Barclays Bank: 2022 Banking Review

This global banking giant operates an online-only banking division in the US, with high-yielding savings accounts and CDs.

Barclays was founded in the UK in 1690 by two goldsmiths and, later, a third partner whose name has defined the venerable international financial institution since 1736. For nearly 300 years, the name Barclays has come to represent a global banking giant reaching far outside its modest beginnings in London. Today, its operations include an online-only banking operation in the US -- Barclays US. 

Barclays logo with blue background

If you're a member of Barclays US, you'll notice its competitive annual percentage yields, or APYs, on its savings accounts and certificates of deposit, but you'll be hard-pressed to find an online checking account. In fact, Barclays doesn't offer checking account services and doesn't operate physical branches in the US.

What we like

  • Higher APYs on CDs and savings accounts compared with other major US banks
  • No minimum to open an account
  • No limit to monthly deposit amounts
  • No monthly maintenance fees
  • Easy-to-use mobile app

What we don't like

  • No checking account option
  • No brick-and-mortar branches in the US

Who is Barclays best suited for?

Barclays is ideal for savers who have checking accounts at other banks but are looking to broaden their financial portfolio with high-yielding savings accounts. If you're looking to up your savings game with a high-yield savings account or a CD with a competitive APY, and don't need a physical branch to do your banking, a Barclays account might be a great fit for you.

Barclays Online Savings account review

The Barclays Online Savings account doesn't offer many frills -- there's no minimum account balance or fees -- but it offers an APY rate that's five times more than the national average, according to the company's website.

Barclays Online Savings account features

APY 3.00%
Minimum amount to open $0
Monthly maintenance fee $0
Monthly amount to maintain balance $0

APY is as of Dec. 12, 2022.

What we like

  • A competitive APY of 3.00%
  • No minimum amount to open or maintain account
  • No fees
  • Easy-to-use and access app

What we don't like

  • You can't manage your savings account at a physical branch

Barclays CD account review

Barclays US offers CDs with terms as short as 12 months to as long as 60 months (five years).

Barclays CD account features

APY range 4.00% to 4.25%
Minimum balance to open $0
Monthly maintenance fees $0
Minimum amount to maintain $0

Barclays online CD rates

CD term APY
12 months 4.00%
18 months 4.05%
24 months 4.10%
36 months 4.15%
48 months 4.20%
60 months 4.25%

APYs are as of Dec. 12, 2022.

What we like

  • High-yielding APYs
  • No fee to open, manage or maintain an account (except for an early withdrawal penalty if you take your money out before it reaches maturity)
  • No minimum balance to open or maintain your account every month
  • You can manage funds easily through an online app

What we don't like

  • Can't visit a physical branch to manage account
  • Doesn't provide details about early withdrawal penalties on its website

Barclays banking experience

Barclays provides online-only banking services in the US. You can access your account online and through the bank's mobile app. You can set up and manage your account on your time wherever you're located and outside traditional banking hours.

Customer service

You can access your account online 24 hours a day, seven days a week. To speak to a Barclays representative, you can call toll-free daily between 5 a.m. and 5 p.m. PT at 888-710-8756.