Earning more money on your savings can be as simple as moving your cash to a bank that offers high interest rates on its savings accounts. In this case, Barclays has you covered; its high-yield savings accounts and certificates of deposit (CDs) offer APYs that top 4%.
Founded in 1690 in London, Barclays is a multinational bank offering a handful of banking products in the U.S. If you don’t need a wide variety of account options or physical branches, online banking with Barclays could be an attractive banking option.
Barclays is also insured by the Federal Deposit Insurance Corporation (FDIC), so your deposit accounts are protected up to $250,000 per depositor per ownership category in the rare case of the bank failure.
All rates and fees are current as of August 31, 2023, and are subject to change.
Barclays Bank offerings
Barclays provides U.S. customers with two types of bank accounts—a high-yield savings account and CDs with terms ranging from one year to five years.
With a generous APY and no minimum deposit requirement or monthly maintenance fees, Barclays’ high-yield savings account is great for savers just starting. The APY on this high-yield savings account is more than ten times the national average.
High-yield savings account
- APY: 4.35%
- Minimum opening deposit required: $0
- Monthly maintenance fee: None
- Minimum amount needed to earn APY: Must maintain a minimum balance that would earn you at least $0.01 in interest
- Withdrawal limits: No monthly limit on the number of withdrawals
- Stop Payment Fee: None
- Official check (known as cashier’s check): $5
- Returned Deposit Items: $5 per item, up to $50 per business day
- Non-Sufficient Funds (NSF) Fee: $5 per item
- Statement Copy: $0.50 per statement
- Account research: $0
Certificates of deposit
If you’re looking for a place to store your cash for a longer period of time and want to earn some extra interest, Barclays CDs are also a solid option—all of which offer rates that top 4%. Their one-year CD even offers a 5.00% APY—and there’s no required minimum opening deposit.
The early withdrawal penalty on these CDs is modest, so if you touch your money early, you won’t have to pay a massive penalty.
|CD term length||APY|
- Minimum opening deposit requirement: None
- Compounding frequency: Interest is calculated daily and credited monthly
- Early withdrawal penalty: Varies by term length
- Less than 24 months: 90 days simple interest on the dollar amount withdrawn
- More than 24 months: 180 days simple interest on the dollar amount withdrawn
Barclays Bank savings rates compared to current top rates*
Other services Barclays Bank offers
Beyond savings accounts, Barclays has a limited selection of additional products available to U.S. customers:
- Credit Cards: Barclays offers several co-branded credit cards—from a JetBlue card to a Gap Goods Card.
- Personal Loans: Barclays’ personal loans are invitation-only.
Barclays Bank platform and customer support
Since Barclays has no physical branches in the U.S., customers can access their accounts digitally—either through the Barclays website or the Barclays apps, available in the Apple App Store and Google Play Store.
Customer service is available 24/7 via phone call. And if you have a quick question, Barclays encourages customers to tweet them at @AskBarclaysUS.
Pros and cons of Barclays
Though Barclays boasts high APYs and no minimum opening deposit requirements or monthly maintenance fees, customers searching for a bank with many different account options should look elsewhere.
- High APYs. With interest rates above 4%, their high-yield savings accounts and CDs far exceed the national average rates on these accounts.
- No minimum opening deposit requirements. Barclays rolls out the welcome mat for savers of any size.
- Modest early withdrawal penalties. Tapping your funds early likely won’t force you to forego a big chunk of interest.
- Few account options. You might consider other banks if you’re looking for a checking or money market account.
- No physical locations. If visiting a physical branch is a priority, Barclays probably isn’t the best option.
Frequently asked questions
Is my money safe with Barclays?
Yes, Barclays is FDIC-insured, so depositors are insured up to $250,000, per depositor, per ownership category in the event of a bank failure.
Is Barclays a good bank?
It depends on what you’re looking for. If you want high rates on high-yield savings accounts and CDs with no minimum opening deposit requirements, Barclays could be a solid choice. But if you want to visit a physical branch or need a money market or checking account, you should consider other banks.
What is Barclays used for?
Barclays offers U.S. customers CDs, high-yield savings accounts, personal loans, and credit cards.