Barclays Bank Review: Savings and CDs
Online-only in the U.S., Barclays doesn't offer a checking account but has strong interest rates on its savings and CD accounts.
Overall bank rating
Savings
Savings
CD rates
CD rates
Banking experience
Banking experience
4.0
The bottom line: London-based Barclays provides services to 48 million people worldwide. Its U.S. banking operation, which is online-only, offers very good annual percentage yields on savings accounts 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.
Pros
0.45% APY on savings is competitive.
No minimum opening deposits for savings or CDs.
$5 nonsufficient funds fee; many banks charge $30 or more for similar fees.
Cons
No ATM network and no branches for U.S. customers.
No checking account.
No cash deposits or withdrawals from ATMs.
Full review
Barclays Online Savings Account
4.5
NerdWallet ratingAPY
0.45%
With $0 minimum balance
With low fees and strong rates, Barclays is a good bank to boost your savings. The Online Savings account pays 0.45% APY and has a tool for setting savings goals. There are no monthly fees or minimum balance requirements.
Most banks charge $30 or more for overdraft fees, but Barclays has only a $5 nonsufficient funds fee, charged if an online transfer would overdraw your account.
» Want to see more options? Check out NerdWallet’s best high-yield online savings accounts
Barclays Online CD
3.0
NerdWallet rating1-year APY
0.30%
3-year APY
0.30%
5-year APY
0.30%
Minimum Deposit
$0
Barclays' interest rates are much higher than average. There's no minimum opening deposit, so you can save any amount you can afford. You can compare Barclays with other good CD options using our tool.
» Looking for the best CD rates? Find out what banks are offering this month
Banking experience
3.5
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. The Barclays website is optimized for smartphones and allows you to deposit checks electronically, and there is a mobile app for U.S. customers.
Barclays Online Savings Account
4.5
NerdWallet ratingAPY
0.45%
With $0 minimum balance
With low fees and strong rates, Barclays is a good bank to boost your savings. The Online Savings account pays 0.45% APY and has a tool for setting savings goals. There are no monthly fees or minimum balance requirements.
Most banks charge $30 or more for overdraft fees, but Barclays has only a $5 nonsufficient funds fee, charged if an online transfer would overdraw your account.
» Want to see more options? Check out NerdWallet’s best high-yield online savings accounts
Barclays Online CD
3.0
NerdWallet rating1-year APY
0.30%
3-year APY
0.30%
5-year APY
0.30%
Minimum Deposit
$0
Barclays' interest rates are much higher than average. There's no minimum opening deposit, so you can save any amount you can afford. You can compare Barclays with other good CD options using our tool.
» Looking for the best CD rates? Find out what banks are offering this month
3.5
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. 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?
Member FDIC | Member FDIC | |
|---|---|---|
APY0.60% With $0 minimum balance | APY0.01% With $0 minimum balance | APY0.50% With $0 minimum balance |
BonusN/A | Bonus$150 Requirements to qualify | BonusN/A |
RATING 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.
