Barclays Bank Review 2020

Published January 2020 by Adrian D. Garcia

AT A GLANCE
4.1
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Bankrate Score

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High APYs

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No Minimum Balance

No monthly fees

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.

  • Savings
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    5.0
  • CDs
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    5.0
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    BMO Harris Bank

    Member FDIC

    MMA

    1.95 % APY

    $ 5,000

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    1.70 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    2.15 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    Overall

    4.1

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    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 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.

    What we don't

    • 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.

    Savings accounts

    5.0

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    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    1.70 % APY

    $ 0

    Min. balance for APY

    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.

    What we like

    • 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.

    What we don't

    • 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.

    CD rates

    5.0

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    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    2.15 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    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.

    What we like

    • Interest compounds daily.

    • Interest can be withdrawn on a monthly basis before the CD matures.

    • No minimum deposit required to open a CD.

    What we don't

    • No special types of CDs are available.

    • Rates are competitive, but other online banks pay higher yields.

    Bank experience

    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.

    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.

    Adrian D. Garcia Twitter Created with Sketch. @ADRIANDGARCIA

    Adrian D. Garcia Twitter Created with Sketch. @ADRIANDGARCIA

    Adrian D. Garcia joined Bankrate as a data reporter in 2018. Adrian previously spent four years covering business, trends and other news stories for Denverite.com, the Fort Collins Coloradoan and other news organizations in Colorado. He graduated with a journalism degree from the University of Colorado Boulder in 2014. He participated in ProPublica's inaugural summer data institute in 2016 and the SABEW Goldschmidt Data Immersion Training in 2019.