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Barclays is a large international bank that offers online savings and certificate of deposit (CD) accounts to U.S. customers. It’s known for its competitive interest rates, no monthly fees, and no minimum balance requirements.
But keep in mind that Barclays is online-only in the United States, with no physical branches or ATMs. You also can’t handle all of your banking needs here as there’s no checking account available.
Fox Money rating: 7.4/10
Barclays is a good option if you’re looking for high rates and no fees, but its lack of a checking account option means it can’t be your one-stop shop for banking. If you need to access cash regularly, Barclays may not be the best choice.
Barclays Bank
Pros
- High-yield savings account with competitive APY (4.35% as of June 2024)
- No minimum opening deposit requirements on savings or CDs
- No monthly maintenance fees
- 24/7 online account access
- FDIC insured
Cons
- No physical branches or ATM access in the U.S.
- No checking account options
- Poorly rated mobile app
- Mixed customer service reviews
- Limited product offerings compared to full-service banks
Barclays is a large international bank based in London that offers online savings accounts and CDs to U.S. customers. Founded in 1690, it has a long history but only began offering retail banking services in the U.S. in the early 2000s.
Barclays stands out for its high-yield savings account and CD rates, which are consistently among the highest in the industry. It keeps costs low as an online-only bank in the U.S. However, it has a limited product line — only savings accounts, CDs, and credit cards, with no checking account. Customer reviews also indicate some issues with customer service and the mobile app.
Barclays offers a high-yield savings account and a variety of CD options. They do not offer a checking account or money market account.
The Barclays online savings account offers a very competitive 4.35% APY. This rate applies to all balance tiers with no minimums.
The account has no monthly fees and allows you to easily access your money online at any time. You can deposit checks or electronically transfer funds via the mobile app.
However, the account lacks some features you might expect from a savings account. There are no physical branches or ATM access — you can only access your money via electronic transfer.
The account also doesn't offer a debit card or check writing privileges. But if your priority is earning high interest rates on your savings with no fees, this account delivers.
Pros
- No opening balance requirement
- No monthly maintenance fees
- Savings tools
Cons
- Vague ongoing minimum balance requirements
- No physical branch locations in the U.S.
- No checking account
- No ATM access
Barclays offers a range of CD options with competitive rates and no minimum deposits:
- Terms from 1-5 years
- 12-month CD earns 5.00% APY
- Interest compounds daily
- Withdraw earned interest monthly, quarterly, or let it compound
These CDs offer guaranteed returns with locked-in rates for the term. Be aware you'll face an early withdrawal penalty if you take out funds before maturity.
Barclays doesn't disclose its penalty policy upfront, so contact customer service for details.
Barclays CD rates
- 6-month CD: 4.85% APY
- 1-year CD: 5.00% APY
- 18-month CD: 4.50% APY
- 2-year CD: 4.00% APY
- 3-year CD: 3.50% APY
- 4-year CD: 3.50% APY
- 5-year CD: 3.75% APY
Pros
- CD terms ranging from 1-5 years
- No minimum opening balance requirements
- Interest compounds daily
Cons
- No terms shorter than 12 months
- No penalty-free option
- Vague about early-withdrawal penalty
Other Barclays Bank products and services
Aside from savings accounts and CDs, Barclays' only other products for U.S. customers are credit cards. It offers several cards in partnership with brands like American Airlines, JetBlue, Wyndham Hotels, and more.
The cards have varying rewards, benefits, and fees based on the specific partnership. Here's a closer look at some of Barclay's top cards.
This card is ideal for those who frequently fly American Airlines for work or pleasure. You’ll enjoy your first checked bag free on domestic AA flights and priority boarding. Cardholders earn 2X miles per dollar spent on eligible American Airlines purchases and 1X miles on everything else. There are no foreign transaction fees and a $99 annual fee.
Here’s our guide to the best credit cards for American Airlines.
