Barclays Bank Review July 2024: Stellar APYs but limited account options and no physical locations
Kristy Snyder has more than a decade of experience writing about personal finance, including bank accounts, credit cards, mortgages, and personal loans. Since earning her bachelor of arts degree in English from Allegheny College, Kristy's work has been featured in Forbes Advisor, Newsweek, and U.S. News & World Report.
Cassie is the business and banking editor at Fortune Recommends. She obtained her degree from Northern Kentucky University and is a certified SCRUM master. Prior to joining the team at Fortune Recommends, Cassie was a deputy editor at Forbes Advisor and a Central Operations Project Manager at Fit Small Business.
Founded in 1690 in London, Barclays is a multinational bank offering a handful of banking products in the U.S. If you don’t need a wide variety of account options or physical branches, online banking with Barclays could be an attractive option. Barclays is also insured by the Federal Deposit Insurance Corp. (FDIC), so your deposit accounts are protected up to $250,000 per depositor, per ownership category, in the rare case of bank failure.
All rates and fees are current as of July 2, 2024, and are subject to change.
Barclays Bank
| Savings accounts: | Open with as little as $0 |
| Savings rates: | Earn up to 4.35% annual percentage yield (APY) |
| Certificate of deposit (CD) rates: | Earn up to 5.00% APY |
at Barclays
Pros
- Their high-yield savings accounts and CDs far exceed the national average rates
- No minimum opening deposit requirements
- Modest early withdrawal penalties that don’t take a big chunk of interest
Cons
- No checking or money market account options
- No physical locations
at Barclays
Barclays Bank rates and products
Barclays provides U.S. customers with two types of bank accounts—a high-yield savings account and CDs with terms ranging from six months to five years. While Barclays doesn’t offer the widest selection of products, it makes up for it with above-average APYs across the board.
Savings accounts
With a generous APY and no minimum deposit requirement or monthly maintenance fees, Barclays’ high-yield savings account is great for savers just starting. The APY on this high-yield savings account is more than ten times the national average. The best high-yield savings accounts do offer higher APYs but often at the cost of a higher minimum deposit.
This is a relatively no-fee savings account, with no charges for nonsufficient funds, stop payments, or returned deposits. You’ll also get unlimited withdrawals at Barclays’ discretion, which could allow you to use your Barclays savings account to pay bills like you would with a traditional checking account.
Tiered savings account
Barclays also offers a tiered savings account, with different APYs based on how much money is in the account. Accounts with less than $10,000 only earn 1% APY, while accounts greater than $250,000 earn 4.80% APY—so, if you’ve got a lot in savings, this account could be a better option than Barclay’s standard online savings account.
Barclays Bank savings rates compared to current top rates*
While Barclays Bank is a great option, there are some institutions that offer higher interest rates. Compare the rates above to this list of competitors:
Certificates of deposit
If you’re looking for a place to store your cash for a longer period of time and want to earn some extra interest, Barclays CDs are also a solid option. APYs for all terms are competitive with the current best CD rates, and there’s also no minimum deposit—a rarity in the banking world.
The early withdrawal penalty on these CDs is modest, so if you touch your money early, you won’t have to pay a massive penalty. If you don’t need all of the principal, you’re able to withdraw your earned interest without penalty. Keep in mind that this will reduce your overall earnings.
Other services Barclays Bank offers
Beyond savings accounts, Barclays has a limited selection of additional products available to U.S. customers:
- Credit cards: Barclays offers several co-branded credit cards—from a JetBlue card to a Gap Good Card.
- Personal loans: Barclays’ personal loans are invitation-only.
Online banking
Because Barclays does not have branch locations in the U.S., it operates entirely as an online bank. While it doesn’t make our list of the best online banks and credit unions, it’s still a reliable option. The website has plenty of self-service features, including bill pay, setting up automatic payments, reporting a lost or stolen card, and checking your balance. In most cases, you can open up a savings account or CD entirely online without the need to contact customer service.
Barclays also has a savings app for Android and Apple devices. On Google Play, it has a rating of 1.9 stars, and on the App Store, it’s rated 3.3 stars.
The Barclays Bank platform and customer support
Since Barclays has no physical branches in the U.S., customers can access their accounts digitally—either through the Barclays website or the Barclays apps. After logging in, you can check all of your account balances, get tax forms, and link up external accounts. There’s also mobile check deposit, both online and in the app.
Customer service is available from 8 a.m. to 8 p.m. Eastern Time (ET) seven days a week via phone call. If you have a quick question, Barclays encourages customers to tweet them at @AskBarclaysUS. There is a limited online messaging service you can access when you log on, but representatives will advise you to call customer service for help with most issues.
Is Barclays Bank secure?
Barclays has had some concerns in the past about its security. In 2014, the bank’s British arm had as many as 27,000 customer files stolen. Information exposed included names, addresses, earnings, savings, and even insurance policies. It had another hiccup in 2017 when it sent out new debit cards with personal identification numbers attached—meaning that if someone intercepted the letter, they’d have all they needed to empty the customer’s bank account.
There hasn’t been a Barclays data breach in a few years, perhaps due to the bank’s increased security efforts. To protect its users, Barclays employs Secure Sockets Layer (SSL) and Transport Layer Security (TLS). It also uses automatic session timeouts after a period of inactivity and firewalls to block unauthorized traffic.
Barclays Bank user reviews
Online reviews of Barclays Bank are mixed. Many people complain about poor customer service, especially when opening up a savings account. Barclays requires some users to send identifying documents via email, but some customers said they never got a notification that they were supposed to do so. Some customers have also mentioned being required to send Barclays bank statements to link up external accounts.
On the positive side, customers praise the high APYs as well as the large daily and monthly limits on transfers. Some also found the customer service to be friendly and helpful in resolving their issues.
Compare Barclays Bank alternatives
 Barclays Bank |  TAB Bank |  Ally Bank |
|---|---|---|
| Savings APY | Savings APY | Savings APY |
| Up to 4.35% (with minimum balance requirements) | 5.02% | 4.20% |
| Top CD APY | Top CD APY | Top CD APY |
| 5.00% | -% | 4.50% |
| Savings minimum opening deposit | Savings minimum opening deposit | Savings minimum opening deposit |
| $0 | $0 | $0 |
| CD minimum opening deposit | CD minimum opening deposit | CD minimum opening deposit |
| $$0 | $1,000 | $0 |
| View offer at Barclays | View offer at Fiona | View offer at Fiona |
Is Barclays Bank right for you?
Barclays is a good choice for anyone who doesn’t mind banking online and having limited account options. For example, if you’re looking for a bank where you can get a decent APY on your emergency savings, Barclays is an excellent option. However, if your goal is to max out your interest earnings or conduct in-person banking, you’d be better off with another institution.
Frequently asked questions
Is my money safe with Barclays?
Yes, Barclays is FDIC-insured, so depositors are insured up to $250,000, per depositor, per ownership category in the event of a bank failure.
Is Barclays a good bank?
It depends on what you’re looking for. If you want high rates on high-yield savings accounts and CDs with no minimum opening deposit requirements, Barclays could be a solid choice. But if you want to visit a physical branch or need a money market or checking account, you should consider other banks.
Is Barclays a U.S. bank?
Barclays was founded in London and is still headquartered there. However, it operates online-only branches in the U.S.
About the contributors
Kristy Snyder has more than a decade of experience writing about personal finance, including bank accounts, credit cards, mortgages, and personal loans. Since earning her bachelor of arts degree in English from Allegheny College, Kristy's work has been featured in Forbes Advisor, Newsweek, and U.S. News & World Report.
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