool 1 hour on a wire rack. Cut into bars. Garnish, if desired.
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