Barclays is a UK-based multinational bank that maintains operations in retail and investment banking, as well as lending, credit cards, and wealth management. The financial holding company, of which its personal banking component is a subsidiary, is one of the largest in the world, with trillions of dollars in assets.
On its personal banking side, Barclays has limited deposit account offerings available in the United States. The bank offers both a high-yield savings account and Certificates of Deposit (CDs) through its online banking platform. Both accounts feature attractive interest rates, with the savings account interest rate being one of the highest available in the country. DepositAccounts.com reported that the savings account interest rate remained over 1% for over a year until the summer of 2013. Barclays savings accounts have no hidden fees or minimum balances to join and come with an easy to use online banking system from which account holders can transfer funds, deposit checks via scanner or mobile deposit, and make online payments. Its savings accounts also come with a debit card that customers may use to withdraw funds at any Bank of America ATM for a discounted fee.
Barclays CDs are also managed on Barclays’ online banking system and offer a guaranteed rate of return with no minimum balance to open and no monthly service fees. Barclays began allowing monthly interest disbursements on its CDs in May of 2013. Both of these accounts may be easily opened and managed online.
Barclays online banking business is headquartered in Wilmington, Delaware, which is also home to its Barclaycard (credit card) division. The bank’s wealth management group is based in New York City, and all of its operations in the United States are subsidiaries of Barclays Bank PLC, a Financial Holding Company headquartered in London, England. The retail bank has no branches in the United States and provides its services through its online banking platform.
Barclays has a long history dating back to 1690, when two bankers started trading as goldsmith bankers. In 1965, the bank branched out to the United States for the first time when it started Barclays Bank of California in San Francisco. Today, the bank maintains operations through affiliates in over 20 countries.
I had no problems opening the account and they have kept the rate at 1%. They are not a primary financial institution and are good for higher yields on savings and CD's. I use them to obtain the higher rates. They do not have ATM access and I do all transactions by ACH and have never had any problems. However if you need same day access to your funds this is not the bank for you. This is a great place for your money if you want or need FDIC Insurance and dont need same day access.
Easy to open. Easy to setup multiple banks. East to use and manage account on simple website.
Hold time seems long, but does not effect me as I am not doing in & out transactions
Highly recommended by someone who is looking for a good rate and easy access to my money.
I tried to transfer almost $200,000 into a new account. A week later, it still hadn't happened. Phone support was useless.
It's been difficult to find a money market that wants this money.
I'll keep looking!
Barclays offers a high rate (0.90%) with no material restrictions or fees. The one deficiency is that Barclays does not allow wire transfers, either incoming or outgoing.
Having used the service for 3 months, here's a summary:
• High rate of 0.90% (though it dropped from 1.00% a month after a signed up)
• No minimum balance
• No significant fees. Probably the only ones of note are $5 for each withdrawal beyond 6 in a month (at least Barclays will allow more than 6), and $0.50 for a paper statement as opposed to an electronic account statement
• Easy to withdraw money. Barclays limits withdrawals to $250,000 per ACH transfer, but you can do as many transfers as you want in a day, so there is no real withdrawal limit
• Excellent customer service
• No ability to send or receive wire transfers
The online application is a complete failure. First, it asks you for unreasonable personal information such as your mother's maiden name. Second, I started the process multiple times, but it never succeded. Besides, return to an existing application feature does not work either. I ended up with my very personal information blocked somewhere inside Barclays, and I am not sure it is secure enough. At least I did not initiate money transfer to the new account.
I recently (July 2013) opened a savings account online. At first it was a bit tricky because they set up a profile (user name and password) for each person on the account. Once I figured out I needed to set up my husband with his own profile and then do mine, it was a piece of cake. From there I was easily able to link external accounts and transfer money in. I haven't tried to take money out. I had to call once with a question. My inquiry was handled quickly and professionally. I give Barclays five stars!
