|Account Type||APY||Account Name||Min||Max|
|Savings||1.75%||Online Savings Account||-||-||Details »|
|CD||2.40%||12 Month Online CD||-||-||Details »|
|CD||2.55%||36 Month Online CD||-||-||Details »|
|CD||3.00%||60 Month Online CD||-||-||Details »|
Barclays, a DepositAccounts.com advertiser, 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 have been banking with Barclays for almost 5 years now. After I finished college, I wanted to open a new savings account that could maximize my interest rate. At the time, Barclays was one of the highest offerings at just over 2% interest for a savings account. The fact that they don't have large offices all over the country allows them to pass on the savings to customers through great interest rates. I ended up also opening a 5 year CD with Barclays and have been earning almost 2.5% interest with them for my CD. Though the stock market is better for higher earnings, I don't think there is a safer place to put your money than a high interest rate earning CD such as the one offered by Barclays. The savings account is great too, it's easy to set up and the customer service is actually top notch. They are always very nice and helpful.
I use Barclays because as a British ex-pat I am aware of their products and their reputation in the UK. When I was looking online for interest rates for an 18 month CD I found theirs to be much higher than what was being offered anywhere else. I like the fact that everything is done online, their website is well organized and easy to navigate and they appear to have great security measures in place. The monthly interest payments and the transfer of the CD when it matured was a very easy process. I was so confident using their product that I re-invested for a further 6 months.
When I went abroad to Madrid from January-July 2014, I opened a checking account at a Barclays bank so that I had access to a financial institution to pay rent, prepare for trips, take money out of ATMs, etc. I only opened the one checking account, and generally used it for wire transfers from my community bank back home, or to allow my parents to help me with funds while I was abroad. Being an international bank, the staff was incredibly helpful since I was operating on a "second-language basis." They made sure I felt comfortable navigating the bank, and also allowed me to set up mobile notifications so that I could track my savings, withdrawals and other features. I would definitely recommend the bank to anyone going on my program, as it met the basic necessities I was looking for in a short-term checking account, and the institution itself was beyond helpful to a foreigner.
When I was shopping around for a bank to open up a savings account, I was specifically looking for a (mostly) online account as they're typically the ones with no fees and low (or no) minimum balances. I narrowed it down to Discover or Barclays online savings and ultimately decided on Barclays because of their 1.5% interest rate as opposed to Discover's 1.0%. I read a bunch of reviews regarding the poor customer service at Barclays compared to the better-than-most customer service of Discover, but the extra 0.5% was too alluring. Problems with Barclays started right away. I thought I'd be approved right away signing up through their online portal, but I was given a message saying that my application was going to be reviewed. After waiting a couple of business days and no response, I decided to send their customer service an email asking about the status of my application. I never received a response and after a couple more days, I finally got a notice saying they could not approve the application. This seemed like a common occurence based on some of the reviews that I've read. If you're willing to follow through and deal with less than stellar CS over the phone, then the 1.5% savings account is certainly appealing. However, in the end, it just wasn't worth my time.
|FDIC Certificate #||57203|
|Return on Assets - YTD||1.63%|
|Return on Equity - YTD||12%|
|Annual Interest Income||$792.0MM|
|Assets and Liabilities|
|Assets||Q1 2018vs Q1 2017||$34.16B$31.29B|
|Loans||Q1 2018vs Q1 2017||$25.31B$23.08B|
|Deposits||Q1 2018vs Q1 2017||$24.73B$21.97B|
|Equity Capital||Q1 2018vs Q1 2017||$4.72B$4.31B|
|Loan Loss Allowance||Q1 2018vs Q1 2017||$1.12B$811.7MM|
|Unbacked Noncurrent Loans||Q1 2018vs Q1 2017||$397.5MM$285.1MM|
|Real Estate Owned||Q1 2018vs Q1 2017||$0$0|
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|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|1.75%||-||-||Online Savings Account|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|3.00%||-||-||60 Month Online CD|
|2.65%||-||-||48 Month Online CD|
|2.55%||-||-||36 Month Online CD|
|2.50%||-||-||24 Month Online CD|
|2.45%||-||-||18 Month Online CD|
|2.40%||-||-||12 Month Online CD|
|0.70%||-||-||9 Month Online CD|
|0.65%||-||-||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