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.
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9/14 - Barclays CD Rate Changes For 9-14-2023
7/11 - Barclays CD Rate Changes
6/16 - Barclays Increases The Rate Of Their 5-Year CD To 4.35% On 6-16-2023
6/1 - Barclays CD Rate Changes For 6-1-2023
6/1 - 5 Year CD Rate Drops
4/12 - Barclays Increases 60-Month Online CD Rate to a Competitive Level
4/7 - Barclays CD Rate Changes For 4-7-2023
3/28 - Barclays Rate Change 03/28/2023
3/1 - Barclays Rate Changes For 3-1-2023
2/11 - Barclays Upped Savings To 3.60
11/9 - Online Savings 3%
11/4 - Barclays Rate Changes For 11-4-2022
10/14 - Online Savings Rate 2.4%
10/7 - Barclays Rate Changes For 10-7-2022
9/28 - Barclays Rate Changes 09/28/2022
7/16 - Barclay's Bank Savings Rate Now At 1.40%
6/24 - Barclays Rate Changes 06/24/2022
6/3 - Increase To 0.9 % At Barclay Bank
7/29 - Barclays Slashes Online Savings Rate To 0.80%
5/31 - Barclays Going Down Again
5/7 - Barclays Bank Slashes Deposit Rates
10/10/19 - Changes To Payable-On-Death Beneficiary
9/4/19 - Barclays Cuts Savings And CD Rates.
7/19/19 - Barclays Bank Continues Cutting CD Rates, But Savings Rate Returns To 2.20%
7/2/19 - Barclays Cuts Online Savings Rate To 2.10%
6/21/19 - Barclays Cuts Online CD Rates - 60-Month Falls To 2.85%
3/27/19 - Barclays Lowers CD Rates By 5 Basis Points
2/1/19 - Barclays Increases Rates ON Select CD Terms
12/27/18 - Barclays Increases Rate of Online Savings Account
12/27/18 - Barclays Raises Online Savings Rate To 2.20%
12/6/18 - CD Rate Increase
10/30/18 - Barclays Hikes Online Savings Account Rate
9/28/18 - Barclays Increases Rates of Online Savings Account and CDs
9/27/18 - Barclays Responds To FED With Small Increase In Savings And CD Rates
8/1/18 - Barclays Online Savings APY Raised
8/1/18 - Barclays Raises Online Savings And 12-Month CD Rates.
7/17/18 - Barclays Increases Rates on Four Online CDs
7/14/18 - CD Rate Increases At Barclays: 3.00% 60-Month
6/27/18 - Barclays Raises Online Savings Account Rate
6/27/18 - Barclays Ups Online Savings Rate To 1.75%
6/13/18 - Small CD Rate Increases At Barclays
5/23/18 - Barclays Raises Online Savings Account Rate
5/23/18 - Savings Rate Increased
5/4/18 - Barclays Increases Rates on Five Online CDs
5/4/18 - Barclays Increases Several CD Rates....But NO Increase On Online Savings.
4/2/18 - Barclays Increases Rates on Four Online CDs
3/5/18 - Barclays Increases Rates on Six Online CDs
3/5/18 - Small CD Rate Increases At Barclays Bank
3/5/18 - CD Bump Up
2/12/18 - Barclays Increases Rates on Five Online CDs
2/12/18 - CD Rates Increased
1/23/18 - Barclays Increases Online Savings Account Rate
1/23/18 - Barclays Increases Online Savings Account To 1.50%
1/11/18 - Barclays Hikes Online CD Rates
1/9/18 - Barclays Increases Online Savings Account Rate
1/9/18 - Barclays Raises Online Savings Account To 1.40% APY
12/27/17 - Barclays Ups Online CD Rates, 5-Year CD Remains the Most Competitive
10/6/17 - Barclays Increases Online Savings Account Rate
10/6/17 - Barclays Online Savings Now 1.30%
10/3/17 - Barclays Ups 5-Year CD Rate and Two Short-Term CD Rates
7/25/17 - Another Savings Account Rate Increase at Barclays
7/25/17 - Barclays Online Savings Rate Increase
7/11/17 - Barclays Increases Online CD Rates
7/11/17 - Higher CD Rates
6/19/17 - Barclays Increases Online Savings Account Rate
6/19/17 - Another Rate Increase For The Online Savings Account
6/6/17 - Barclays Increases 1-Year and 2-Year Online CD Rates
5/16/17 - Barclays Raises Online Savings Account Rate
5/3/17 - Barclays Increases Rates on Most of Its CDs
4/5/17 - Barclays Raises 5-Year CD APY To 2.00%
7/11/16 - Barclays CD Rate Changes: 5-Year Falls But Shorter Terms Rise
7/8/16 - Barclays 5 Yr CD Now 1.75%
3/7/16 - Barclays 5 Yr CD Rate Drop
9/10/15 - Barclays 5 Year CD Back At 2.25% APY.