I opened an individual savings account online with Barclays in June 2012 after researching APYs on BankRate.com. After trying to add my wife as a joint account holder in the middle of the next billing cycle (to double my FDIC coverage and add another $200k to my account), I was told by phone customer service "it can't be done" (Call #1) and to create a new joint account online and transfer the balance from my individual account. It was not difficult creating the new joint account and transferring the funds. However, after the next billing cycle, Barclays automatically debited $98 of interest due in my individual account.
So, I call customer service to discuss this (Call #2) and was told that it was a "software issue since the individual account had a zero balance at month end, but a ticket will be created to reverse the debit and the $98 will show up in the account in 2-3 business days". I said this was satisfactory.
After 5 business days and no interest money appearing in either account, I call customer service (Call #3) and inquire about the status of the missing interest money. The agent seemed confused as to why it had not yet been processed, but assured me that he knew what the problem was, would get a supervisor to resolve it before the close of business that day, and he would personally call me before his shift was over to confirm that the interest was in my account - no one called back and no interest money appeared in my account.
I called after another 5 business days (Call #4), maintaining a calm tone but firmly informing the next agent about my history with this issue and that I was very frustrated at this point. Again, he reviewed the past ticket and could not understand why the interest had no been processed into my account. I told him I wanted the matter resolved during this phone call or Barclays would be at risk losing my business over my experience with their customer service. He did seem to work on getting a supervisor to handle my issue ASAP during the call, but after 40 minutes of being on this phone call with him, he finally said "Sir, my supervisor says that the issue is being held up with Barclays Banking (???), so we will have to call you back before close of business today at 8 pm." I asked him if he remembered and understood what I said before about wanting this issue resolved on this phone call - he replied that he appreciated my patience and definitely understood - no one called back and no interest money appeared in my account, so I wrote this review to inform others.
I tried to open an account this evening. I went through the entire process, then at the end was informed that there was an error, and that I should call their toll-free number.
I have had no problem opening online accounts at other banks.
What's the point of an online bank that can't open accounts online?
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of September 30, 2013 Barclays had $133.22 million in non-current loans and owned real-estate with $3.15 billion in equity and loan loss allowances on hand to cover it. This gives Barclays a Texas Ratio of 4.22% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Barclays decreased slightly from 5.28% as of September 30, 2012 to 4.22% as of September 30, 2013, resulting in a positive change of 19.99%.This indicates that the balance sheet and financial strength for Barclays has improved slightly in recent periods.
In the past year, Barclays has increased its total deposits by $1.97 billion, resulting in 20.97% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Barclays has shown is excellent.
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Barclays has $21.02 billion in assets with $3.15 billion in equity, resulting in a capitalization level of 15.00%, which is excellent.
|FDIC Certificate #||57203|
|Assets and Liabilities|
|Equity Capital||$2.69 billion|
|Loan Loss Allowance||$467.33 million|
|Unbacked Noncurrent Loans||$133.22 million|
|Real Estate Owned||$0|
|Historic Data - September 2012|
|Equity Capital||$2.35 billion|
|Loan Loss Allowance||$416.64 million|
|Unbacked Noncurrent Loans||$133.22 million|
|Real Estate Owned||$0|
|Profit Margin - Quarterly|
|Net Interest Margin||7.31%|
|Return on Assets||1.64%|
|Return on Equity||12.81%|
|Interest Income||$1.11 billion|
Always verify rates and promotions with the bank or credit union. We are not Barclays, we are a rate comparison website and can not provide official rates or promotions.
|2.00%||-||-||60 Month Online CD|
|1.65%||-||-||48 Month Online CD|
|1.25%||-||-||36 Month Online CD|
|1.05%||-||-||24 Month Online CD|
|0.85%||-||-||18 Month Online CD|
|0.80%||-||-||12 Month Online CD|
|0.60%||-||-||9 Month Online CD|
|0.55%||-||-||6 Month Online CD|
|0.35%||-||-||3 Month Online CD|
Barclays is an Internet only bank and does not have branch locations. Its headquarters is located at 125 South West Street - Wilmington, DE 19801