Barclays Bank Review: Great Rates on Savings and CDs
Written by
Caitlyn Moorhead
Edited by
Melanie Grafil
Commitment to Our Readers
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A secure and convenient way to save your money
Barclays Bank specializes in online savings accounts and CDs, making it an excellent choice for growing your savings.
Barclays Bank offers only savings products: an online savings account and certificates of deposit. With no retail branches or ATMs, these accounts are a good place to stash some money that you want to keep separate from the rest of your accounts. The global bank offers retail banking, credit cards, wealth management, investment banking and corporate banking.Â
In the United States, Barclays offers online retail banking for savings products. Barclays was ranked by GOBankingRates among the Best CD Accounts for 2025 and placed 10th nationwide.Â
Barclays Bank Savings Account
If you go to Barclays’ website, you’ll now find two savings options: Barclays Online Savings and Tiered Savings accounts. Here are some key takeaways from Barclays savings accounts:
- Barclays Online Savings is a high-yield savings account that offers a APY.Â
- There’s no minimum balance to open or maintain the account, and there’s no monthly maintenance fee.
- Barclays gives you several ways to deposit funds into your Online Savings account. Once you’ve linked an account from another bank, withdrawing funds from your Barclays account is easy — an important consideration because Barclays doesn’t offer checking accounts or issue ATM cards.Â
- Barclays currently has no limit on the number and types of withdrawals you can make each month.
- As of July 31, 2024, the bank also now offers Barclays Tiered Savings, which allows you to improve your APY based on your balance amount.Â
- You can earn up to APY and there are no monthly fees or minimum balance requirements to open. However, to earn the highest rate, Barclays customers must maintain a balance of $250,000.
Best For
CD Accounts
Mobile App
Online Banking
Great APYs
No Minimum Deposit
High APY Up to
Barclays Bank offers high-yield savings accounts with no minimum deposit, competitive APYs up to and no monthly fees–a great choice to make the most out of your savings.
Fees
No monthly service fee
APY
Up to
Min Opening
$0
Pros
- No minimum balance requirements
- No opening deposit requirements
- High APYs
Cons
- No physical branches for cash deposits
- No checking account option to link to
Quick Take
Barclays savings accounts have a lot to offer the right customer, especially if you’re in the market for a high-yield option to help you reach your savings goals faster.
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Barclays Bank CDs
As far as bank services go, Barclays specializes in savings products. The CDs it offers are known for high rates and solid features like the following:Â
- Barclays Bank CDs are available in terms ranging from 12 to 60 months.Â
- The interest rates vary from for 60-month to 12-month CDs.
- GOBankingRates’ Best CD Accounts for 2025 include Barclays CDs because there are no minimum deposit requirements to open the account and the interest rates are extremely competitive for most banks, including online-only institutions.Â
- You make deposits by transferring funds from the external bank account linked to your Barclays CD account.
Best For
CD Accounts
Mobile App
Online Banking
Great APYs
No Minimum Deposit
High Rates and No Minimum
Barclays Bank CDs offer competitive rates, no minimum deposit, and flexible terms, making them a top choice for growing your money.
Fees
No monthly service fee
APY
Up to
Min Opening
$0
Pros
- High CD rates
- No minimum opening deposits
Cons
- Lower withdrawal penalties than other leading competitors
Why We Like Barclays Bank
With some of the best APY and CD options available online, it’s not hard to see why Barclays Bank CDs are rated among the best in the nation.
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Banking ExperienceÂ
Here’s what you need to know about the banking experience and financial services Barclays offers.
Customer Service
If you’re having trouble setting up an account or have questions, customer service can be reached by calling 888-710-8756.Â
Accessibility and Branch Availability
Barclays doesn’t have any branches in the U.S. The bank is online only in the U.S.Â
Digital Experience
Barclays Bank has a user-friendly website where you can review and manage your accounts. There’s also a mobile app that lets you deposit checks and transfer money from your external account. The app is rated 4.6 stars out of 5 on Google Play and 4.8 stars on the Apple App Store. Users have reported errors and usability issues with the app, however.
How To Open an Account
To open a Barclays CD or savings account, you’ll need to apply online, provide personal and contact information, including your Social Security number, and fund the account by entering your external bank account number and routing number.Â
How To Make a DepositÂ
There are four ways to deposit into a Barclays Bank account:
- Transfer the funds from an external account into your Barclays Bank account, which requires that you first set up the external account and link it to your Barclays Bank account. This process can take several days.
