Banking » Reviews » Barclays Bank Review 2024 – Great For Building Your Long Term Savings
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Barclays Bank Review 2024 – Great For Building Your Long Term Savings

Barclays Bank is a great place to plan savings for long-term goals because of its high-interest savings accounts and certificate of deposits.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: June 3, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: June 3, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Barclays Bank

barclays logo
barclays logo

Barclays Bank

Fees

$0

Our Rating

4.2
4.2/5

Current Promotion

None

APY Savings

4.35%

The Barclays Bank is great for building your long-term savings.  There are no checking account services, but savings and CDs help you earn compound interest rates when you avoid withdrawing money regularly.

Barclays Bank is a great place to plan savings for long-term goals because of its high-interest savings accounts and certificate of deposits.  Barclays has no physical branches in the U.S., which may limit your access to your funds.

Because Barclays focuses exclusively on savings accounts and CDs, it helps you organize and develop long-term and short-term savings goals.  All of Barclay's banking products perform best when left untouched, especially you're CDs, which have steep penalties for customers who withdraw money before the end of the CD term.  

Even though there is no physical ATM or branch accessibility, this will not be a problem in the long run because your money remains in one place to save. 

Barclays Bank US can be a perfect fit if:

  • You want access to high-interest rates on your savings
  • You want an access toa variety of credit cards
  • You don't need a checking account
  • Variety of banking products
  • Access to physical branches
  • Decent digital experience
  • Fees
  • Lower Rates on Savings
  • Low transfer limits

What is required to open a Bank of America account? 

You must supply some personal information and prove your identification in order to open a Bank of America account, whether in person or online. Your Social Security number, current mailing address, email address, and phone number must be provided in this.

You must also supply the account number if you already have a Bank of America account.
State-issued photo ID, a driver's license, a passport, a military photo ID, or a Bank of America photo debit or credit card are all accepted forms of identification.

Why are Bank of America's rates so low in general?

You can observe that the savings and CD rates appear to be very low when compared to those offered by certain other banks.

The main cause of this is because internet banks, who don't have to spend to operate a physical branch network, offer many of the higher savings rates.

Can I open a Bank of America checking account online? 

One of various checking accounts offered by Bank of America can be opened online. You must verify your identity and personal information.

The online application is on a secure site, though, and once you've finished it, you should hear back in one or two days.

Does Bank of America offer a free checking account? 

Although Bank of America checking accounts typically carry a monthly maintenance fee, there are circumstances under which you may be exempt. The requirements for a waiver are simple.

For instance, you must achieve a minimum deposit requirement or minimum balance. The Safebalance checking account doesn't charge overdraft fees either.

Can you invest in cryptocurrency through Bank of America?

While Bank of America's connection with Merrill Edge makes it feasible to access various products, it is currently not possible to purchase or invest in cryptocurrencies with this bank.

You will require a brokerage account with a compatible platform if you decide to purchase cryptocurrency.

Barclays Bank Review

Banking Services
Credit Options
Savings Accounts
Mortgage
Checking Accounts
Government Mortgage
CDs
Credit Cards
Money Market Account
Debit Card
Investing Capabilities
Personal Loans

Customer Experience

Barclays has a customer service department that is open 24 hours a day, seven days a week. You can call in and speak with an agent or use the self-service line for simple inquiries such as balance checks or ACH transfers. The Barclays app has a rating of 4.6/5 in the Apple App Store and 4.1/5 in Google Play.

A great feature for Barclays customers is the ability to access their accounts through the Barclays U.S. Savings mobile app.  This is available for most users and features a mobile check deposit feature.   You can also access your account balance and make one-time transfers using the Barclays app. 

The Barclays website makes it simple to search for banking products. This is especially noticeable when looking into credit card options. It allows you to narrow your search by category or even credit score. You can also compare multiple credit cards to help you decide which is best for you.

Barclays Bank
App Rating (iOS)
4.8
App Rating (Android)
4.6
BBB Rating (A-F)
A+
Contect Options
phone
Availability
24/7

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Barclays Savings

APY Savings

4.35%

Minimum Deposit

$0

Promotion

None

Fees

$0

Barclays Savings

APY Savings

4.35%

Minimum Deposit

$0

Promotion

None

Fees

$0

Barclays offers high interest rates that apply to all of its products, providing a great advantage compared to other competitive online banks.  Barclays offers the Barclays Online Savings Account which earn 4.35% APY with no fees or minimum deposit.

