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Barclays Bank Review 2024

Updated January 2, 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
Compare offers
Info
Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 2/24/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
5.10
%
APY
APY
Info
As of 2/24/2024
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
4.60
%
APY
APY
Info
As of 2/24/2024
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: No account fees & earn up to $300 w/ direct deposit. Terms apply.

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.

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 solely online as Barclays has no branches. 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
Info
Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 2/24/2024
Rating: 4.9 stars out of 5
Info
$0
Min balance for APY
View offer Arrow Right
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 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.

Highly rated mobile app. Barclay’s mobile bank is highly rated on the Apple App and Google Play stores. Among its features is the ability to make mobile deposits, which is a plus considering the bank's limited branch and ATM network.

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 does Barclays compare to other banks?

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.