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 wanted a backup savings account, so after looking around I settled on Barclays. Barclays parent company in the UK has been around for 300 years, so I don't think the US version will disappear any time soon! The rates are excellent, and the transfers from my main bank's checking were seamless. Sign up was very easy, and the account was set up the same day. I like the fact they deposit your interest at the end of the month, as opposed to a few days after the start of the month. The only mark I would give down on is their website which can have problems navigating pages. Sometimes if you use the back button on your browser, Barclay's will log you out. So you have to use the links on the website itself to avoid getting logged out. I also like their low to no fees which attracted me to the account. I look forward to doing some CD's with Barclay's soon.
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.
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||1.16%|
|Return on Equity - YTD||7.71%|
|Annual Interest Income||$2.59B|
|Assets and Liabilities|
|Assets||Q3 2019vs Q3 2018||$34.45B$32.97B|
|Loans||Q3 2019vs Q3 2018||$25.43B$24.39B|
|Deposits||Q3 2019vs Q3 2018||$24.84B$22.98B|
|Equity Capital||Q3 2019vs Q3 2018||$5.43B$4.87B|
|Loan Loss Allowance||Q3 2019vs Q3 2018||$1.10B$1.13B|
|Unbacked Noncurrent Loans||Q3 2019vs Q3 2018||$365.0MM$370.2MM|
|Real Estate Owned||Q3 2019vs Q3 2018||$0$0|
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|
|1.70%||-||-||Online Savings Account|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|2.10%||-||-||60 Month Online CD|
|2.00%||-||-||12 Month Online CD|
|2.00%||-||-||18 Month Online CD|
|2.00%||-||-||24 Month Online CD|
|2.00%||-||-||36 Month Online CD|
|2.00%||-||-||48 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