Customers enjoy secure 24/7 access to their funds, ensuring they can manage their money whenever they wish. The flexibility is further enhanced with the provision to make online transfers between Barclays and other banks effortlessly.

Direct deposit capability simplifies the saving process, allowing users to automatically channel their income or specific amounts directly into their savings.

To further aid users in their savings journey, Barclays provides tools designed specifically to encourage and facilitate saving. Overall, Barclays' online savings account is user-friendly, affordable, and designed for modern-day savers.

Overall, Barclays is one of the best banks for savings accounts.

Barclays CDs

APY Range

3.50% – 5.00%

Minimum Deposit

$0

Terms

12 to 60 months

Fees

$0

Barclays CDs

APY Range

3.50% – 5.00%

Minimum Deposit

$0

Terms

12 to 60 months

Fees

$0

Barclays CD rates are above-average interest rates compared to other online banking institutions. 

The APY for a 12-month CD at Barclays Bank is 5.00%, while customers can get a rate 3.75% for a 60-month CD . Additionally, Barclays Bank doesn't require a minimum deposit to initiate a CD account.

Barclays falls behind slightly in shorter-term lengths such as 3, 6, and 9 months, but stays ahead in their multi-year CD options.  

CD Term
APY
12 Months
5.00%
18 Months
4.50%
24 Months
4.00%
36 Months
3.50%
48 Months
3.50%
60 Months
3.75%

Similar to numerous other banks, Barclays Bank imposes a penalty for early withdrawals from your CD account prior to its maturity date. For CDs with terms up to 24 months, the penalty is equivalent to 90 days of simple interest. For those extending beyond 24 months, it's 180 days of simple interest.

Credit Cards

Barclays also has an impressive choice of credit card options. The bank’s website allows you to find your ideal card by categories, including travel, cash back, everyday, and business.

Front and center on the Barclays website are its impressive variety of partnership cards. Barclays has partnerships with JetBlue, Barnes & Noble, Emirates, Diamond Resorts, Priceline.com, AARP, and Carnival Cruises.  Some of the most famous Barclays cards include:

Banana Republic Credit Card review
JetBlue Plus
Hawaiian Airlines World Elite Mastercard
Wyndham Rewards Earner® Card review

Barclays Bank FAQs

Unfortunately, Barclays US doesn't offer any welcome bonus for new accounts as of June 2024. If you're looking for a promotion, take a look at our top banking promotions list.

Barclays Bank is a subsidiary of Barclays in the UK that has a long running history dating back to 1690. Barclays has a low fee structure and strong rates, but what makes this bank particularly trustworthy is that it is a member of the FDIC.

This means that customers can enjoy up to $250,000 of protection through federal insurance should the bank cease trading.

Barclays Bank is primarily an online bank for customers in the USA. So, the services have been tailored for online banking. You can enjoy higher rates of interest compared to many traditional banks and there are no monthly service fees or balance requirements. This makes it a solid option for those who are looking for online banking services.

Barclays Bank offers competitive rates on savings and investment accounts. There are no minimum opening deposit requirements and you don’t need to worry about monthly service charges.

This means that Barclays could be a good fit for you if you don’t need access to a local branch, you don’t need a checking account and you want to avoid monthly service charges.

Like Barclays Bank, Discover offers online banking with no monthly fees or minimum account balances. However, Discover offers both savings and checking accounts with money market accounts. You can open and manage your accounts online and enjoy competitive insurance rates.

While the rates are comparable, if you are looking for a full service bank where you can have both checking and saving accounts, you will find Discover a better option. However, if you don’t have the need for a checking account, you may find the Barclays products and rates interesting.

Here's our Discover Bank review for 2024.

While Barclays Bank does offer competitive rates on savings and investment accounts, the lack of checking account options means that Capital One 360 does have an advantage.

In addition to having fee free accounts, you can open both savings and checking accounts. There is also the option for teen checking accounts and kids' interest-earning accounts. So, the whole family can enjoy banking with Capital One 360.

So, unless a specific Barclays Bank product appeals to you, you are likely to find Capital One 360 more appealing.

