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.
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.
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.
have been banking with Barclays us for several years and have several CDS with them, as well as two savings accounts, and I had intended on just leaving the interest until the CDS matured..
My problems began when I wanted to check their last financial statement for the third quarter of 2017, I was shocked they told me they are not required to do that, and gave different numbers that were all disconnected of course. Then all my monthly statements disappeared as if these accounts were no existent. I worked with them for a week no resolution.
This prompted me to close all Savings accounts, and transfer all the accumulated interest from the CDS., and discontinue any more Deposits with this Bank. It also prompted me to do more research, to find out this Bank does not make loans to Consumers, so I asked them what are they doing with all this money they are inducing people to Deposit, no answer of course.
I have now had to file a complaint with the Consumer Financial protection Bureau. I was even more horrified when I googled about Barclays and found people saying their money had just disappeared from their accounts as if it never existed in Barclays Uk. Barclays has on their web site , they state Barclays is their parent Company, this is no longer seems to be the Case either in information I saw.
I am posting my experiences so people can be aware of the problems. In reading a lot of other reviews, Barclays US seems to be okay while they are getting money from you , but a lot of Consumers State they have a problem when they want their money. Furthermore this is the third time I have posted this review and they delete it.
|FDIC Certificate #||57203|
|Return on Assets - YTD||1.08%|
|Return on Equity - YTD||7.03%|
|Annual Interest Income||$3.46B|
|Assets and Liabilities|
|Assets||Q4 2019vs Q4 2018||$33.87B$33.10B|
|Loans||Q4 2019vs Q4 2018||$25.97B$25.84B|
|Deposits||Q4 2019vs Q4 2018||$24.16B$23.48B|
|Equity Capital||Q4 2019vs Q4 2018||$5.49B$4.94B|
|Loan Loss Allowance||Q4 2019vs Q4 2018||$1.18B$1.14B|
|Unbacked Noncurrent Loans||Q4 2019vs Q4 2018||$403.0MM$398.0MM|
|Real Estate Owned||Q4 2019vs Q4 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|
|1.60%||-||-||Online Savings Account|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|1.75%||-||-||12 Month Online CD|
|1.75%||-||-||18 Month Online CD|
|1.75%||-||-||24 Month Online CD|
|1.70%||-||-||36 Month Online CD|
|1.70%||-||-||48 Month Online CD|
|1.70%||-||-||60 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