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.
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 products
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 more than five times the national average, according to the company’s website.
Barclays Online Savings account features
| APY | 4.00% |
|---|---|
| Minimum amount to open | $0 |
| Monthly maintenance fee | $0 |
| Monthly amount to maintain balance | $0 |
APY is as of April 27, 2023.
Pros
A competitive APY of 4.00%
No minimum amount to open or maintain account
No fees
Easy-to-use and access app
Cons
You can’t manage your savings account at a physical branch
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 | 4.30% to 5.00% |
|---|---|
| Minimum balance to open | $0 |
| Monthly maintenance fees | $0 |
| Minimum amount to maintain | $0 |
Barclays online CD rates
| CD term | APY |
|---|---|
| 12 months | 5.00% |
| 18 months | 4.80% |
| 24 months | 4.35% |
| 36 months | 4.30% |
| 48 months | 4.30% |
| 60 months | 4.30% |
APYs are as of April 5, 2023.
Pros
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
Cons
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.