The main drawback, in our opinion is the lacking of checking accounts. If you're looking to get a savings account and still have an option for a checking account, check out Ally bank checking account or Amex savings account – both offer high savings rate with checking account options.

Savings Account Alternatives

ally bank

American_Express

Marcus logo
APY Savings The annual percentage yield (APY) is a percentage that represents the amount of money or interest earned on your savings account over the course of a year. The APY factored in compound interest. A savings calculator can help you quickly determine how much you'll earn with a given APY.
4.2%
4.25%
4.40%
Checking Account Fee The monthly fee on checking account
$0
$0
Not Available
Checking Minimum Deposit
$0
$0
Not Available
Mobile App Rating
4.7/5 on iOS, 4.1/5 on Android
4.9/5 on iOS, 4.2/5 on Android
4.9/5 on iOS, 4.3/5 on Android
BBB Rating
C
A+
A+

How We Rated Barclays Bank : Review Methodology

The Smart Investor team extensively reviewed hundreds of banks and credit unions. We assessed them based on four main categories, each with specific features:

  • Diversity of Products and Their Attractiveness (40%): We extensively analyzed the breadth and appeal of each bank's product offerings, including savings accounts, checking accounts, loans, investment options, and more. Higher ratings were assigned to banks with a diverse range of products that are attractive in terms of interest rates, fees, terms, and additional features. This category provides insights into the variety and value of the bank's offerings, crucial for meeting customers' diverse financial needs.

  • Account Features (30%): This category delves into the features and benefits accompanying each bank's accounts. We scrutinized factors such as promotions, deposit and withdrawal options, ATM accessibility, online and mobile banking functionalities, as well as additional perks like overdraft protection and rewards programs. Banks offering comprehensive and convenient features received higher ratings, reflecting the overall value of their accounts to customers.

  • Customer Experience (20%): A positive customer experience is paramount in banking, so we evaluated each bank's performance in this area. This included assessing the ease of account opening, quality of customer service, availability of support channels, and overall user satisfaction. Ratings were based on factors such as responsiveness, efficiency, and the bank's commitment to meeting customer needs, ensuring a seamless and satisfactory banking experience.

  • Bank Reputation (10%): The reputation of a bank is a critical consideration for customers. We examined factors such as financial stability, regulatory compliance, and public perception to determine each institution's overall trustworthiness and reliability. Higher ratings were awarded to banks with strong reputations, reflecting their credibility and ability to inspire confidence among customers.

  •  

By considering these categories, individuals can make informed decisions that align with their financial needs and preferences, ensuring they choose a bank that offers competitive products, excellent features, a positive customer experience, and a solid reputation.

Compare Barclays Versus Other Banks

Citi offers an excellent range of banking products that cover the majority of your financial needs.

Personal loans, mortgages, credit cards, investment options, IRAs, and wealth management plans are available in addition to savings and checking accounts. Barclays' product line is more streamlined. This bank offers credit cards, savings accounts, credit cards, and personal loans.

The most obvious product gap is the absence of a checking account. As a result, Barclays becomes more of a supplementary bank rather than your primary day-to-day financial institution.

Read Full Comparison: Citi vs Barclays: Which Bank Account Is Better?

Barclays and HSBC are non-US banks that offering various banking services to US customers. Let's compare their banking options side by side: Barclays Bank vs. HSBC Bank

Amex comes out on top with a solid checking option (which Barclays doesn't have), an excellent savings account, and great credit cards.

Barclays Bank vs. American Express Bank: Which Bank Account Is Better?

Capital One is our winner for most consumers than Barclays bank. But, there are important things to consider when comparing them: Barclays Bank vs. Capital One

Both Chase and Barclays offer a significant portfolio of banking services for US-based customers, but Chase is our winner. Here's why.

Chase Bank vs. Barclays Bank: Which Bank Account Is Better?

 

Barclays provides a comprehensive range of services to US customers, while Ally bank is among the best online banks. How do they compare? Barclays Bank vs. Ally Bank

Both Barclays and Marcus bank offer great savings rates for depositors who are interested in CDs or savings accounts. How they compare? Barclays Bank vs. Marcus

Both Barclays Bank and Synchrony Bank offer great savings products for their customers, but lack a checking account. Which bank is best? Barclays Bank vs. Synchrony Bank

Banking Reviews

Picture of Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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