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Barclays Bank Review 2022

Published January 2022 by David Schepp

AT A GLANCE
3.9

Bankrate Score

bank-logo

No Minimum Balance

No monthly fees

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

  • Savings
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    5.0
  • CDs
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    3.9
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    CIT Bank

    Member FDIC

    Savings account

    2.70 % APY

    $ 0

    Min. balance for APY

    Citizens Access

    Member FDIC

    Savings account

    2.35 % APY

    $ 5,000

    Min. balance for APY

    Upgrade

    Member FDIC

    Checking account

    0.00 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    Overall

    3.9

    Bankrate Score

    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.

    What we like

    • Barclays offers high savings APYs.

    • The account has no minimum balance requirements and no monthly service fees.

    What we don't

    • Barclays offers a limited selection of deposit products.

    • Customers have minimal branch and ATM access.

    Savings accounts

    5.0

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    CIT Bank

    Member FDIC

    Savings account

    2.70 % 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 robust 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 better APYs can be found elsewhere. 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to the bank’s website, the penalty for the bank’s 24-month term or less is 90 days simple interest on the amount withdrawn.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 APYs that aren't competitive.

    • The bank does not offer any special CDs, such as bump-up or step-up CDs.

    Bank experience

    When it comes to Barclays’ mobile experience, its app is highly ranked by thousands of iOS and Android users. Among its features is the ability to make mobile deposits, which is a plus considering the bank's limited branch and ATM network.

    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. Eastern time.

    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 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.

    David Schepp Twitter Created with Sketch. @DAVIDSCHEPP

    David Schepp Twitter Created with Sketch. @DAVIDSCHEPP

    David Schepp is a wealth editor for Bankrate, focusing on deposits and consumer banking content. David has spent decades covering business news and finance-related topics for the electronic and print media, including Dow Jones Newswires, BBC News Online, Gannett Co. and AOL.