4/1/15 - Barclays Raises 2-Year Online CD Rate
12/15/14 - Barclays Online Savings Account Joins the 1% Club
8/1/14 - Barclays CD Early Out
4/3/14 - Barclays Raises 5-Year and 4-Year CD Rates
1/16/14 - Higher CD Rates at Barclays
12/2/13 - Barclays’ New Dream Savings Account
10/3/13 - Another 5-Year CD Rate Hike at Barclays
8/29/13 - Higher 5-Year and 4-Year CD Rates at Barclays
8/28/13 - Barclays 5Year CD Rate Increase
6/19/13 - Barclays 5Yr CD Rate Drop
5/17/13 - Barclays Online Savings Account Rate Falls After More Than a Year at 1.00%
5/16/13 - Rate Drop On Online Savings At Barclays
5/14/13 - Barclays Now Allows Interest Disbursement On CDs
4/29/13 - First Anniversary of Barclays Online Savings Accounts and CDs
3/19/13 - Barclays Increases Early Withdrawal Penalty on New CDs
3/16/13 - Discrepancy Between FAQ And Terms And Conditions For Barclays CD Early Withdrawal Penalties
1/29/13 - CD Rate Hike at Barclays - Review of Barclays Online CDs
1/2/13 - Barclays 20% Deposit Account Bonus
11/15/12 - Barclays Surpasses $1 Billion In Deposits For Its Online Savings Accounts And CDs
11/9/12 - Barclays Probed By US Over Saudi Banking Licence
5/7/12 - Barclays Officially Launches Its New Internet Bank
3/23/12 - New Internet Bank with Savings Account and CDs Launched by Barclays
Barclay Is A Good Bank...
Barclay is a good bank. Folks can feel secure banking with them. Today they just raised their savings interest rate in one generous swoop from 2.4% to 3%. They had remained at a stubborn 2.4% for way too long while many of the other banks on this forum were already at 3% or more and going even higher after the Nov 2 Fed meeting of the .75% rate hike. (Fed hike as was expected) If Barclay is going to be competitive, as they appear to want to be, I wish they would be a bit more proactive and keep up with their competition in a more timely fashion. (and before I had already transferred 95K out of my account 24hrs ago. lol) Clients can’t afford to sit around on large balances at 2.4% wondering what Barclay is thinking and planning on doing as the days tick by into the new month. While I do NOT seek the ultra-high max 3.5% rates found at some of the smaller name banks with poor customer service and scary feedback, I also don’t want to be sitting around indefinitely on a stubborn low 2.4% rate at the better banks either. All in all, I still overall rate Barclay here as a 5 star bank with which importantly you can bank without worries.
Account Set Up Not Secure/Simple
I have not formally banked with Barclays, so my review is limited to my experience attempting to open up a savings account. I was interested in a high-yield savings account so I signed up on their website and was very excited to get started. After signing up, I received an email requesting several items to verify my identity. One of the items requested my social security number and other sensitive information. I asked if there was a way to securely submit proof of my identity, as I was not comfortable sending documents with my social over email. They told me the other option was mail and it may take several weeks to process. Customer service was helpful and kind, but ultimately I was not happy with the convoluted process to open up a simple savings account. I ended up going to BMO Alto and my account there was up and running in a day without having to jump through hoops.
Inflexible, And Poor Customer Service
The application process requires one to take and upload pics of their Social Security cards and driver's licenses Additionally, they require uploaded pics of utility Bill's with your name and address on them. I haven't yet experienced this kind of thing from other banks. A problem was encountered when I wanted to add my spouse on the account, because my name is on all our utility bills, not hers. Barclay's told me I'd have to "work that out". No flexibility at all. I actually had to have the gas company change our account over to my spouse's name so that they could see a utility bill under her name. Other bill types such as medical or insurance bills were not acceptable. When I suggested a pic of other types of bills, the customer service guy chuckled and told me that I could continue the application process only once I complied with their requirements. As far as I'm concerned, Barclays doesn't really want your money,cand their customer service people have no concern with doing business. This is not a bank that knows how to value customers.
HORRIBLE HORRIBLE HORRIBLE
Dont DO IT!!
Horrible customer service. After i opened my account with them, it was instantly closed because they found my funds to be "suspicious". Which i was never informed of until i couldn't access my money at all. Then after providing all the needed documentation they closed my account with NO NOTIFICATION. I have spent the last 7 business days trying to get my money back, receiving different answers every single day, and just getting no where.
Save yourself and choose someone else.
Data as of Q2 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57203 |
| Year Established | 2001 |
| Employees | 4255 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.63% |
| Return on Equity - YTD | 4.47% |
| Annual Interest Income | $2.53B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2023vs Q2 2022 | $37.11B$34.95B |
| Loans | Q2 2023vs Q2 2022 | $27.09B$24.90B |
| Deposits | Q2 2023vs Q2 2022 | $28.74B$25.56B |
| Equity Capital | Q2 2023vs Q2 2022 | $5.10B$5.65B |
| Loan Loss Allowance | Q2 2023vs Q2 2022 | $2.42B$1.41B |
| Unbacked Noncurrent Loans | Q2 2023vs Q2 2022 | $380.0MM$191.0MM |
| Real Estate Owned | Q2 2023vs Q2 2022 | $0$0 |