Barclays Bank Review: Savings and CDs
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Overall bank rating
4.5
The bottom line:
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 requirement and don’t need a checking account or in-person services.
Pros
- Rates on savings and CDs are competitive.
- No minimum opening deposits for savings or CDs.
Cons
- No ATM network and no branches for U.S. customers.
- No checking account.
- Low user ratings on mobile apps.
Full review
With low fees and strong rates, Barclays is a good bank to boost your savings. The Online Savings account pays 3.40% APY and has a tool for setting savings goals. There are no monthly fees or minimum balance requirements, but customers will need a minimum balance of $0 to earn the APY.
Barclays will deny transactions such as 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
CD
Member FDIC
5.0
/5 NerdWallet ratingat Barclays
Barclays' CD rates are competitive with what you'd find at other online banks. There's no minimum opening deposit, so you can save any amount you can afford. If you're not sure about getting a CD, consider when CDs are worth it.
» Ready to compare? Check out the best CD rates this month
Banking experience
4.0
NerdWallet ratingAt this bank, you mostly get the basics. You can contact customer service every 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, and there is a mobile app for U.S. customers.
With low fees and strong rates, Barclays is a good bank to boost your savings. The Online Savings account pays 3.40% APY and has a tool for setting savings goals. There are no monthly fees or minimum balance requirements, but customers will need a minimum balance of $0 to earn the APY.
Barclays will deny transactions such as 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
CD
Member FDIC
5.0
/5 NerdWallet ratingat Barclays
Barclays' CD rates are competitive with what you'd find at other online banks. There's no minimum opening deposit, so you can save any amount you can afford. If you're not sure about getting a CD, consider when CDs are worth it.
» Ready to compare? Check out the best CD rates this month
4.0
NerdWallet ratingAt this bank, you mostly get the basics. You can contact customer service every 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, and there is a mobile app for U.S. customers.
How does Barclays compare?
Current Product
Barclays Online Savings Account Member FDIC |  LendingClub High-Yield Savings Member FDIC |  SoFi Checking and Savings Member FDIC |  Discover Bank Online Savings Member FDIC |
|---|---|---|---|
NerdWallet rating 4.5 /5 | NerdWallet rating 4.5 /5 | NerdWallet rating 5.0 /5 | NerdWallet rating 5.0 /5 |
APY 3.40% With $0 min. balance for APY | APY 4.00% With $0 min. balance for APY | APY 3.75% With $0 min. balance for APY | APY 3.30% With $0 min. balance for APY |
Bonus N/A | Bonus N/A | Bonus $250 Earn up to $250 with direct deposit. Terms apply. | Bonus $200 Requirements to qualify |
Methodology
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.
