Barclays Bank Review: Savings and CDs
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- CD rates
- Banking experience
Overall institution rating
London-based Barclays provides services to 48 million people worldwide. Its U.S. banking operation, which is online-only, offers solid annual percentage yields on its savings account and certificates of deposit — but it doesn’t offer a checking account.
Barclays also lacks a U.S. branch network, so it’s best suited for consumers who don’t require in-person assistance. But if you value high savings rates, you might be able to overlook these limitations.
Best for: Those who want high rates on savings or CDs with no minimum balance requirement and don’t need a checking account or in-person services.
- Rates on savings and CDs are competitive.
- No minimum opening deposits for savings or CDs.
- No ATM network and no branches for U.S. customers.
- No checking account.
- Low user ratings on mobile apps.
4.5/5 NerdWallet rating
With low fees and strong rates, Barclays is a good bank to boost your savings. The Online Savings account pays a 4.00% APY and its website has a calculator for setting savings goals. There are no monthly fees or minimum balance requirements.
Barclays will deny online transfers or withdrawals that would overdraw your account and will charge you a $5 nonsufficient funds fee per transaction.
» Want to see more options? Check out NerdWallet’s best high-yield online savings accounts.
5.0/5 NerdWallet rating
Barclays' CD rates are competitive with other high-yield online banks. There's no minimum opening deposit, so you can save any amount you can afford. If you're weighing whether to open a certificate of deposit, consider this article on when CDs are worth it.
» Ready to compare? Check out the best CD rates
Full list of Barclays CD rates:
1-year CD: 4.80% APY.
18-month CD: 4.80% APY.
2-year CD: 4.40% APY.
3-year CD: 4.30% APY.
4-year CD: 4.25% APY.
5-year CD: 4.20% APY.
At this bank, you get online and telephone help. You can contact customer service any day from 8 a.m. to 8 p.m. Eastern time and get help through Twitter. The Barclays website is optimized for smartphones and allows you to deposit checks electronically. The bank also has mobile apps for U.S. customers. The app for iOS gets decent ratings, but the Android app scores below two stars.
How does Barclays compare?
Barclays Online Savings Account
SoFi Checking and Savings
CIT Bank Platinum Savings
Citizens Online Savings Account
With $0 min. balance for APY
With $0 min. balance for APY
With $5,000 min. balance for APY
With $0.01 min. balance for APY
Earn up to $250 with direct deposit. Terms apply.
at CIT Bank
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.