Earning more money by saving is as easy as transferring cash to a savings account at a bank that offers high interest rates. In that case, Barclays has you covered; its high-yield savings accounts and certificates of deposit (CDs) offer annualized yields of up to 4%.

Founded in London in 1690, Barclays is a multinational bank offering a wide range of banking products in the United States. If you don’t need multiple account options or physical branches, Barclays’ online banking can be an attractive banking option.

Barclays also accepts Federal Deposit Insurance Corporation (FDIC) insurance, so in the rare event of bank failure, your deposit account is protected up to $250,000 per depositor in each ownership category.

All rates and fees are as of August 31, 2023 and are subject to change.

barclays product

Barclays offers two types of bank accounts to U.S. customers: high-yield savings accounts and time deposit accounts with maturities ranging from one to five years.

saving account

Barclays’ high-yield savings account offers a generous annual interest rate and no minimum deposit requirements or monthly maintenance fees, making it ideal for savers just starting out. The APR on this high-yield savings account is more than ten times the national average.

High Yield Savings Account

  • Annualized annual interest rate: 4.35%
  • Minimum account opening deposit requirements: $0
  • Monthly maintenance fee: not any
  • Minimum amount required to earn APY: Must maintain a minimum balance of at least $0.01 in interest
  • withdrawal limit: Unlimited monthly withdrawals
  • Stop Payment Fee: not any
  • Official check (called cashier’s check): 5 USD
  • Refundable deposit items: $5 per item, up to $50 per business day
  • Insufficient Funds (NSF) Fee: $5 per item
  • Copy of statement: $0.50 per bill
  • Account Research: $0

certificate of deposit

If you’re looking for a place to store your cash long-term and want to earn some extra interest, Barclays CDs are also a good option – all of which offer interest rates of up to 4%. Their one-year CDs even offer 5.00% APR with no minimum opening deposit required.

Early withdrawal penalties for these CDs are modest, so you don’t have to pay huge penalties if you access your funds early.

CD term length Average annual output
12 months 5.00%
18 months 4.90%
24 months 4.40%
36 months 4.30%
48 months 4.25%
60 months 4.50%
  • Minimum account opening deposit requirements: not any
  • Composite frequency: Interest is calculated daily and credited monthly
  • Early withdrawal penalty: varies by term length
    • less than 24 months: 90-day simple interest on the withdrawn amount
    • More than 24 months: 180-day simple interest on the amount withdrawn

Barclays savings rates compared to current top rates*

Other services provided by Barclays Bank

In addition to savings accounts, Barclays offers U.S. customers a limited selection of other products:

  • credit card: Barclays offers a variety of co-branded credit cards—from JetBlue to Gap Goods.
  • personal loan: Barclays personal loans are by invitation only.

Barclays Bank Platform and Customer Support

Since Barclays has no physical branches in the US, customers can access their accounts digitally through the Barclays website or the Barclays app available in the Apple App Store and Google Play Store.

Customer service is available by phone 24/7. If you have a quick question, Barclays encourages customers to tweet it @AskBarclaysUS.

Pros and Cons of Barclays Bank

Although Barclays has a high APR and has no minimum opening deposit or monthly maintenance fees, customers looking for a bank with a variety of different account options should look elsewhere.

advantage

  • High APYs. With interest rates above 4%, their high-yield savings accounts and certificates of deposit far exceed the national average interest rates on these accounts.
  • There is no minimum opening deposit requirement. Barclays has launched a welcome mat for savers of all sizes.
  • Moderate early exit penalties. Tapping your money early probably won’t force you to forego a large chunk of interest.

shortcoming

  • Account options are few and far between. If you’re looking for a checking or money market account, there are other banks you might consider.
  • There is no physical location. If visiting a physical branch is a priority, Barclays might not be the best choice.

frequently asked questions

Are my funds safe with Barclays?

Yes, Barclays accepts FDIC insurance, so each depositor, per depositor per ownership class, is insured up to $250,000 in the event of bank failure.

Is Barclays a good bank?

It depends on what you are looking for. If you want high interest rates on high-yield savings accounts and certificates of deposit with no minimum opening deposit requirements, Barclays could be a good choice. But if you want access to physical branches or need a money market or checking account, you should consider other banks.

What is Barclays Bank for?

Barclays offers CDs, high-yield savings accounts, personal loans and credit cards to U.S. customers.

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