Barclays Bank Review April 2024
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BLUEPRINT
Updated 10:02 a.m. UTC April 11, 2024
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Barclays
Pros
- No account minimums.
- No fees.
- Competitive rates.
Cons
- No ATM access or branch locations in the U.S.
- No checking or money market accounts.
- Deposits can’t be made via cash, money orders or wire transfers.
Barclays basics
- Savings accounts: Barclays Online Savings.
- Certificate of deposit (CD): Barclays Online certificates of deposit.
- Other Accounts: Barclays Personal Loans and various credit cards.
- Bank branches or online only: Online only in the U.S.
Account details and annual percentage yields (APYs) are accurate as of April 11, 2024.
Barclays Online Savings
To qualify for this $200 Bonus, you must be a new Barclays Savings customer, open an account March 4, 2024 – May 3, 2024, fund the account with at least $25,000 within the first 30 days of opening, and maintain the $25,000 balance for 120 consecutive days. After meeting these qualifications, the $200 bonus will be added to your account in approx. 60 days. Offer expires May 3, 2024. You may make multiple deposits from another financial institution to fund this account so long as at least $25,000 is deposited no later than 30 days from open date. Withdrawals which drop the balance below $25,000 could affect your bonus eligibility. The bonus will be treated as interest and Barclays could send you a Form 1099-INT for tax reporting. While there is no minimum deposit to open a Barclays Savings account, this bonus offer requires a $25,000 minimum deposit. Offer subject to change or cancellation without notice.
About Barclays
Barclays Bank is one of the oldest banks in the world, tracing its roots back to 1690 when it opened in London. It now operates as two divisions: Barclays UK and Barclays International. In 2004, Barclays acquired Juniper Bank and became known as Barclaycard U.S., which specialized in offering credit cards. The bank introduced its online bank with savings and CD accounts in 2012.
Barclays Online Savings
Barclays Bank offers a low-cost online savings account that pays a very competitive 4.35% APY and, unlike some other savings accounts, Barclays doesn’t limit the amount of transactions you can make each month.
The low cost comes into play as the bank doesn’t charge monthly maintenance fees, stop payment fees or account research fees and cashier’s checks, returned deposit fees and NSF fees are only $5 per item.
You don’t need to deposit a minimum amount to open or maintain the account and you can take advantage of direct deposit to help automate savings. All of these features are great if you’re looking for a straightforward savings account to park your cash.
But the basic account doesn’t offer some of the tools available at other institutions, such as ATM access, an organizer for multiple savings goals or a feature that rounds up your debit card transactions and deposits the change into savings. In fact, the bank doesn’t offer a checking account at all.
You’re also out of luck if you want to deposit cash, money orders, wire transfers, foreign checks or third-party checks.
Instead, to make deposits, you can:
- Deposit checks using the mobile app.
- Transfer money from another account using the online portal or mobile app.
- Receive direct deposit payments.
- Mail a check to the bank.
Barclays Online Certificates of Deposit
Barclays offers six certificates of deposit (CDs), ranging from six months to five years. All of the CDs pay competitive rates between 3.50% to 5.00% APY, with the 6-month CD paying the highest yield. With the exception of the six-month and 18-month CD, each term is spaced one year apart — making Barclays a good option if you want to set up a CD ladder.
| CD TERM | APY |
|---|---|
6 months
| 5.00%
|
12 months
| 5.00%
|
18 months
| 4.50%
|
24 months
| 4.00%
|
36 months
| 3.50%
|
48 months
| 3.50%
|
60 months
| 3.75%
|
If something happens during the CD’s term and you need to make an early withdrawal, the penalties for doing so are on the low side: 90 days’ worth of simple interest on CDs with terms of 24 months or fewer and 180 days’ worth of simple interest on CDs with terms greater than 24 months.
Be sure to shop around however — check out the best CD rates available.
Other Barclays products
- Credit cards: Barclays U.S. offers 25 different credit cards that are geared toward travel, retail, entertainment and business expenses. The rewards programs, annual fees and features vary, depending on the credit card.
- Personal loans: Barclays Personal Loans are available by invitation only and come with a fixed annual percentage rate (APR) and no fees.
How Barclays stacks up
Barclays vs. Bank of America
The biggest difference between Barclays and Bank of America (BoA) is size. The latter is one of the largest banks in the U.S. with 3,900 branch locations and 15,000 ATMs. It has a product list to match, so you’ll find checking and savings accounts, CDs, credit cards, home loans, auto loans, retirement accounts, business solutions and investment services. These features make BoA a good option if you prefer doing all your banking in one place and want the option of using ATMs and visiting in-person branches.
But Bank of America’s one savings account, Bank of America Advantage Savings, pales in comparison to Barclays’ offering.
BoA requires at least $100 to open its standard savings account, charges a monthly maintenance fee of $8 monthly maintenance fee, which can be waived by maintaining a minimum daily balance of $500 in the account, linking this account to a Bank of America checking account, being enrolled in the Preferred Rewards program and qualifying for the Gold Tier or higher, or by being under 25 years old and pays an APY of just 0.01%. At that rate, you’d have to deposit your initial $100 and then contribute a rather outrageous amount ($14,600) every month for a year to earn over $8 in interest and beat the fee. Even if you’re a Platinum Honors Tier member, the yield only goes up to 0.04% APY on balances between $100,000 to $999,999.99.
If you want a larger bank with competitive savings, check out the best high-yield savings accounts.
Barclays vs. Marcus by Goldman Sachs
Barclays and Marcus by Goldman Sachs both offer savings accounts with no minimum deposits and no monthly fees, and the APY is nearly identical. But Marcus’ same-day transfers may put it ahead of its competitor.
Both banks also have CDs, personal loans and credit cards — though Marcus also offers a managed investment portfolio and provides more options for its CD terms.
Barclays vs. Capital One
The Capital One 360 Performance Savings account has a lot of similarities with the Barclays Savings account. It pays a 4.25% APY, charges no monthly maintenance fees and doesn’t require a minimum opening deposit. But, unlike Barclays, you can open a 360 Performance Savings account online or at a Capital One location. And you also have the option of depositing and withdrawing cash at one of 70,000 fee-free ATMs nationwide.
Frequently asked questions (FAQs)
Opening a bank account is relatively simple. You’ll need to gather some information and fill out a form. Data you’ll need for a Barclays U.S. account includes a residential address in the U.S. along with a Social Security number or taxpayer identification number.
Yes, Barclays U.S. is an online-only bank. It offers online savings accounts, online CDs, credit cards and personal loans.
Barclays operates as two divisions — Barclays U.K. and Barclays International. Barclays International runs the U.S.-based services.
No, there’s no opening balance requirement when you set up an online savings account or online CD through Barclays.
Yes, Barclays U.S. is a federally insured bank that provides up to $250,000 in FDIC insurance for each account type and depositor.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