True Blue devotees who fly JetBlue should consider the JetBlue Plus Card from Barclays, which is packed with travel perks. You’ll rack up 6X points on JetBlue purchases, 2X points at restaurants and grocery stores, and 1X points on all other purchases. This card comes with free first checked bags, in-flight discounts, and a $99 annual fee.
The Wyndham Rewards Earner Card is a top hotel card with no annual fee. You get automatic silver status and can earn 5X points on purchases made at Wyndham and on gas. You’ll also earn 2X points at grocery stores and restaurants and 1X points on everything else.
Barclays' online banking website allows 24/7 account access to check balances, transfer funds, and more. The mobile app offers mobile check deposits but gets poor ratings for glitchy performance and outdated design.
The Barclays US Savings app only scored 3.3/5 on the App Store and 2/5 on Google Play. Reviews mention the app has a bad user interface and is difficult to use.
Barclays savings account and CDs have no monthly maintenance fees and no minimum balance requirements. However, other fees may apply for certain services or situations.
“I wouldn't recommend banks to clients who have high monthly maintenance fees,” says Garcia, “The banking and online banking industry is too competitive these days for banks that have high monthly maintenance fees.”
Barclays' fee disclosure isn't readily available on its website, so some fees come as a surprise. Contact customer service for full fee details.
Customers seem less than pleased with their customer experience. The bank received 1.4/5 stars onTrustpilot, a consumer reviews platform. Many reviews mention a bad customer service experience.
It’s important to note that Barclays does have a high amount of Better Business Bureau (BBB) complaints, though that’s not always uncommon for a bank. After all, people may be more likely to complain about their bank than give compliments.
The BBB gave Barclays an A+ score, which doesn’t consider customer reviews and represents the BBB's opinion of how the bank should interact with its customers.
Barclays has a fairly standard account opening process. Once you choose to open a single or joint account, you’ll complete the online application.
Be ready to provide information such as your Social Security number and contact information. To fund the account, you must provide your external bank routing and account number. Once confirmed, you can start growing your savings with a high-yield savings account or a CD.
Every bank review we publish has undergone a rigorous editorial process to ensure accuracy and objectivity. Learn more about our methodology here.
Here are some of the factors that influenced this bank’s overall score:
- Interest rates: Barclays Bank offers competitive interest rates on its high-yield savings account and CDs, making it an attractive option for customers looking to maximize their savings. The lack of minimum balance requirements to earn the highest APY is another advantage.
- Fees: Barclays Bank accounts come with few fees.
- Requirements: Barclays Bank does not require a minimum opening deposit for its savings account or CDs.
- Product mix: Barclays Bank's product mix is limited, with only a high-yield savings account and CDs available. The lack of a checking account, money market account, and other specialized account types may be a drawback for customers seeking a holistic bank.
- Customer service: Customer service is a significant weakness for Barclays Bank, with poor customer reviews on Trustpilot and no specific mention of customer service channels like phone support, email, or chat. The 24/7 online account access is a positive aspect, but the overall customer experience appears to be subpar.
- Digital experience: The ban k's digital experience has some strengths, such as online account opening, 24/7 account access, and the ability to deposit checks through the mobile app. However, the low mobile app ratings and reported user interface and ease of use issues are drawbacks.
- ATM & branch access: Barclays has no physical branch locations in the U.S. and no ATM access for its savings account.
Those looking to maximize their savings can open a Barclays savings account or CD. However, it is important to note that Barclays isn’t the only online bank offering high APYs.
Many customers report negative customer service experiences with Barclays. It may be worthwhile to look for a bank that can offer similar interest rates but a better customer experience. It’s always a good idea to shop around before choosing a bank to see which offers the best rates, the lowest fees, and the most diverse product offerings.
Editorial Disclaimer: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.
Meet the contributor:Jacqueline DeMarco
Jacqueline DeMarco has been a personal finance writer for over seven years and is a contributor to Credible. She has contributed content to more than a dozen financial brands, including LendingTree, Credit Karma, Fundera, Chime, MagnifyMoney, Student Loan Hero, ValuePenguin, SoFi, and Northwestern Mutual.
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