Earning more money from your savings can be as simple as moving your cash to a bank that offers higher interest rates on its savings accounts. In this case, Barclays has you covered; Its high-yield savings accounts and certificates of deposit (CDs) offer APYs that top out at 4%.
Founded in London in 1690, Barclays is a multinational bank that offers a handful of banking products in the U.S. If you don’t need a variety of account options or physical branches, online banking with Barclays can be an attractive banking option.
Barclays is also insured by the Federal Deposit Insurance Corporation (FDIC), so in the rare event of bank failure your deposit account is protected up to $250,000 per depositor per ownership category.
All rates and fees are current as of August 31, 2023, and are subject to change.
Barclays Bank offers
Barclays offers two types of bank accounts to US customers—a high-yield savings account and CDs with maturities of one to five years.
Savings Account
With a generous APY and no minimum deposit requirements or monthly maintenance fees, Barclays’ high-yield savings account is great for savers just starting out. The APY on this high-yield savings account is more than ten times the national average.
High Yield Savings Account
- API: 4.35%
- Minimum opening deposit required: $0
- Monthly Maintenance Cost: None of them
- Minimum amount required to earn APY: A minimum balance must be maintained that will earn you at least $0.01 in interest
- Withdrawal limits: No monthly limit on number of withdrawals
- Stop Payment Fees: None of them
- Official check (known as cashier’s check): $5
- Refundable deposit items: $5 per item, up to $50 on business days
- Non-Sufficient Fund (NSF) Fees: $5 per item
- Statement copy: $0.50 per statement
- Account research: $0
Certificate of Deposit
If you’re looking for a place to store your cash for the long term and want to earn some extra interest, Barclays CDs are also a solid option — all of which offer upwards of 4%. Their one-year CD even offers a 5.00% APY—and no required minimum opening deposit.
Early withdrawal penalties on these CDs are modest, so you won’t pay a huge penalty if you touch your money early.
| CD is the length of the word | API |
| 1 2 months | 5.00% |
| 18 months | 4.90% |
| 24 months | 4.40% |
| 36 months | 4.30% |
| 48 months | 4.25% |
| 60 months | 4.50% |
- Minimum opening deposit required: None of them
- Compounding Frequency: Interest is calculated daily and accrued monthly
- Early withdrawal penalty: Varies by length of term
- Less than 24 months: 90 days simple interest on dollar amount withdrawn
- More than 24 months: 180 days simple interest on dollar withdrawn
Barclays Bank savings rate compared to current top rate*
Other services offered by Barclays Bank
Beyond savings accounts, Barclays has a limited selection of additional products available to US customers:
- Credit Card: Barclays offers several co-branded credit cards—from a JetBlue card to a Gap Goods card.
- Personal Loan: Barclays Personal Loans is by invitation only.
Barclays Bank platform and customer support
Because Barclays has no physical branches in the United States, customers can access their accounts digitally—either through the Barclays website or the Barclays app, available on the Apple App Store and Google Play Store.
Customer service is available 24/7 via phone call. And if you have a quick question, Barclays encourages customers to tweet them @AskBarclaysUS.
Advantages and Disadvantages of Barclays
Although Barclays boasts high APYs and no minimum opening deposit requirements or monthly maintenance fees, customers looking for a bank with a variety of account options should look elsewhere.
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- Higher APYs. With interest rates above 4%, their high-yield savings accounts and CDs are much higher than the national average rate on these accounts.
- No minimum opening deposit requirements. Barclays makes welcome mats for savers of any size.
- Modest early withdrawal penalty. Tapping your funds early probably won’t force you to relinquish a large chunk of interest.
cons
- A few account options. If you are looking for a checking or money market account, you may want to consider other banks.
- There is no physical location. If visiting a physical branch is a priority, Barclays is probably not the best option.
Frequently Asked Questions
Is my money safe with Barclays?
Yes, Barclays is FDIC-insured, so depositors are insured up to $250,000 per depositor per ownership category in the event of bank failure.
Is Barclays a good bank?
It depends on what you are looking for. If you want high-yield savings accounts and high rates on CDs with no minimum opening deposit requirements, Barclays can be a solid choice. But if you want to visit a physical branch or need a money market or checking account, you should consider other banks.
What is Barclays used for?
Barclays offers CDs, high-yield savings accounts, personal loans, and credit cards to US customers.