Barclays Bank Review: Savings and CDs

Online-only in the U.S., Barclays offers strong rates on savings and CDs with no minimums.
Spencer Tierney
By Spencer Tierney 

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Barclays
Learn more

at Barclays, Member FDIC

  • Savings
  • Certificates of deposit
  • Customer experience

Overall institution rating

4.0

NerdWallet rating 
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 balance requirement and don’t need a checking account or in-person services.

Pros

  • No monthly fees.
  • Competitive rates on savings and CDs.
  • No minimum opening deposits on savings accounts and CDs.
  • Extended phone customer service hours.

Cons

  • Limited branch access.
  • No checking account offered.
  • Low-rated mobile apps.

Full review

Savings

Barclays Online Savings Account

Savings

Member FDIC

4.5

/5
 NerdWallet rating 
APY
4.35%
With $0 min. balance for APY
Learn more

at Barclays

With low fees and strong rates, Barclays is a good bank to boost your savings. The Online Savings account pays a 4.35% 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.

Certificates of deposit

Barclays Online CD

CD

Member FDIC

5.0

/5
 NerdWallet rating 
1-year APY
5.50%
3-year APY
4.50%
5-year APY
4.50%
Minimum deposit
$0
Learn more

at Barclays

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

  • 1-year CD: 5.50% APY.

  • 18-month CD: 5.25% APY.

  • 2-year CD: 5.00% APY.

  • 3-year CD: 4.50% APY.

  • 4-year CD: 4.45% APY.

  • 5-year CD: 4.50% APY.

Customer experience

3.5

NerdWallet rating 

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 X (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 just two stars.

How does Barclays compare?

Current Product

NerdWallet rating 

4.5

/5
NerdWallet rating 

4.5

/5
NerdWallet rating 

4.5

/5

APY 

4.35%

With $0 min. balance for APY

APY 

4.60%

With $0 min. balance for APY

APY 

5.05%

With $5,000 min. balance for APY

Bonus 

N/A

Bonus 

$250

Earn up to $250 with direct deposit. Terms apply.

Bonus 

N/A

Learn more

at Barclays

Learn more

at SoFi Bank, N.A.

Learn more

at CIT Bank

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.