Barclays Review

Barclays offers high-interest saving accounts. Barclays banking products, especially CDs, performs best in US. Therefore, US Barclays is a good option for long term savings for US customers.

What we like

✓ 1.30% APY on saving accounts, which is 21X national average and one of the best you’ll find.
✓ No minimum opening deposits for savings or CDs.
✓ No monthly maintenance fees.
✓ Online transfers to and from other banks.
✓ The online sign up process is simple and don’t take more than a couple of minutes.
✓ Excellent mobile app.
✓ Secure, 24/7 online access to your funds.

What we don’t like

✓ No physical locations. Offers only online bank for U.S. customers.
✓ No checking accounts.
✓ Short term CDs are low.
✓ No ATM accesses.


Who is Barclays?

Barclays Plc, a British multinational investment bank and financial services, originally established in 1690. Barclays with its over 4750 branches in around 55 countries focused on four core businesses: wealth management, investment management, personal banking, and corporate banking.

Barclays offers high-interest saving accounts. Barclays banking products, especially CDs, performs best in US. Therefore, US Barclays is a good option for long term savings for US customers.

Barclays’ best performing banking products come with some glitches. Barclays bank does not operate any physical branches in the US. Barclays does not provide ATM access.  The only way to transfer funds is by ordering electronic transfer through Barclays online website or the phone. Also, if you do not avoid withdrawing money before CD term, you will get high penalties.

US Barclays online bank offers only saving account, CDs and various credit cards.

Barclays Online Saving Account:

Barclays rates are consistently some of the highest in the US and 21X national average. Barclays annual percentage yields (APY) is currently 1.30%, and interest rate is 1.29%. Not only these fabulous rates, there is no monthly maintenance fees and no minimum balances to open an account. You can easily transfer your funds online to and from other banks.

Barclays Online CD rates:

Barclays CDs offer stability of a fixed rate annual percentage yield and FDIC insurance. Interest rates compounds daily.

TermInterest RateAPY
3 Month CD0.35%0.35%
6 Month CD0.65%0.65%
9 Month CD0.70%0.70%
12 Month or more CD1.19%1.20%

Customer Service:

You can access your account online 24/7, or call Barclays for help 8:00am – 8:00pm EST Monday – Friday at 888-710-8756

Bottomline:

Barclays Plc offers saving accounts and CDs for US customers – but it doesn’t offer a checking account. Barclays rates are consistently some of the highest in the US and 21X national average. Barclays, which is online-only, suits for people who feels with comfortable online banking and don’t require in-person assistance a lot.  You can easily transfer your funds online to and from other banks. Also, if you withdraw money before CD term, you will get high penalties.

Didem Sagindik
is a Sr. Research Analyst at Financhaser, focusing on Loans. She has PhD on Business Management.

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