Barclays Bank Review 2021

Published January 2021 by Liz Hund

AT A GLANCE
3.7

Bankrate Score

bank-logo

No Minimum Balance

No monthly fees

Barclays is best for those seeking high-yielding savings or CD rates. If you need regular banking services — or even quick access to deposit funds — you should look elsewhere.

  • Savings
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    4.4
  • CDs
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    3.9
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Axos Bank

    Member FDIC

    Checking account

    1.25 % APY

    $ 50

    To open

    $ 0

    To avoid fees

    Overall

    3.7

    Bankrate Score

    Barclays is a U.K.-headquartered, multinational financial services giant with global reach. In the United States, Barclays offers a very limited selection of deposit products online.

    What we like

    • Barclays offers high savings APYs.

    • It has no minimum balance requirements.

    • It also charges no monthly service fees.

    What we don't

    • Barclays offers a very limited product selection.

    • Customers have minimal branch and ATM access.

    Savings accounts

    4.4

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Barclays offers a yield that is higher than the national average, and there is no minimum deposit or balance required to earn the APY. There is no monthly service fee either.

    What we like

    • Barclays savings has no minimum deposit or balance requirements.

    • It does not charge a monthly service fee.

    • Savers are rewarded with a strong APY.

    What we don't

    CD rates

    3.9

    Bankrate Score

    Barclays does not require a minimum deposit or minimum balance to open a CD. The bank's shorter-term CDs pay decent yields compared to the national average, but you can still find more competitive yields if you shop around. Barclays' longer-term CDs are less competitive.

    An early withdrawal penalty applies if you withdraw your savings from your CD before it matures. According to the bank’s website, the penalty for the bank’s 24-month term or less is 90 days simple interest on the amount withdrawn.

    What we like

    • Barclays requires no minimum deposit or balance for its CDs.

    What we don't

    • Barclays' longer-term CDs pay rates that aren't competitive.

    • The bank does not offer any special CDs.

    Bank experience

    When it comes to the banks mobile experience, nearly 1,000 customers have ranked the app modestly on the app store and less favorably on Google Play with fewer reviews. Regardless, you will be able to use the app to make deposits, which is a plus considering the bank's limited branch and ATM selection.

    If you prefer to talk to a representative, you can call the customer service line seven days a week from 8 a.m. to 8 p.m. Eastern.

    About Barclays

    Barclays Bank Delaware is the official name of Barclay’s U.S. retail internet banking subsidiary although Barclay’s roots are based in the United Kingdom.

    Barclays Bank Delaware is headquartered in New York City and has operations in seven states and the District of Columbia. In addition to its credit card portfolio, Barclays offers online savings accounts and certificates of deposit.

    Liz Hund Twitter Created with Sketch. @LIZ_HUND

    Liz Hund Twitter Created with Sketch. @LIZ_HUND

    Liz Hund is a banking reporter at Bankrate. Previously, she was a writer at The Points Guy, where she covered everything from the latest travel news to credit card reviews. Liz is passionate about helping others reach their financial goals and aims to accomplish that through her writing. Her goal is to get others as excited about maximizing their money as she is, which is why she particularly enjoys the challenge of breaking down otherwise intimidating or hard-to-understand topics — especially for beginners. Liz is based in New York City and grew up between Michigan and Virginia. She earned a bachelor’s degree in journalism from the University of Missouri.