|APY||ACCOUNT TYPE||ACCOUNT NAME|
|1.75%||5-year CD||60 Month Online CD|
1.75% - Ally Bank High Yield 5 Year CD
|1.65%||4-year CD||48 Month Online CD|
1.00% - Ally Bank Online Savings Account
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 use Barclays for my online savings because it's Annual Percentage Yield (APY) is one of the most competitive in the market and it's easy to use and there are no fees associated with my accounts. The most important thing to me when I'm not using money is that it's working for me. Barclay's regular savings comes in at 1.00% APY, which is in line with other online banks but their Dream Account savings is 1.05% APY! The Dream Account is limited to a deposit of $1000/monthly but you can get extra money every 6 months if you consistently deposit funds and another bonus if you do not withdrawal funds--and it's not mutually exclusive! So as long as you continue to save money, you can get some extra money. The Dream Account is amazing because for me it encourages and motivates me to continue to save money because the bonus amounts make you feel good and help your account grow. If you want to deposit more than $1000/month into savings you can just deposit it into your regular Barclay's savings account. My local bank offered savings rates of .2% APY so it was a no brainer to switch to online banking. It doesn't bother me that I cannot withdrawal the money immediately from an ATM because my goal is to be saving money! But if I need to transfer funds, I can easily and quickly do it from my account. Their customer service is also very helpful. So if you want to save money and your savings make money without having to do anything extra, you should definitely bank with an online bank. If you want to make the most out of your money then do it with Barclay's!
The Barclays saving account is pretty solid in most aspects. The interest rate is higher than most other saving accounts that I've found. That is definitely the most important factor for me along with the fact that are no nonsense monthly or annual "maintenance" fees. There is also no need for maintaining a minimum balance like some other savings accounts. You can also earn bonuses/rewards every six months for regularly depositing money and not withdrawing any from the savings account. I haven't had to call customer service many times, fortunately, but every time that I did call they were polite and helpful. If you're looking for a solid, no frills savings accounts that have no maintenance fees, then Barclas would be a very good choice.
This review is in regards to Barclays online high interest savings account. At the time I decided to open my account with Barclays, I was looking for small ways to let my money work for me. Not in terms of getting rich, but just making good decisions each day with money which would become habit and add up over the course of my lifetime. In addition to shopping around on bills and paying closer attention to my purchases, I became acutely aware of where I was parking some of my excess funds. It was during this time period where I realized that a checking account was not the greatest decision for these funds. At the time, the amount of cash up for debate was not significant enough to purchase stocks or mutual funds; moreover, longer term investments, such as CD's, were unattractive because of the withdrawal stipulations that came with the higher interest. While doing my research, I came across Barclays online savings account which offered a higher yield than most 1 year CDs these days and no withdrawal penalties. This moved seemed like an obvious choice and has been very good to me ever since. Opening the account was easy, and their customer service is wonderful. I'd certainly recommend them to anyone in a similar situation such as myself.
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||1.94%|
|Return on Equity - YTD||15.29%|
|Annual Interest Income||$673.9MM|
|Assets and Liabilities|
|Assets||Q1 2016vs Q1 2015||$29.37B$25.22B|
|Loans||Q1 2016vs Q1 2015||$22.46B$19.86B|
|Deposits||Q1 2016vs Q1 2015||$20.68B$17.00B|
|Equity Capital||Q1 2016vs Q1 2015||$3.69B$3.21B|
|Loan Loss Allowance||Q1 2016vs Q1 2015||$770.9MM$642.6MM|
|Unbacked Noncurrent Loans||Q1 2016vs Q1 2015||$254.5MM$200.7MM|
|Real Estate Owned||Q1 2016vs Q1 2015||$0$0|
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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|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|1.75%||-||-||60 Month Online CD|
|1.65%||-||-||48 Month Online CD|
|1.55%||-||-||36 Month Online CD|
|1.45%||-||-||24 Month Online CD|
|1.30%||-||-||18 Month Online CD|
|1.25%||-||-||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