Barclays Bank Review 2021 | CD Rates and Savings Accounts

Banking
Updated: 12th Jun 2021
Written by Justin Estes
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Founded in 1690, Barclays Bank is one of the biggest banks in the United Kingdom with a global reach and plenty of banking options for their customers.

Over three centuries and six continents later, Barclays has expanded its personal banking to the United States by offering high-yield savings accounts, certificates of deposit, and a wide array of credit cards.

In this Barclays Review, we will dive into their savings accounts and CDs to determine what they offer and who would benefit from their services.

Barclays Bank Overview

Feature(s):Details:
Minimum Deposit:$0 for CDs and Savings
Online Savings APY:0.40%
CD Term Lengths:3-Months up to 60-Months
Products Offered:CDs & Savings Accounts
Year Founded:1690

What is Barclays?

Barclays is a large British Bank that serves over 50 million customers worldwide on six different continents.

What Does Barclays Bank Offer?

In the United States, they offer online banking in savings accounts, CDs, and an array of credit cards for travel, cashback, or business.

>>Compare Your Options: Best Banks

Barclays Bank Featured Products

Barclays Online Savings Account

  • APY: 0.40%
  • Minimum deposit: $0

The Barclays online savings account is a high-yield savings account offering 0.40% APY. This is a competitive interest rate.

There is no minimum deposit required to open the account, which is a huge advantage for consumers who want to earn some interest in their savings without handing over too much cash.

When you open an account with Barclays, it’s important to remember no debit card for this account, nor is there a checking account you can attach to it.

So, if you need the money, you need to do an outside transfer to move it to another checking account outside of Barclays.

This account is best for somebody who wants a degree of separation from their savings to grow without them accidentally pulling from it or help accelerate their own personal financial savings goals.

Barclays Online CD Rates

TermAPY
3 Months:0.10%
6 Months:0.10%
9 Months:0.10%
12 Months:0.25%
18 Months:0.25%
24 Months:0.25%
36 Months:0.25%
48 Months:0.25%
60 Months:0.25%

The Barclays fixed-rate CDs are straightforward, simple, and do not have a minimum balance.

Interest is compounded daily on a CD account, and there are no hidden fees or minimum balances even when you open an account.

They offer a useful CD calculator on their website so you can play around with some numbers the set a realistic savings goal for yourself depending on how much you want to deposit in the account and when you are going to need the money in the future.

>>Compare CD Rates: Best CD Rates

Barclays Bank Review: Fees, Customer Support, & Experience

Banking Experience

The overall banking experience for Barclays online bank in the US Market is streamlined and straightforward.

They intentionally have the website design to see your balances and manage your money.

Still, if you enjoy a comprehensive banking experience where you have your own representatives and online chat options, you will not find that at Barclays.

The Barclays banking experience is best suited for somebody who wants to make a decent amount of interest on their savings or CD and is comfortable putting money out of Arm’s Reach so that I can grow undisturbed

Customer Support

If you need to get in touch with Barclays, they have various options to help you get in touch with somebody if you need help.

They offer 24/7 access to your online account, and if you need to talk to somebody, you can reach them between 8 a.m. through 8 p.m. Eastern Standard Time seven days a week at 888-710-8756.

Barclays Bank Fees

There are no fees on either Barclays high-yield savings accounts or their CDs. This means there are no maintenance fees or minimum balance fees; however, overdrafting the account may incur penalties or fees starting at $5.

They Pride themselves on having no hidden fees; however, it’s important to remember that if you need an early withdrawal from a CD account, you may need to pay an interest penalty if it hasn’t crossed a holding threshold.

Barclays Bank Pros and Cons

Pros:

  • A great choice for somebody who wants a set it and forgets it savings account that earns a decent interest rate
  • Simple terms and no-account minimums make the Barclays accounts accessible and valuable
  • If you bank with Barclays, you are banking with an extremely reputable bang with over 300 years of serving their customers

Cons:

  • Not a great choice if you need access to your money easily, other online banks offer debit cards for their savings accounts or can link it to a checking account
  • Better interest rates can be found if you shop around or are comfortable with a higher minimum deposit
  • No app for the savings account May alienate consumers who are used to having an app for their money

How Does Barclay’s Bank Compare to Others?

#1. Chime Bank vs. Barclay’s

Chime Bank is a digitally advanced online bank that is extremely simple and easy to work with, and they are currently offering 0.50% on their savings accounts.

Partnering with The Bankcorp and Stride Bank, members FDIC, Chime is revolutionizing the financial industry by doing away with fees.

>> Learn More: Chime Review

#2. Axos Bank vs. Barclays Bank

Axos Bank is an excellent hybrid online bank that also offers business banking similar to Consumer online banking. Currently, Axos Bank offers rewards checking accounts, loans, CDs, savings, accounts, and more.

Moreover, Axos Bank offers some of the lowest fees in the industry and has arguably the best customer service when compared to other banks.

>> Learn More: Axos Bank Review

#3. Ally Bank vs. Barclays Bank

Ally is probably the most powerful online bank because it has investment management, high APY, and integrated checking and savings accounts.

Additionally, Ally Bank also has rock bottom low fees, a great mobile experience, and strong customer service. And if you are on the market for a mortgage or loan, Ally has you covered.

>> Learn More: Ally Bank Review

Barclays Bank FAQs

Is Barclays a Good Bank?

Barclays is one of the oldest banks in the world, and they have an overwhelmingly established reputation. They have been open since 1690, and today they serve over 50 million customers.

Their US banking operation isn’t limited to savings accounts, CDs, personal loans, and credit cards.

Barclays also offers various credit cards for travel, retail, entertainment, and cashback.

They have great savings rates for the savings accounts, and they have competitive rates on their CD terms.

Is Barclays FDIC Insured?

Yes. Barclays is an FDIC-insured Bank that puts $250,000 in coverage on each account.

The Federal Deposit Insurance Corporation insures account holders for each account that they own.

What Is Barclays Known for?

Barclays is globally known as a reputable and established bank that offers high-yield savings and CDs for the United States customer and more robust banking in the United Kingdom, where they’re headquartered and across Europe.

Bottom Line: Barclays Bank Review

Barclays is one of the most recognizable and robust banks globally, thanks to their over 300 years in business and expansion into the online banking Market.

If you need a reliable savings account with a high-yield APY, or you want a CD that generates consistent interest, Barclays is worth a shot.

However, it’s important to remember that they do not offer debit cards for the savings account, so withdrawing your money requires an additional transfer to another checking account so keep that in mind.

If you need the cash on short notice, Barclays may be an excellent “set it and forget it” savings account to supplement your regular savings.

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Justin Estes
Justin Estes
Justin is an experienced personal finance writer, blogger, and author. His background in accounting and finance led to a passion for helping people make the most of their money and matching them with financial products that enhance their lifestyle. When he's not working, he enjoys hiking, playing guitar, and drinking coffee.