Barclays is an older financial institution, but it's only been in the last few year's they been pushing hard into the US banking space.
They are becoming well known for having top yielding savings accounts and CDs, but they also have other banking products that are helpful to consumers.
The biggest drawback to Barclays banking is that it is only online - they don't have locations. But for most people, that shouldn't matter today.
See how they compare to the best high yield savings accounts right now.
- Top yielding online saving and CD accounts
- No minimums required to open their accounts
- No monthly account fees, and very low fees otherwise
Barclays High Yield Savings
Who Is Barclays Bank?
Barclays Bank has been around since 1690 and is based in the United Kingdom. They have branches throughout the world. Barclays does banking for 48 million people globally in more than 40 countries.
Due to the sheer number of geographic areas that Barclays serves, it has several websites. But you can find the United States Barclays Bank website here.
What Do They Offer?
Barclays Bank offers online-only, high-interest-rate savings and CD accounts.
They currently offer one of the best online savings accounts, with a top yield and no minimum to open. They are consistently listed in the best high yield savings account list.
They currently offer a 0.50% APY on their online savings account.
See how they compare to these other top savings accounts:
Barclays Bank has lots of CD durations. These are:
- 3 months
- 6 months
- 9 months
- 12 months
- 18 months
- 24 months
- 36 months
- 46 months
- 60 months
CDs with maturities of 9 months or less earn 0.10% APY while all of Barclay's CD that mature in 12 months or longer earn 0.25%. See how Barclays' compares with the best bank CD rates.
Features and Services
You can do all of your banking through Barclays Bank’s website and their mobile app. To find the mobile app, search for “Barclays US Savings” on the Apple App Store or the Google Play store. On the Apple App Store, it has a 4.2 rating out of 708 ratings.
The mobile app allows you to deposit checks into your account simply by taking a photo of the check and verifying the amount. The daily check maximum is $5,000 and the daily account maximum is $10,000. You can deposit up to 10 checks in a single day. You can also do one-time transfers to and from external accounts.
The website allows you to deposit funds and do transfers with external accounts. There is a five-day hold for checks, but funds transferred through ACH are available immediately.
Are There Any Fees?
There are no monthly or maintenance fees on savings or CD accounts. Like most CD accounts, you’ll incur a penalty for early withdrawal. For CDs with a 24-month duration, the fee is 90 days of simple interest. For CDs with a duration that is greater than 24 months, the fee is 180 days of simple interest.
There is a $5 fee per item for insufficient funds. You can do six withdrawals per statement cycle. This limitation is not set by Barclays, but is instead imposed by federal law. There is a $5 fee for each withdrawal after six.
It’s best to set up paperless statements. Otherwise, you’ll be charged $0.50 per paper statement.
How Does Barclays Compare?
Barclays isn't the only bank doing online banking with great yields. While they are usually near the top of the rate table, they don't make the top 10 often. Check out our list of the best savings accounts here.
See this quick comparison:
60,000+ Free ATMs
43,000+ Free ATMs
How Do I Open an Account?
Accounts can only be opened online for high-yield savings and CD accounts. Visit the above URL to open your account. You’ll need a Social Security number to open an account.
Is My Money Safe?
Yes. Barclays Bank is FDIC-insured up to $250,000 per depositor. They also use bank-grade encryption for their website and mobile app.
Learn more about what FDIC insurance is here.
How Do I Contact Barclays?
Barclays' banking customer service team is available daily from 8:00 am – 8:00 pm EST daily. Their customer service number is 1-888-710-8756. Here is their physical mailing address:
P.O. Box 2460
Cranberry Twp., PA 16066
Barclays is accredited with the Better Business Bureau (BBB) and is currently rated A+.
Is It Worth It?
Yes. Barclays is a well-known bank.
While there is a lot of competition for high-yield savings accounts and CDs right now, with most offering very similar products, sometimes it comes down to personal preference. If you have existing accounts with Barclays, opening your high-yield accounts with them will make transferring money between accounts easier.
Also, not all high-yield offerings have a $0 minimum deposit for opening. Some require a few thousand dollars. This makes Barclays Bank a good deal.
Barclays Bank FAQs
Here are a few of the most common questions that people ask about Barclays Bank.
Does Barclays offer free ATMs?
No, since Barclays US only offers savings products, it doesn't provide ATM access to its customers.
Is Barclays a real bank?
Yes, although Barclays parent company is based in London, UK, Barclays Bank US is a member FDIC bank that is officially chartered as Barclays Bank Delaware.
Does Barclays have U.S. branches?
No, Barclays operates as an online-only bank in the United States.
Is Barclays offering any cash bonuses to new customers?
Not currently, but we'll update this review if any sign-up bonuses are announced in the future.
Savings and CDs
None (online-only bank)
Mobile Check Deposits
Customer Service Number
Customer Service Hours
8:00 am – 8:00 pm EST daily
Mobile App Availability
iOS and Android
Web/Desktop Account Access
Barclays Bank Review
Fees and Charges
Ease of Use
Tools and Resources
Products and Services
Barclays is a full-service online bank offering savings products – specifically high yield savings accounts and certificates of deposit. They don’t offer checking or other banking products online.
- Great rates on high yield savings accounts and CDs
- No account minimums
- No monthly fees
- No checking accounts or other banking products
- No ATM access
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
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