Barclays Bank Review 2019

Barclays Logo

4.1/5

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.

High APYs
No Minimum Balance
No Monthly Fees

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Bankrate's overall ratings for financial institutions comprise weighted averages up to five stars of five main categories: customer service, savings accounts, checking accounts, money market accounts (MMAs) and certificate of deposit (CDs).

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When a financial firm offers more than one checking, savings or MMA accounts, Bankrate reviews the account with the highest APY. Each bank is evaluated based on the 12-month certificate of deposit (CD) it offers.

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About Barclays

Barclays Bank Delaware is the official name of Barclays’ U.S. retail internet banking subsidiary. Barclays traces its roots back to a partnership that lent money to goldsmiths in London in 1690, and adopted the Barclays name in 1736. Barclays first launched a U.S. retail banking business in 1965, although Barclays Bank Delaware dates from 2003, when the U.K. parent bought credit card company Juniper Bank from CIBC.

Barclays began offering online savings accounts and CDs in 2012.

Barclays is a good choice if you would like to deposit your funds in high-yielding savings accounts or CDs. If you need regular banking services — or even quick access to deposit funds — you should look elsewhere.

 Pros

  • Barclays offers among the highest nationally available APY for its online savings account.
  • Competitive yields on CD accounts are available.
  • No minimum balances required to open savings or CD accounts.
  • No monthly fee for the savings account.
  • Contact the bank 24 hours a day, seven days a week.

 Cons

  • At least two to three days to withdraw funds from deposit accounts via ACH transfers to another bank account or check mailed to you.
  • No branch locations. The bank does not offer any ATM account access.
  • The mobile app for savings account is pretty basic.

Barclays Services

Savings Rating

5.0/5

Barclays offers an online savings account which is FDIC insured. There is no minimum deposit amount, and there are no monthly maintenance fees. The Online Savings Account is at a respectable APY, but it isn’t in Bankrate’s top tier for highest APYs.

 Pros

  • You can earn more than 20 times the national average on the Online Savings Account.
  • The Deposit feature on the app allows you to deposit a daily check maximum of $5,000, a daily account maximum of $10,000 and a 10-check maximum per day.
  • The Online Savings Account has no minimum balance to open the account.
  • No monthly maintenance fees.

 Cons

  • There are savings accounts out there with higher APYs.
  • The Online Savings Account doesn’t have an ATM card available.
  • You’re not rewarded for putting more money in the Barclays savings since there aren’t tiered APYs.

Barclays Savings

2.00 % APY
Savings
$0
MINIMUM BALANCE FOR APY

Savings accounts available from other banks

CDs Rating

5.0/5

Barclays Bank offers various standard CDs. Terms available include three month CDs and 5-year CDs. The accounts are ideal for customers without a lot of money to invest. Early withdrawal penalties apply when withdrawing part of the principal. For a CD with a term less than 24 months, the penalty is 90 days of simple interest. For a CD with a term of more than 24 months, the penalty is 180 days of simple interest.

 Pros

  • Interest compounds daily.
  • Interest can be withdrawn on a monthly basis before the CD matures.
  • No minimum deposit required to open a CD.

 Cons

  • No special types of CDs are available.
  • Rates are competitive, but other online banks pay higher yields.

Barclays CDs

2.40 % APY
1 YEAR CD
$0 MINIMUM DEPOSIT

CDs available from other banks

2.45% APY
$2,000 MIN DEPOSIT
2.45% APY
$2,500 MIN DEPOSIT
2.45% APY
$25,000 MIN DEPOSIT
Bank Experience Rating

3.2/5

You’re not signing up for these savings accounts for their digital bells and whistles. Despite being an online-only bank, Barclays only offers a pretty basic mobile app for savings customers. On the app, you can accomplish tasks like check your balance or deposit checks. On the other hand, you might not need extensive digital functionality when it comes to your savings account. Moreover, Barclays stands out in that it offers you the ability to contact the bank 24 hours a day, seven days a week. The bank is expected to roll out an online-only checking account in 2019.

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