Barclays Bank Review 2022: Savings and CD Options with No Fees or Minimums

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Good for No Fees and Minimums
Barclays Bank Review
Good for No Fees and Minimums
Barclays Bank Review
  • how to get a personal loan icon inactive
    No Minimum Deposit
  • mortgage calc icon inactive
    Good Interest Rates
Overview:

Barclays Bank’s U.S. online banking division can be a great choice for earning competitive rates on savings accounts and CDs. No fees and no minimum balances boost this account’s standing, but if you’re looking for a robust app or multiple account types, consider comparing other options.

NextAdvisor’s Take

Pros
  • Competitive interest rates
  • Online and mobile banking
  • No fees or minimum balance requirements
  • Website designed with accessibility in mind
Cons
  • Bank accounts limited to savings and CDs
  • Some negative customer reviews
  • No email support

Additional Details

  • No monthly maintenance fees
  • No minimum deposit requirements for savings or CDs
  • No limit to savings account withdrawals or transfers
  • Only traditional CD type offered
  • Barclays also has loan and credit card options for U.S. customers
  • FAQ support page, savings assistant, and CD calculator tools available online
  • Barclays Bank deposits are FDIC-insured

Editorial Independence

We analyze and review banks without influence of partnerships or advertising relationships. For more information about our scoring methodology, click here.

Barclays Bank Full Review

Barclays has existed as a financial institution for more than 300 years, with origins as a bank in London. Today, its U.S.-based online banking division ranks as the 60th largest bank in the nation, based on total assets. The online banking division, which includes savings and CD accounts, launched in 2012.

Savings Accounts

The Online Savings Account from Barclays is among our top high-yield savings accounts today. There are no monthly fees and no minimum balance requirements to open the account. If you maintain a balance less than $1.00 for more than 180 days, though, Barclays may close your account.

You can deposit money into your savings account using online or mobile check deposit, direct deposit, ACH transfer from another bank account, or mailed check. When you’d like to withdraw from your savings, you can also do so via ACH transfer, or request to have a check mailed to you.

There’s no limit to the number of transactions you can make each month.

Certificates of Deposit

Barclays has a few different CD term options, and all its CD accounts are traditional CDs. You can choose between 12 month, 18 month, 24 month, 36 month, 48 month and 60 month terms.

There are no monthly fees and no minimum balances to open a CD. However, you must put some amount in your account within 14 days of opening to keep it active.

Early withdrawal penalties depend on the CD term. For CDs shorter than or equal to 24 months, you’ll pay 90 days of interest on the dollar amount withdrawn, and for CDs more than 24 months, you’ll pay 180 days worth of interest on the dollar amount withdrawn. 

When your CD matures, you can withdraw your money within a 14-days grace period or choose to roll it over into a new account with the same or different term at the current interest rate.

Other Products

Barclays’ online banking division is limited to high-yield savings and CD accounts. But Barclays also offers personal loans (currently by invitation only) and credit cards (with co-branded cards from JetBlue, AARP, and more) for U.S. customers.

Customer Experience

Barclays doesn’t score as high as some other banks we’ve reviewed when it comes to customer reviews. The Barclays US Savings app (there’s a different app for Barclays credit cards) has a 3.5 star rating on the Apple app store, but a much lower 1.8 star rating on Google Play. Negative reviews tend to focus on the app’s lack of robust features and some issues with crashing or inability to login, though many reviews say the issues are with the app functionality, not the quality of the bank itself.

The bank also has a few different ways to reach representatives with any issues or questions: by phone using a toll-free number seven days a week, by mail, or via Barclays U.S. banking’s Twitter help account.

Accessibility

Compared to many other online banks we’ve reviewed, Barclays has an in-depth set of accessibility guidelines and resources. Its website is designed to work with screen readers in addition to being easy to navigate and read in traditional browsers. The accessibility page on the site includes a list of  recommended screen reader and browser combinations for the best user experience. Barclays uses guidelines set by the Web Accessibility Initiative (WAI) of the World Wide Web Consortium (W3C). Additionally, there is a phone number you can use to reach Barclays’ accessibility coordinator.

Is Barclays Bank Right for You?

Barclays Bank is a solid choice if you’re looking for good interest rates on savings and CDs, along with a few options for accessing your money and solid customer service. 

Barclays isn’t the highest rated bank when it comes to customer experience. Although it does have online and mobile banking options, as well as a few different methods for contacting support representatives, its mobile app lacks a robust suite of features and has some technical issues. And while Barclays is also not the place for full-service banking or account access via ATM or debit card, it could make a good option for adding a high-yield account to your banking portfolio.

With no fees or minimum balance requirements, as well as no transaction limits, Barclays Bank’s savings options are solid, despite the lack of some conveniences. Plus, the interest rates offered are consistently competitive among other accounts on our lists of best savings rates and CD rates.

Frequently Asked Questions about Barclays Bank

Is Barclays a good bank?

Barclays can be a good choice for earning competitive interest on your savings and CD accounts. It charges no fees and has no minimum balance requirements. But make sure you compare Barclays to other top high-yield savings accounts before opening, so you can find all the features and benefits best suited for your goals.

Is Barclays an international bank?

Barclays originated in London and is still based in the U.K. It has a U.S. division, based in Delaware, that offers online banking products including savings, CDs, credit cards, and personal loans. Its U.K. division offers both online and mobile banking as well as in-person branches, while the U.S. division offers online and mobile banking services only.