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Summary: Barclays Bank’s history began more than 300 years ago in London and has since expanded to serve 48 million customers across the globe. It offers retail banking, credit cards, and investment and wealth management services. The U.S. division of Barclays Bank offers online savings accounts and a wide range of CD terms.
Barclays Bank product overview
Barclays Online Savings
The Barclays Online Savings Account is a high-yield savings account with an interest rate that’s more than nine times the national average. This account doesn’t charge monthly maintenance fees or pose minimum balance requirements. In fact, this account was selected as one of the 10 best high-yield savings accounts available today by our team of experts.
Barclays Tiered Savings
The Barclays Tiered Savings Account is an online high-yield savings account designed to reward higher balances with higher interest rates. Currently, this account pays 4.3% APY for balances of $250,000 or more, or 4.1% APY for balances of $249,999 and under. There is no minimum opening deposit for this account.
Barclays Online CDs
Long-term savers can explore Barclays online CDs, with terms that range from six months to 60 months, and rates as high as 4.00% APY. Interest on these CDs compounds daily and there are no hidden monthly fees or minimum balance requirements.
Barclays Bank fees
Here are some of the fees you can expect to pay as a Barclays customer:
Read more: What are bank fees, and how do I avoid them?
Barclays Bank pros and cons
Here’s a closer look at some of the major pros and cons of banking with Barclays:
Pros:
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Competitive rates: Barclays’ savings accounts and CDs offer competitive rates well above the market average.
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Low fees: Barclays doesn’t charge annual fees or monthly maintenance fees for its accounts. It also doesn’t require a minimum balance to open an account.
Cons:
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Limited account offerings: Barclays’ online account options only include savings and CD accounts. Customers who need a wider variety of deposit products and loans should consider a different bank.
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No physical branches in the U.S.: Barclays does not have any physical branch locations in the U.S. Those who frequent their bank’s branch or prefer to resolve banking issues in person will have to rely on online support instead.
Customer service and mobile banking experience
For banking-related questions, customers can contact a Barclays representative seven days a week between 8:00 a.m. and 8:00 p.m. ET.
Barclays customers can access their accounts 24/7 via the bank’s mobile app to view account balances, transfer money between accounts, and deposit checks remotely. The app is available for download on the App Store and Google Play, with an average rating of 4.8 and 4.7, respectively.
Social and environmental impact
Barclays is committed to addressing climate change and becoming a net-zero bank by 2050. It is also working on aligning its financing with the goals and timelines of the Paris Agreement and plans to invest up to £500 million of its own capital into climate tech companies by the end of 2027, among other climate goals.
Barclays also actively gives back to the communities it serves by empowering entrepreneurs to connect with one another and scale their businesses and investing in sustainability-focused startups.
Frequently asked questions
Is Barclays FDIC-insured?
Yes. Barclays Bank is a member of the FDIC.
What is Barclays’ routing number?
Barclays’ routing number is 031101321.
Does Barclays charge monthly service fees for any of its accounts?
No. Barclays does not charge any monthly maintenance or annual fees for its accounts.
Does Barclays have a bank in the U.S.?
Although Barclays has a U.S. banking division, it operates solely online with no physical branches.
What is Barclays Bank known for?
Barclays is a major global financial services provider that offers retail banking, credit cards, and more. Barclays Bank, specifically, is known for high-yield, fee-free online deposit accounts.
Is Barclays considered a good bank in the U.S.?
Barclays' U.S. online banking division is one of the best banks for savings accounts and CDs with high interest rates and no fees.
