|Account Type||APY||Account Name||Min||Max|
|Savings||1.20%||Online Savings Account||-||-||Details »|
|CD||1.45%||12 Month Online CD||-||-||Details »|
|CD||1.70%||24 Month Online CD||-||-||Details »|
|CD||2.30%||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.
The point of me banking with an online only bank is to limit my access to the funds and to reduce the liquidity of my funds. Barclays is a UK based bank and they have certain banking solutions they offer to people in the US. Three of which are online savings, CD, and investment accounts. I have all three services. I chose Barclays because they have higher interest rates for their CDs and Savings Accounts. The interest is paid monthly. I get paid from my employer every other week and I transfer about 20 percent of my pay into my Barclays' Saving account. It take about three business days for the funds to show up in the Barclays' Savings Account. My CD is in a year term with a higher interest rate than most US based banks and every year it comes due, I take half of what is in my savings add it up to the CD and roll it over for another 12 month term. I have only called Barclay's one time since I opened my accounts in 2012 and that was because I locked myself out of my account. They asked a series of questions and the customer service was quite excellent. which I am thankful for, because at that moment I was assured my accounts are in good hands.
I wanted an online savings account that provided both a high savings rate and a good overall experience. I was referred to Barclays through a friend and I have not been disappointed. With their current 1.20% interest on savings it is one of the best available anywhere. Another big perk is the fact that I did not need a minimum to start and it doesn't require a monthly minimum deposit which is exactly what I needed. The process took 10 minutes to open the account and about 3 days for the accounts to be verified. Since then I have set up multiple automatic deposit accounts and have let them sit. Finally, the best perk of all is that with Barclays being a European based company and I live in the United States the only way I can access these accounts is through the internet, which helps me actually save money instead of taking it out from a local ATM.
This was classic 'how to lose your customer 101' experience. I had Barclays Savings account for a bit more than 3 years now. On Monday I tried to log into my account to transfer additional funds from my external checking accounts. When I clicked on "transfer funds" the system kicked me out and despite my attempts to relog-in, it kept saying I enter incorrect information and ultimately blocked my account. I called their 800 number and asked what was happening. A rep could not explain what was the reason and also said there were no reports of technical issues. She unblocked my account and so on the next log in I created a new password and also updated security questions while I was at it. Logged-in I tried again to transfer money and the same story happened - I was kicked out. No error messages, nothing - just back to the log in page. The system let me to log-in on a 3d attempt, but I could not do anything once in besides looking at the balance - otherwise it kept kicking me out. I decided to change the password one more time, as clearly I was freaking out by that point that the account has been somehow compromised. The system would not even let me do that!
So after an hour or so of attempts to do something, I called the customer service again. I explained everything that happened and the rep offered to re-set my password. I told him I don't need that but I want some assurance that my account has not been hacked and the money is not on its way somewhere offshore. He said he cannot do that. When I asked if I can put a temp freeze on any funds transfer from the account he said he cannot do that either. Ok, then I said I want to transfer the entire balance to my checking account asap and he said I should do it online. Yet again I had to explain that the system would not let me do it and kicks me out. Then he said the only solution is to notify a technical support team. BUT there is no time frame with which they will respond. I had a significant amount there so I was very nervous since it seemed I could not do anything to get my money! I then asked to talk to a manager since the entire experience had been more than surreal and I was concerned about my money. The guy said there was no managers on duty. I could not believe that and asked again - he responded that he swears no one is available. It is Barclays for god's sake! I asked again - then he started to tell me a story how everyone is assisting with the Hurricane Irma response. I could not believe my ears! The only thing he said he can do it to take a message and a manager will get back to me in 24-48 hours! I was at a nervous breakdown by that point since the account had more than 4 years of my savings in it!
After the call I tried to see if I can send an email to customer support - nope, no such option for any Barclays US business, as you can find quickly online. I tried to call again - just to get a voicemail that offices are now closed.
Finally, after a dozen of log-ins from all browsers and computers I could get a hold of I managed to initiate the transfer of my entire balance. It has been 72 hours and I have not heard a thing from either customer service, technical team or the mysterious manager. I still cannot believe the entire experience, since I always thought Barclays is a trusted name and a seasoned bank. But if you cannot get me my money or at least show that you do care about the issue and work on resolving it asap, especially when it gets to the point of questioning the safety of my funds - you will not have me as a customer. I now transferred the money to an account with a higher yield at a bank that has phone, chat and email support, so at least the story ended well for me.
I have a savings accounts with Barclays and I was just monitoring how they calculate interest. I tried to check the calculation and to my surprise it was not matching. When I tried in all the possible ways of calculating interest and it didn't match to what I was getting, I called customer care. I asked them to help me understand the calculation and I was told that the calculation is all correct because the rep was sitting somewhere is far east and had a pre-fed calculator to check the math. I requested to explain me the formula but he failed. Then I asked for a manager and when i spoke to the manager, I came to know that the 0.90% APY is actually not 0.90% APY its 0.888896% APY and that my calculation on the amount is right. They have rounded it to display 0.90% APY.
THIS IS REALLY SHOCKING.
|FDIC Certificate #||57203|
|Return on Assets - YTD||2.22%|
|Return on Equity - YTD||16.55%|
|Annual Interest Income||$1.52B|
|Assets and Liabilities|
|Assets||Q2 2017vs Q2 2016||$30.81B$29.67B|
|Loans||Q2 2017vs Q2 2016||$24.37B$23.45B|
|Deposits||Q2 2017vs Q2 2016||$21.37B$20.79B|
|Equity Capital||Q2 2017vs Q2 2016||$4.36B$3.78B|
|Loan Loss Allowance||Q2 2017vs Q2 2016||$897.8MM$837.7MM|
|Unbacked Noncurrent Loans||Q2 2017vs Q2 2016||$277.0MM$250.1MM|
|Real Estate Owned||Q2 2017vs Q2 2016||$0$0|
This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.
Always verify rates and promotions with the bank or credit union. We are not Barclays; we are a rate comparison website and cannot provide official rates or promotions.
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|1.20%||-||-||Online Savings Account|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|2.30%||-||-||60 Month Online CD|
|2.05%||-||-||48 Month Online CD|
|1.95%||-||-||36 Month Online CD|
|1.70%||-||-||24 Month Online CD|
|1.50%||-||-||18 Month Online CD|
|1.45%||-||-||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