Barclays Bank Reviews
With a rich history dating back to 1690, Barclays is a major player in the global banking industry. It provides a variety of banking products in the United States.
Earning more money by saving is as simple as transferring cash to a bank that offers high interest rates on savings accounts. In that case, Barclays has you covered; its high-yield savings accounts and certificates of deposit (CDs) offer up to 4.35% APY.
- Interest rates on savings and CDs are competitive.
- There are no monthly fees.
- There is no minimum opening deposit requirement for savings accounts and certificates of deposit.
- Moderate early exit penalties.
- Branch access is limited.
- Low rated mobile app.
Best for: Barclays Bank is best suited for individuals who prioritize digital banking convenience, value competitive savings and investment options, and seek reliable financial services.
What services does Barclays offer?
Barclays Savings Account
Barclays savings accounts provide a safe and convenient way to grow your money while maintaining access to your funds when needed. Barclays savings accounts require a zero minimum deposit to open, making them available to a wide range of customers. Additionally, there are no monthly fees for this type of account, allowing you to save without incurring additional fees.
One of the key features of Barclays’ high-yield savings account is its competitive annual yield, which is 4.35%. Well above the national average (at the time of publication). Interest is typically compounded regularly (e.g., daily or monthly), helping your savings grow over time. Barclays also provides online and mobile banking services, making it easy to manage your savings from anywhere.
| Minimum opening deposit | $0 |
| Monthly fee | $0 |
| APY | 4.35% |
Barclays Certificates of deposit (CD)
Barclays Certificates of Deposit (CDs) are a popular savings product that provides a secure and predictable way to grow your money over a fixed period. With a Barclays Certificate of Deposit, you can typically deposit a specific amount of money for a predetermined period, which can range from a few months to 5 years of service. There are no monthly fees. One of the primary advantages of Barclays CDs is the competitive interest rates they offer, which often increase with longer terms. This means you can earn more on your savings compared to a regular savings account, making CDs an attractive option for individuals looking to maximize their returns while maintaining a low level of risk.
The interest on Barclays CDs is usually compounded daily or monthly, allowing your money to grow steadily over time. However, it’s important to note that early withdrawal penalties may apply if you need to access your funds before the CD reaches maturity. Barclays CDs are considered a low-risk investment because they are typically backed by the bank’s stability and FDIC insurance (up to certain limits), ensuring that your principal amount remains secure.
| Term | APY |
|---|---|
| 12 months | 5.00% |
| 18 months | 4.90% |
| 24 months | 4.40% |
| 36 months | 4.30% |
| 48 months | 4.25% |
| 60 months | 4.50% |
Other services offered by Barclays
- Credit Cards: Barclays offers a variety of co-branded credit cards.
- Personal Loans: Personal loans from Barclays are by invitation only.
How to bank with Barclays
To bank with Barclays, start by visiting their official website specific to your region and explore their range of banking products and services, including savings accounts, checking accounts, credit cards, and more. When you find a product you’re interested in, complete an online application form, providing personal and financial information. Review the terms and conditions, fees, and interest rates associated with the chosen product. After approval, fund your account and set up online and mobile banking access. Utilize these digital platforms to manage your accounts, make transactions, and configure account alerts for added convenience. For questions or assistance, contact Barclays’ customer support through phone, live chat (if available), email, or social media.
Bottom line
Barclays Bank, a venerable financial institution with a history dating back over three centuries, offers a comprehensive array of banking and financial services to individuals, businesses, and institutions worldwide. Renowned for its competitive credit card offerings, the bank provides a diverse range of credit cards with rewards programs, travel benefits, and robust security features. Barclays emphasizes digital convenience through its user-friendly online and mobile banking platforms, allowing customers to manage accounts, make transactions, and access services with ease. Committed to customer-centric support, Barclays offers multiple channels for assistance, including phone, live chat, email, and social media. With a global presence and a strong sense of responsibility, Barclays prioritizes security and protection, offering government-backed deposit insurance in many regions. The bank’s tailored solutions cater to a wide spectrum of financial needs, making it a trusted choice in the world of banking.
Frequently Asked Questions
Are my funds safe with Barclays?
Barclays Bank is a reputable and well-established financial institution that typically provides a high level of security for its customers’ deposits. In many regions, Barclays accounts are insured up to a certain limit by government-backed deposit insurance programs. In the United States, for example, Barclays is a member of the Federal Deposit Insurance Corporation (FDIC), which insures deposits up to a specified amount per account holder per institution. This means that if Barclays were to face financial difficulties, your deposits up to the insured limit would be protected.
Is Barclays a good bank?
Barclays is considered a reputable and well-regarded bank with a long history in the financial industry. Its reputation varies depending on factors such as location, the specific products and services offered, and individual customer experiences.
What is Barclays Bank used for?
Barclays offers CDs, high-yield savings accounts, personal loans and credit cards to U.S. customers.