- Use Barclays Bank’s Deposit Checks feature through online banking or the mobile app. When you are logged in to your account, select the Deposit Checks tab. Enter the information about your check, and upload pictures of the front and back of the signed check. Then submit your deposit.
- Set up direct deposit into your Barclays Bank account. To do this, you will need to provide your Barclays Bank account number and routing number — 031101321 — to the entity that is originating the direct deposit.
- Mail a check to Barclays, P.O. Box 4538, Carol Stream, IL 60197.
How Does Barclays Bank Compare?
When deciding where to bank, you have many choices. It makes sense to compare several options to find the one that’s best for you. Here are some competitors to Barclays Bank and how they stack up.
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
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No monthly service fee
$0
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APY
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Min Opening
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Min Opening
$0
$0
$0
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
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No monthly service fee
No monthly service fee
No monthly service fee
APY
APY
APY
Up to
Up to
Up to
Min Opening
Min Opening
Min Opening
$0
$0
$0
Barclays Bank vs. Ally Bank
Ally Bank earned the 6th spot in GOBankingRates’ Best Online Banks for 2025 rankings. It offers high interest rates on all banking products, including checking and money market accounts — both of which are account types Barclays doesn’t offer. Ally and Barclays are similarly competitive when it comes to savings and CD rates.Â
Barclays Bank vs. Discover Bank, Member FDIC
Discover is another of GOBankingRates’ Best Online Banks for 2025 and was ranked 9th. It offers a full selection of banking products, with savings and CD rates that rival Barclays’, plus credit cards, retirement accounts and loans. One thing lacking that Barclays offers is a savings tool. Barclays’ Savings Assistant can help you set and meet savings goals.
Barclays Bank vs. Marcus by Goldman Sachs
Marcus by Goldman Sachs also has a great selection of CDs and received first place in GOBankingRates’ Best CDs for 2025. It offers the High-Yield CD, which pays higher than a high-yield savings account. Then there’s the No-Penalty CD, which has a lower interest rate than a high-yield CD, but you can access your money and even withdraw the interest that’s already been paid whenever you want without incurring a penalty. Lastly, a Rate Bump CD, where your earnings can increase if the rates also rise during your CD term.Â
Final Take
In short, Barclays Bank’s U.S. offerings are fairly limited. However, its rates, fees, accessibility and online platform stand out as its strongest aspects. The no-fee savings account with a competitive rate is a large part of Barclays’ appeal. The CD terms are where the bank really shines. This is why GOBankingRates named them one of the Best CDs for 2025.
Barclays Bank is a good choice if you want to keep your savings or CD accounts separate from your checking account. The fact that Barclays Bank has a large investment banking arm and worldwide presence bodes well for its long-term success.Â
Barclays Bank FAQ
Here are answers to some commonly asked questions about Barclays Bank.- What ATMs can Barclays customers use?
- If you are a Barclays customer, you can use ATMs with the Visa sign to withdraw cash. You can also use ATMs that are part of the Global ATM Alliance without paying a withdrawal fee
- Does Barclays charge ATM fees?
- Yes, Barclays charges a Cash Advance fee for using your Barclays card at an ATM. The withdrawal fee may vary, but you can use ATMs with the Visa sign to withdraw cash. ATMs that are part of the Global ATM Alliance, which Barclays is a member of, are also usable without paying a withdrawal fee.
- How much are Barclays Bank charges?
- Barclays does not charge monthly maintenance fees for accounts. Fees may be assessed for early withdrawal of a CD or other reasons.
- What types of accounts does Barclays provide?
- Barclays provides high-yield savings accounts and varying CDs and term lengths.
- Are Barclays accounts suitable for international customers?
- Yes, Barclays offers an array of international banking services, including an international bank account, international reserve account and international corporate banking options.
- Is Barclays a real bank?
- Yes. Barclays is a real bank founded over 300 years ago.
- Is Barclays Bank safe?
- Yes. Barclays employs multiple layers of security to protect your money and your privacy. And, it's an FDIC-member, so your deposits are protected against potential bank failure.
Cynthia Bowman, Daria Uhlig and Karen Doyle contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 19, 2024.Â
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
To determine rankings for the Best CD Accounts of 2025, GOBankingRates considered the following factors (excluding neobanks): (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) 12-month CD APY rate; (5) 60-month CD APY rate, and (6) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (1) and (2) were weighed 0.5 times, factor (3) was weighed 2 times, and factors (4) and (5) were weighed 4 times. All products and offerings had to be available as of Nov. 1, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 19, 2024.
