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Barclays Bank Review 2024

Updated April 3, 2024
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At a glance

4.1
Rating: 4.1 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.8 stars out of 5

Savings

Rating: 4.9 stars out of 5

About Bankrate Score

Overview

Barclays is best for those seeking high-yield savings accounts or competitive certificate of deposit (CD) rates. Consumers who need other types of banking services such as checking — or even quick access to deposit funds — should look elsewhere.

Highlights

  • No Min Balance
  • No Monthly Fees
Sponsored offers
Info

These are sponsored offers rated highly by us for competitive rates, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 5/20/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 5/20/2024
Rating: 4.4 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC.
Savings Account
5.25
%
APY
APY
Info
As of 5/20/2024
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: No fees. Easy deposits and quick withdrawals.

Overall

Barclays is a London-based multinational financial-services giant with global reach. In the U.S., Barclays offers a limited selection of deposit products online, with just one savings account and a handful of CDs available. Both deposit products offer robust APYs with no fees or minimum deposit requirements, making them accessible to anyone.

Pros

  • Checkmark

    Barclays offers high savings APYs.

  • Checkmark

    The accounts have no minimum balance requirements.

  • Checkmark

    There are no monthly service fees.

Cons

  • Barclays offers a limited selection of deposit products.

  • Barclays offers no access to ATMs.

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We want to know what you think about Barclays

Do you have experience with Barclays? Let us know your thoughts.

Barclays banking products

4.9
/5
Rating: 4.9 stars out of 5
See methodology Compare savings rates
SCORE BREAKDOWN
APY offering:
4.35%
Rating: 5 stars out of 5
5/5
Info
Minimum balance to earn interest:
$0.00
Rating: 5 stars out of 5
5/5
Info
Monthly service fee:
$0.00
Rating: 5 stars out of 5
5/5
Info
Minimum balance to avoid fee:
$0.00
Rating: 5 stars out of 5
5/5
Info
Access to funds:
Good
Rating: 4 stars out of 5
4/5
Info
FEATURES
Invest Rate
4.35% APY
Info
Loan
$0 minimum deposit to open

Barclays savings overview

Barclays offers just one account called Online Savings. As its name suggests, customers manage this account almost solely online as Barclays has just one branch in Delaware. Online Savings offers a highly competitive yield, and there is no minimum deposit or balance requirement to earn that APY. The account also comes without monthly fees.

Pros

  • Checkmark

    Barclays savings has no minimum deposit or balance requirements.

  • Checkmark

    It does not charge a monthly service fee.

  • Checkmark

    Savers are rewarded with a robust APY.

Cons

  • The Barclays Online Savings Account doesn’t have ATM access.

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    Barclays
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Current Savings Rate
Sponsored Offer
Info

This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 5/20/2024
Rating: 4.9 stars out of 5
Info
$0
Min balance for APY
Promoted offer:

Bank fees

Fee Charged?
Overdraft fee None
Non-sufficient funds fee $5
Monthly maintenance fee None
Out-of-network ATM fee None
Excessive transaction fee None
Paper statements $0.50

Customer experience

Customer support

Customer service hours. Customers who prefer to talk to a representative can call the customer service line seven days a week, 8 a.m. to 8 p.m. ET.

Branch availability. Barclays customers will need to be comfortable solely banking online, as the bank has just one full service branch in Delaware. 

Digital experience

Highly rated mobile app. Barclays’ mobile bank is highly rated on the Apple App and Google Play stores. But while it’s been reviewed by more than 20,000 Android users, only about 150 iOS users have rated it. Among its features is the ability to make mobile deposits, which is a plus considering the bank's limited branch and ATM network. But because the bank only offers savings products, customers won’t find access to Zelle. If you want to transfer money from your Barclays account to another person, you’ll need to transfer money to another account first that has peer-to-peer transaction capabilities. 

Lackluster help center. Barclays maintains an FAQ section on its website, in addition to a resource center, which provides a handful of articles on a variety of personal finance topics. Neither are particularly robust compared to help centers provided by other banks. 

Digital tools. On Barclays’ website, customers can use the Savings Assistant or CD Calculator to map out their savings over time. They are certainly helpful, but very simple. You’ll likely find better tools for this purpose elsewhere.

About Barclays

Barclays Bank Delaware is the official name of Barclays' U.S. retail internet banking subsidiary, although Barclays' roots are based in the U.K.

Barclays Bank Delaware is headquartered in New York 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.

How Barclays compares to other banks

Compare different account types offered by Barclays. Annual percentage yields (APYs) shown were updated between May 13, 2024 and May 19, 2024.

Selected bank
Barclays Bank savings account
Barclays Bank Logo
Member FDIC
Bankrate score
Rating: 4.9 stars out of 5
4.9
Info
Most comparable
Ally Bank savings account
Ally Bank Logo
Member FDIC
Bankrate score
Rating: 4.4 stars out of 5
4.4
Info
Read review
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Bankrate score
Info
Read review
APY
Info
4.35% 4.20%
Minimum balance for APY
$0.00 $0.00
Estimated earnings
Info
$1,088 $1,050
The Barclays Online Savings Account offers a competitive yield on its savings account. You don’t need a minimum deposit to open an account and like at most online banks, you won’t pay a monthly service fee. Ally Bank consistently offers a competitive yield on its Online Savings Account. The online bank doesn’t have the absolute highest yield, but it offers a competitive one and doesn’t have a minimum balance requirement or a monthly service fee. The bank offers mobile deposit, but you’ll need to transfer money to the Ally checking account or money market account if you want to access money in your savings from an ATM.
  • Barclays allows you to earn a competitive yield on your savings.
  • Barclays’ savings account doesn’t have a monthly service fee.
  • Barclays doesn’t have a minimum opening deposit requirement.
  • Ally Bank offers a competitive yield on its Online Savings Account.
  • Ally Bank has savings tools, such as Surprise Savings where Ally Bank looks at your linked checking account for savings opportunities.
    N/A
  • You can earn a higher yield at some other online banks.
  • Ally Bank doesn’t offer ATM access directly from its savings account.
  • Some other online banks offer a higher yield than Ally Bank.
    N/A
APY offering:
4.35%
5/5
Info
Minimum balance to earn interest:
$0.00
5/5
Info
Monthly service fee:
$0.00
5/5
Info
Minimum balance to avoid fee:
$0.00
5/5
Info
Access to funds:
Good
4/5
Info
APY offering:
4.20%
4/5
Info
Minimum balance to earn interest:
$0.00
5/5
Info
Monthly service fee:
$0.00
5/5
Info
Minimum balance to avoid fee:
$0.00
5/5
Info
Access to funds:
Good
4/5
Info
Info
Info
Info
Info
Info
Bankrate does not currently track additional product details for this bank.

Barclays vs. Ally Bank

Both Barclays and Ally offer an online-only banking experience, but Ally makes your cash easy to withdraw via its fee-free access to more than 40,000 ATMs nationwide through the Allpoint network. Barclays doesn’t offer fee-free ATM access at all. 

Moreover, Ally bank offers a wider selection of deposit products, including multiple types of CDs, savings, checking and money market accounts, whereas Barclays only offers one savings account and a handful of standard CDs. If you’re looking to consolidate your finances under one roof, Ally bank is generally the better choice. 

That noted, yields at Barclays for CDs and its savings accounts are comparable to what you’d find at Ally.

Barclays FAQs

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.