Layla Cole 8 reviews | August 29, 2022
Savings Account Review
(Edited)
Reply
Share
Helpful? (0) You found this review helpful
Post
Post reply
Barclays Review 2023
Earn an APY of 3.40% with the Barclays Online Savings account
No monthly maintenance fees
Online transfers to and from other banks
Secure, 24/7 online access to your funds
No minimum balances to open
Summary
In this Barclays bank review:
About Barclays
Founded in 1690, Barclays PLC is headquartered in the UK and has more than 48 million customers worldwide. Barclays Bank is the U.S. subsidiary of Barclays PLC and is located in Delaware.
Its U.S. operations are available online only and it’s best-suited for customers who don’t need in-person banking services.
Products Offered
Barclays offers the following banking products:
- Savings accounts
- Certificates of deposit (CDs)
- Credit cards
However, if you’re looking for the best interest rates, Barclays has an Online Savings account that might well be worth your while.
Pros and Cons
High interest rates. Customers looking for competitive interest rates on savings accounts and CDs will find them at Barclays.
No minimum deposit requirements. Barclays does not require a minimum opening deposit when opening a new CD or savings account.
No monthly fees. There are no monthly maintenance fees.
Pros
No physical branches. If you need help with your account, you cannot talk to a consultant in person. You’ll need to call Barclays directly or send it a message online or through its mobile app.
No checking accounts. Barclays Bank does not offer checking accounts, nor any other of the lending products typically offered by banks like student loans and mortgages.
Loans are invite-only. Personal loans from Barclays Bank are offered by invite only.
Cons
Barclays Online Savings Account
The Barclays Online Savings account offers a 3.40% APY and it’s one of the best in the industry. It requires no minimum deposit and there are no monthly fees.
Other features include support for external bank transfers and direct deposits, as well as 24-hour online banking access.
You can open an Online Savings Account here.
Barclays Online Savings and CD accounts are not intended to be used as regular banking accounts; rather, they are created to encourage saving.
recommended
Chosen 35 times
Account Name
Barclays Online Savings
Interest Rate
3.40% (APY)
Barclays Online CDs
With Barclays online CDs, there are never any monthly fees or minimum deposit requirements. However, to earn interest, you must have at least 1 cent in the account within 14 days.
You won’t be able to make any further deposits during the term of the account, so carefully consider how much you want to deposit.
Additionally, you can’t make any withdrawals of the principal amount from your Barclays CD prior to the account’s maturity date.
If you do, you will be subject to a penalty equal to 90 days’ simple interest on accounts with a 24-month minimum and 180 days’ simple interest on accounts with a longer minimum. Barclays does make exceptions in specific cases, like incapacitation, for example.
- Interest that compounds daily
- No minimum opening balance required
- Easy funds transfers
- APYs from 4.25% – 4.50%
However, you can arrange for the interest to be paid into a different bank account every month to benefit from the account before it matures.
How Much You Can Earn
Barclays’ certificate of deposit rates allows you to reach your savings goals, whether it’s saving for a well-deserved vacation or buying a new car.
You can earn even more when opening a CD with a longer term than a year.
Here’s what your account balance could look like:
| Initial Deposit | 12-Month CD | 60-Month CD |
|---|---|---|
| $1,000 | $1,050.00 | $1,234.30 |
| $2,500 | $2,625.00 | $3,085.76 |
| $5,000 | $5,250.00 | $6,171,51 |
| $10,000 | $10,500.00 | $12,343.02 |
Should You Get a Barclays CD Account?
Barclays CDs give you different term options ranging from three months to five years, allowing you to save money for a variety of goals.
They also make opening many CDs with different maturity dates simple to form a CD ladder. In this manner, you can gain from CD payouts for a year or longer.
There are no maintenance fees or minimum balance or deposit requirements at the bank. This enables you to save and maintain your savings on your own terms.
Additionally, you have the option of receiving monthly interest payments without reducing your principal.
Always be cautious when withdrawing money from CDs to avoid paying early withdrawal fees.
Consider a Barclays Online Savings account instead if you need ongoing access to your account.
Credit Cards
Barclays also offers a range of credit cards, some of which offers great cashback rewards and special promotions.
Airline Credit Cards
- AAdvantage Aviator Red World Elite Mastercard
- Frontier Airlines World Mastercard
- Hawaiian Airlines Business Mastercard
- Hawaiian Airlines World Elite Mastercard
- JetBlue Business Card
- JetBlue Card
- JetBlue Plus Card
- Lufthansa Miles & More World Elite Mastercard
Lifestyle Credit Cards
- Barnes and Noble Mastercard
- NFL Extra Points
- Upromise Mastercard
- Hawaiian Airlines World Elite Mastercard
- JetBlue Business Card
- JetBlue Card
- JetBlue Plus Card
- Lufthansa Miles & More World Elite Mastercard
Hotel and Travel Credit Cards
- Choice Privileges Visa Signature Card
- Diamond Resorts World Mastercard
- RCI Elite Rewards Mastercard
- Carnival World Mastercard
- Holland America Line Rewards Visa Card
- Priceline Rewards Visa Card
- Princess Cruises Rewards Visa Card
Our Barclays Bank Review
Is Barclays bank safe?
Barclays Bank is FDIC-insured for up to $250,000 per depositor. The bank also makes use of bank-grade encryption for its mobile app and website.
Barclays is a great bank if you’re looking for a solid savings option with reliable customer service. The Barclays website is optimized for mobile and also allows you to deposit checks electronically. There is also a mobile app for customers.
Customer Service
You can contact the Barclays customer service team via phone at 888-710-8756 daily from 8 am to 8 pm. You can securely access your account online 24/7.
Barclays bank has two mobile apps available for Android and iOS. One is available for bank accounts and deposits, while the other is specifically for credit cards.
Conclusion
With great rates and low fees, Barclays is a good choice to boost your savings. Their online savings account offers 3.40% APY and plenty of tools to set savings goals.
There are no monthly fees or minimum balances required, but you will need a minimum balance of $0 to earn the APY.
Barclays – FAQs
How much can I earn with a Barclays Online Savings account?
You can earn 3.40% APY with the Barclays Online Savings account.
How do I open a savings account online?
You can sign up for an online savings account here. It takes a few minutes and the process is entirely online.
Can I access my account online?
Yes, you can access your account securely online 24/7 with online banking or the mobile app.
Do I get an ATM card?
No, Barclays US is an online bank and there are no ATM cards available. You can withdraw your money with an electronic transfer.
Who is Barclays bank best for?
Barclays US is best for customers who don’t need physical branch assistance and who prefer to get a high return on their savings.
