Barclays Bank Review: Pros, Cons, And Alternatives

Barclays Bank is an older financial institution, but it's only been in the last few year's they been pushing hard into the US banking space.

They are becoming well known for having top yielding savings accounts and CDs, but they also have other banking products that are helpful to consumers. 

The biggest drawback to Barclays banking is that it is only online - they don't have locations. But for most people, that shouldn't matter today.

See how they compare to the best high yield savings accounts right now.

Who Is Barclays Bank?

Barclays Bank has been around since 1690 and is based in the United Kingdom. They have branches throughout the world. Barclays does banking for 48 million people globally in more than 40 countries.

Due to the sheer number of geographic areas that Barclays serves, it has several websites. But you can find the United States Barclays Bank website here.

What Do They Offer?

Barclays Bank offers online-only, high-interest-rate savings and CD accounts.

Barclays Tiered Savings

Barclays Bank has a tiered savings account that's highly comparable to other high yield online savings accounts. 

Unlike others on this list, there are no monthly maintenance fees on this account with Barclays. They are about as traditional a bank as you get. 

Right now you can earn up to 4.80% APY, with minimum balance requirements.

The tiers are:

Open a Barclay's Online Savings account here >>

CDs

Barclays Bank has lots of CD durations. These are (with some of the more popular rates):

• 3 months
• 6 months
• 9 months
• 12 months
• 18 months
• 24 months
• 36 months
• 46 months
• 60 months

Explore Barclay's CDs here >>

See how Barclays' compares with the best bank CD rates.

Features and Services

You can do all of your banking through Barclays Bank’s website and their mobile app. To find the mobile app, search for “Barclays US Savings” on the Apple App Store or the Google Play store. On the Apple App Store, it has a 4.2 rating out of 708 ratings.

The mobile app allows you to deposit checks into your account simply by taking a photo of the check and verifying the amount. The daily check maximum is $5,000 and the daily account maximum is $10,000. You can deposit up to 10 checks in a single day. You can also do one-time transfers to and from external accounts.

The website allows you to deposit funds and do transfers with external accounts. There is a five-day hold for checks, but funds transferred through ACH are available immediately.

Are There Any Fees?

There are no monthly or maintenance fees on savings or CD accounts. Like most CD accounts, you’ll incur a penalty for early withdrawal. For CDs with a 24-month duration, the fee is 90 days of simple interest. For CDs with a duration that is greater than 24 months, the fee is 180 days of simple interest.

There is a $5 fee per item for insufficient funds. You can do six withdrawals per statement cycle. This limitation is not set by Barclays, but is instead imposed by federal law. There is a $5 fee for each withdrawal after six.

It’s best to set up paperless statements. Otherwise, you’ll be charged $0.50 per paper statement.

How Does Barclays Compare?

Barclays isn't the only bank doing online banking with great yields. While they are usually near the top of the rate table, they don't make the top 10 often. Check out our list of the best savings accounts here.

See this quick comparison:

Barclays Promotions

Right now, Barclays does not have any promotions runnings. 

How Do I Open an Account?

Accounts can only be opened online for high-yield savings and CD accounts. Visit the above URL to open your account. You’ll need a Social Security number to open an account.

Get started with an account at Barclays here >>

Is My Money Safe?

Yes. Barclays Bank is FDIC-insured up to $250,000 per depositor. They also use bank-grade encryption for their website and mobile app.

Learn more about what FDIC insurance is here.

How Do I Contact Barclays?

Barclays' banking customer service team is available daily from 8:00 am – 8:00 pm EST daily. Their customer service number is 1-888-710-8756. Here is their physical mailing address:

Barclays
P.O. Box 2460
Cranberry Twp., PA 16066

Barclays is accredited with the Better Business Bureau (BBB) and is currently rated A+.

Why Should You Trust Me?

I've been writing about and covering the banking and saving space since 2009, when we first launched The College Investor. I have reviewed over 50 of the top banks in the United States, and I'm personally always looking for the highest interest rates for my savings account.

For this review alone, I've spend hours comparing Barclays to other top banks. Furthermore, our compliance team regularly (typically Monday through Friday) updates and checks the rates to ensure accuracy.

Who Is It For And Is It Worth It?

Barclays is a well-known bank with top yielding savings and CD options. If you're a saver or looking for a place to park an emergency fund, Barclays is a great choice.

While there is a lot of competition for high-yield savings accounts and CDs right now, with most offering very similar products, sometimes it comes down to personal preference. If you have existing accounts with Barclays, opening your high-yield accounts with them will make transferring money between accounts easier.

Also, not all high-yield offerings have a $0 minimum deposit for opening. Some require a few thousand dollars. This makes Barclays Bank a good deal.

Barclays Bank FAQs

Here are a few of the most common questions that people ask about Barclays Bank.

Does Barclays offer free ATMs?

No, since Barclays US only offers savings products, it doesn't provide ATM access to its customers.

Is Barclays a real bank?

Yes, although Barclays parent company is based in London, UK, Barclays Bank US is a member FDIC bank that is officially chartered as Barclays Bank Delaware.

Does Barclays have U.S. branches?

No, Barclays operates as an online-only bank in the United States.

Is Barclays offering any cash bonuses to new customers?

Not currently, but we'll update this review if any sign-up bonuses are announced in the future.

Barclays Features