Written by Jessica Merritt | Edited by Ali Cybulski | Published on 12/3/2024
Barclays Bank is an online-only bank offering competitive interest rates on savings accounts and certificates of deposit (CDs), but it has limited products and services compared with competitors.
London-based Barclays, which has its U.S. headquarters in Delaware, provides American customers a choice of several federally insured deposit accounts, including high-yield savings accounts and CDs. With a straightforward product lineup, Barclays Bank targets those who want to maximize savings without branch-based banking.
Barclays Bank does not offer a checking account but has two savings account options. Choose from Barclays Tiered Savings, which bases rates on your account balance, or Barclays Online Savings.
Neither savings account requires a minimum opening deposit nor charges a monthly maintenance fee. Barclays Online Savings account earns an APY of 4.10%.
Barclays Tiered Savings bases rates on your account balance, and you can earn an annual percentage yield (APY) of 4.50% even if you keep less than $10,000 in your account. Larger balances of $250,000 or more can get an APY of 4.80%.
You can qualify for a $200 bonus on Barclays Tiered Savings if you’re new to the bank and open an account by Jan. 6, 2025. To get the bonus, you have to deposit at least $25,000 within the first 30 days and maintain the balance for 120 consecutive days.
APYs for Barclays Online CDs range from 0.10% for a 3-month term to 4.25% for a 12-month term. Terms start at 3 months and go up to 60 months. No minimum opening deposit is required to open a CD.
A fully online bank, Barclays Bank doesn’t have physical branches. But you can manage your account online or via the Barclays mobile app. Customer service is available by phone at 888-710-8756 from 8 a.m. to 8 p.m. Eastern time, seven days a week.
Barclays Bank pros and cons
Pros:
• Online savings accounts and CDs earn high interest rates with no monthly maintenance fees.
• No minimum opening deposit is required for savings accounts or CDs.
• Customers pay no monthly maintenance fees on savings accounts.
Cons:
• There are no physical branch locations.
• Barclays Bank does not offer checking accounts.
• Account offerings are limited compared with some competitors.
Reliable Account
I've had a Barclays savings account for like 10 years and split my liquid assets between this and a Vanguard money market. It was "online savings" and now I recently switched to their "tiered savings" because the rate was higher. They don't have the highest rates, but transfers are never a problem and go through within a day or two. Whenever I try and chase the highest rates with random banks there always seems to be delays, limits, or other catches that make it complicated. I'm happy to give up a few fractions of a point on earnings to have a 100% reliable place for my savings. Happy with this option.
Rates Too Low
Fed fund rate goes up .5 percent Barclay rate increased .05 there is an extra zero in this. Banks too spoiled for loose Fed Fund supply. Match the rates
Worst Customer Service
Absolutely the worst customer service agents. rude. combative. Tries to avoid providing the rep name. Denies request for a supervisor. Refused to take down my credentials such as name and account number. Awful. In addition the website sucks. Merged their Credit Card and Savings website into a mess. Now I have no access to my funds. Will be transferring them out of this bank as soon as possible. Only redeeming quality was the high interest rate yield on the savings account.
Terrible Experience Signing Up
I attempted to sign up for a joint account with Barclays. Everything looked to be okay with the application, and I was asked to send information to their deposit research facility. After doing this, we went over two weeks without communication. I called twice and was told everything was okay with the application. The third time I called I was told they never received my partner's information and that the application was (and had always been) invalid. This is something the first two representatives should have known and communicated. I don't believe I left that information off the application--I suspect it was an error with their systems. Even still, the inconsistent information is inexcusable and suggests to me that Barclays will struggle to maintain reliable records--not something you want in a bank.
Data as of Q1 2025
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57203 |
| Year Established | 2001 |
| Employees | 4286 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.45% |
| Return on Equity - YTD | 10.78% |
| Annual Interest Income | $1.54B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2025vs Q1 2024 | $45.28B$40.41B |
| Loans | Q1 2025vs Q1 2024 | $29.61B$27.84B |
| Deposits | Q1 2025vs Q1 2024 | $35.72B$30.6B |
| Equity Capital | Q1 2025vs Q1 2024 | $6.2B$5.18B |
| Loan Loss Allowance | Q1 2025vs Q1 2024 | $2.33B$2.59B |
| Unbacked Noncurrent Loans | Q1 2025vs Q1 2024 | $545MM$532MM |
| Real Estate Owned | Q1 2025vs Q1 2024 | $0$0 |