Barclays Bank Review: Savings and CDs
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Overall institution rating
4.2
London-based Barclays provides services to tens of millions of people worldwide. Its U.S. banking operation, which is online-only, offers solid annual percentage yields on its savings accounts and certificates of deposit — but it doesn’t offer a checking account. The bank offers multiple savings accounts, including the Tiered Savings Account, which gives customers different interest rates based on their account balance.
Barclays also lacks a U.S. branch network, so it’s best suited for consumers who don’t require in-person assistance. But if you value high savings rates, you might be able to overlook these limitations.
Best for: Those who want high rates on savings or CDs and don’t need a checking account or in-person services.
- No monthly fees.
- Competitive rates on savings and CDs.
- No minimum opening deposits on savings accounts and CDs.
- Extended phone customer service hours.
- Limited branch access.
- No checking account offered.
- Low-rated mobile apps.
Full review
Full review
What the Nerds think
Savings
Barclays Tiered Savings Account
4.5
/54.5
/5APY
4.35%
With $0 min. balance for APY
Bonus
$200
Terms Apply.
APY
4.35%
With $0 min. balance for APY
Bonus
$200
Terms Apply.
Barclays offers the new Tiered Savings Account. The account offers different interest rates based on account balance:
$0 to less than $250,000: 4.35% APY. $250,000 and greater: 4.65% APY.
Keep in mind that the Federal Deposit Insurance Corp. insures up to $250,000 per depositor, per institution and per ownership category.
» Read about how to insure more than $250,000.
Savings
Barclays Online Savings Account
4.5
/54.5
/5APY
4.00%
With $0 min. balance for APY
Bonus
N/A
APY
4.00%
With $0 min. balance for APY
Bonus
N/A
With low fees and strong rates, Barclays is a good bank to boost your savings. The Online Savings option pays a 4.00% APY on all balances and its website has a calculator for setting savings goals. There are no monthly fees or minimum balance requirements.
» Want to see more options? Check out NerdWallet’s best high-yield online savings accounts.
Certificates of deposit
Barclays Online CD
4.2
/54.2
/51-year APY
4.15%
3-year APY
3.00%
1-year APY
4.15%
3-year APY
3.00%
5-year APY
3.25%
Minimum deposit
$0
Show details
Barclays' CD rates are much more competitive than what you’ll find at a traditional bank, but not quite as high as what you can find at other online banks. There's no minimum opening deposit, so you can save any amount you can afford. If you're weighing whether to open a certificate of deposit, consider this article on when CDs are worth it.
» Ready to compare? Check out the best CD rates
- See the list of Barclays CD rates
6-month CD: 4.00% APY.
1-year CD: 4.15% APY.
18-month CD: 3.25% APY.
2-year CD: 3.00% APY.
3-year CD: 3.00% APY.
4-year CD: 3.00% APY.
5-year CD: 3.25% APY.
Customer experience
At this bank, you get online and telephone help. You can contact customer service any day from 8 a.m. to 8 p.m. Eastern time. The Barclays website is optimized for smartphones and allows you to deposit checks electronically. The bank also has mobile apps for U.S. customers. The app for iOS gets decent ratings, but the Android app scores below two stars.
How does Barclays compare?
4.00%
$300
4.35%
N/A
Methodology
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.