Barclays Bank Review - Everything You Need to Know

Think about opening an account? See what we have to say first

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Barclays is one of the oldest and largest financial services companies in the world. Based in London, England the bank offers personal banking, corporate banking, wealth management and investment services to millions of retail and institutional customers.

Its offerings for individuals based in the U.S., however, are limited to online savings and CD accounts offered through its Barclays Bank Delaware subsidiary. It also offers personal loans and credit cards.

The bank’s history dates to its founding in 1690, and over the years it expanded to become one of the largest and most influential companies in the world, with operations in 40 countries.

Who is Barclays Bank Best For?

is appropriate for anyone who:

  • Is comfortable banking online
  • Only needs access to savings accounts and CDs
  • Is seeking competitive interest rates
  • Has access to another savings account

Pros

  • No minimum balances or monthly maintenance fees.

  • Online and mobile banking

  • Competitive interest rates

Cons

  • No access to branches

  • Only one savings account option

  • No checking account

Types of Accounts

Barclays Bank offers the following types of accounts in the U.S.:

  • Online Savings Account
  • Online CD Account
  • Credit Cards
  • Personal Loans

All bank accounts and CDs are FDIC-insured up to $250,000.

Online Savings Account

The Barclays Bank online savings account is easy to open and has no minimum balance requirements and no monthly maintenance fees. The account allows for 24/7 access online, as well as online transfers to and from other banks. Federal law places a limit of six transfers per month.

Customers can also set up direct deposit with the online savings account.

Barclays Bank offers 2.05 percent APY on an online savings account, which is one of the most competitive in the nation. Interest is compounded daily.

Barclays Bank does not offer withdrawals via an ATM, so customers who wish to access their money must transfer it to another bank account or request a check.

Customers can deposit funds in one of four ways:

  • On a personal computer or the Barclays U.S. Savings app using Remote Deposit
  • Direct deposit
  • Electronic transfer
  • Mail a check to Barclays, P.O. Box 5358, Carol Stream, IL 60197

Online CD Account

Barclays Bank offers certificates of deposit with competitive interest rates and nine terms ranging from three to 60 months. With CDs, customers can receive higher interest rates than normal savings accounts, if they are willing to have their money tied up for a certain length of time.

There are no monthly fees or minimum balances on Barclays Bank CDs. The bank does charge penalties for early withdrawals: 90 days interest on the amount withdrawn for terms of 24 months or less, and 180 days interest on the amount withdrawn for terms longer than 24 months.

Customers have the option to have monthly interest disbursements remain in the CD account or be transferred to a savings account. When CDs mature, customers will be notified 30 days in advance and will be provided the option to renew. There is a 14-day grace period.

Barclays CD rates are as follows:

CD Accounts
Term Interest Rate (%) APY (%)
3-month 0.35 0.35
6-month 0.65 0.65
9-month 0.70 0.70
12-month 2.62 2.65
18-month 2.62 2.65
24-month 2.66 2.70
36-month 2.71 2.75
48-month 2.81 2.85
60-month 3.05 3.10

Personal Loans

Barclays Bank does not offer mortgages, home equity loans, or auto loans, but it does offer personal loans of between $5,000 and $35,000. Term options include 36, 48, or 60 months, with rates that range from 5.74 to 18.99 percent APR. There are no fees or prepayment penalties.

Once a customer is approved for a loan, they will usually receive payment within a few days. They can have money transferred to a bank account, or it can be used to pay off as many as five different credit cards.

Barclays allows customers to check in on their loan online or via the mobile app.

Credit Cards

Barclays Bank currently offers 22 different Mastercard or Visa credit cards, with rewards tied to major companies including Barnes & Noble, Uber, the NFL, and Priceline. Airlines rewards cards are tied to American Airlines, Hawaiian Airlines, Frontier Airlines, and JetBlue. There are also cruise line rewards tied to Princess, Carnival, and Holland America. 

About Barclays Bank

Barclays is based in London, England and is one of the largest financial services firms in the world, with more than 85,000 employees and operations in more than 40 countries. It operates in the United States under its Barclays Bank Delaware subsidiary. It began offering credit cards in 2004, and since 2012 has offered online savings accounts, certificates of deposits. 

The Bottom Line

Benefits There are many options for free online banking these days, and Barclays is one of the best. While it does not offer some of the bells and whistles as some other banks, it offers savings and CD rates that are among the best available. Barclays offers a clean web interface and a good mobile app. Banking customers who want good returns on their money, easy web and mobile access, and low costs will find that Barclays is a solid option.

Drawbacks Barclays lacks some of the product offerings and support you might get from a full-service bank. Barclays has no branches or ATMs in the U.S., and there are no checking accounts offered. Thus. customers will likely need to link their accounts to another savings or checking account. Additionally, there is only one savings account option, so there are no special perks available for those who have higher account balances or use direct deposit. Customers may find that Barclays Bank is best used as a second bank account for saving purposes only.