Barclays Bank Review: Savings and CDs

Online-only in the U.S., Barclays offers strong rates on savings and CDs with no minimums.
Spencer TierneyJun 18, 2021

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Overall bank rating

Barclays
  • Savings

  • CD rates

  • Banking experience

4.5

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 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.
  • $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.
  • Low user ratings on mobile apps.

Full review

Barclays Online Savings Account

Barclays Online Savings Account

4.5

NerdWallet rating 
APY

0.50%

With $0 minimum balance

With low fees and strong rates, Barclays is a good bank to boost your savings. The Online Savings account pays 0.50% APY and has a tool for setting savings goals. There are no monthly fees or minimum balance requirements.

Many 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

Barclays Online CD

5.0

NerdWallet rating 
1-year APY

0.55%

3-year APY

0.70%

5-year APY

0.80%

Minimum Deposit

$0

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

3.5

NerdWallet rating 

At 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.

Barclays Online Savings Account

Barclays Online Savings Account

4.5

NerdWallet rating 
APY

0.50%

With $0 minimum balance

With low fees and strong rates, Barclays is a good bank to boost your savings. The Online Savings account pays 0.50% APY and has a tool for setting savings goals. There are no monthly fees or minimum balance requirements.

Many 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

How does Barclays compare?

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
APY

0.50%

With $0 minimum balance

APY

0.40%

With $0 minimum balance

APY

0.40%

With $1 minimum balance

Bonus

N/A

Bonus

$200

Requirements to qualify

Bonus

N/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.