Barclays Bank is a major global financial services provider engaged in retail banking, credit cards, corporate, and investment banking and wealth management. Barclay moves, lends, invests and protects money for customers and client worldwide.
They’re always focused on serving the needs of its customers! With accessible and secure banking experience Barclay offers savings and CD accounts with high interest rates, no minimum opening deposit, and low fees! Continue reading below to see if Barclays Bank is the right one for you!
Barclay offers two types of accounts: an online savings and a Certificates of Deposit. Both accounts offer high APYS and have similar requirements, but they are strictly online accounts.
Savings Account Options
You can open a Barclay’s online savings account by filling out the online form. You can start earning interest after funding the account. You do not need to have a specific amount to open an account or have a monthly minimum balance! Since they operate strictly online, they are able to offer flexible requirements and higher APYs than the traditional bank.
Savings Account Features:
- No minimum opening deposit
- No minimum monthly balance
- Low fees ($5 excessive transaction fee, $5 NSF fee, $0.50 paper statement fee)
- 24/7 online access to your funds
- Easy online transfers to other bank accounts
- Direct deposit capabilities
Compare Saving Accounts
Open a Discover Online Savings Account for all these features:
• Earn $200/$150 Bonus with promo code HMB223 by 06/15/2023
• Earn high interest rate of 3.60% APY
• No minimum opening deposit, no minimum balance requirement, and now no fees
• Interest on Discover Online Savings Accounts is compounded daily and credited monthly
• Manage your account online or with the Discover mobile app
• FDIC insurance up to $250,000
• See advertiser website for full details
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code HMB223 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 6/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice.
With the American Express® High Yield Savings Account:
• Earn 3.75% APY as of 3/16/23 on your deposits. Your High Yield Savings account earns interest daily and is posted to your account monthly.
• Links easily with your current bank accounts. No need to switch banks.
• FDIC Insured. Your account is insured to at least $250,000 per depositor.
• 24/7 Account Access
CD Account Options
If you have a little more time to let your money sit, you can use Barclays CD with terms ranging from three months to five years. You don’t need a minimum deposit and there aren’t any monthly maintenance fees. But you must leave the funds in the CD until maturity or you will be charged 90 days of simple interest on CD terms f 24 months or less and 180 days on CD terms longer than 24 months.
CD Account Features:
- No minimum opening balance
- Must fund the account within 14 days of opening it
- You must maintain a minimum balance to earn at least $0.01 in interest
- Daily compounded interest
- You can renew or cash-out the CD at maturity
- No monthly maintenance fees
- Easy online transfers from external banks
Before you tie your money in a CD, you should know the terms and requirements of investment. Barclays offers flexible terms that are similar to their online savings account, but they offer higher APY.
Compare CD Accounts
• Available nationwide online, Discover offers CDs with some of the highest & most competitive rates! with select terms as short as 3 months up to 120 months
• Rates ranging from 2.00% APY up to 4.75% APY.
• Opening a Discover Bank Certificate of Deposit is extremely quick and easy.
• Funds on deposit are FDIC-insured up to the maximum allowed by law.
• Start today with a minimum deposit of $2,500!
• Get started and open a Discover CD in 3 easy steps.
• Available online nationwide
• Earn up to 4.65% APY
• $1,000 minimum to open
• Selection of terms to meet your needs
• A range of choices. Low minimum deposits.
• No fees to open or maintain the account
• Available as Custodial
• Open a CIT Bank Certificate of Deposit Account today!
Barclays Bank Routing Number
Contact Customer Service
1 (888) 710-8756
Customer service is open 24 hours a day, 7 days a week
Reasons to Bank with Barclays Bank
- Barclays doesn’t offer checking accounts, they do allow you to link your checking account to their online savings or CD. You are able to link up to three external accounts.
- You have several options to make deposits: direct deposit from your paycheck or ACH transfer from your linked checking account and you can also mail a check to Barclays.
- You are able to deposit funds through the Barclays app by just taking a picture of the check! They do hold onto the funds for five business days when using this method.
- No minimum deposit to open a savings account! You can deposit as a little as $1, but the more you deposit, the more interest you earn.
- You can automatically renew your CD upon maturity. This gives you time to determine if you want to withdraw the cash or renew the CD. If you decide to renew, you’ll need to log into your account and choose the new term.
- They can help you with CD laddering! They help you free up some funds while taking advantage of longer terms, you can customize the dollar amount and the term to see which laddering option will keep you comfortable, yet allow to maximize your earnings.
- They have customer service available seven days a week form 8AM to 8PM.
- Since they operate online only, they are able to cut out the standard monthly maintenance fees you may pay on CD accounts elsewhere.
- Your Barclays CDs earn daily compounded interest, which is paid on a monthly basis. You can leave it in the CD, withdraw it to an external account or deposit into your online savings account.
- The Barclays app gives you all of the same functions you could do your PC. Their app and online version are identical, making it easy to manage your money anywhere.
Reasons Not to Bank with Barclays Bank
- Barclays is strictly an online savings or CD bank; they do not offer checking account services. Instead you have the option to link an external checking account to your Barclays accounts to make moving money around easier.
- Since they do not have any brick-and-mortar banks or ATMs, everything is handled online! So if you’re not comfortable with that, you may want to go with a bank that has an ATM access.
- Barclays offers savings and CD accounts only, both of which limit access to your funds. If you withdraw your funds more than six times in one month,
- Barclays charges you $5 fee for every withdrawal. They also have the right to cancel your account if you use it like a checking account, making frequent withdrawals.
How Barclays Bank Compares
- Ally Bank: Ally provides margin lending, and cash management services. The company provides services for individuals and institutions that are investing online. They offer an electronic trading platform for the purchase and sale of financial securities including common stocks, preferred stocks, futures contracts, exchange-traded funds, options, mutual funds, and fixed income investments.
- Capital One 360: Capital One 360 Savings account offers no fees and minimums as well and is FDIC-insured! Join the team of millions of savers!
Barclays Bank is a good option for you, if you’re looking for a basic savings account! You’ll earn more interest by using their online services than you would at your local bank.
But if you want to access your funds or want to save for things like retirement, you may want to look for another bank! You should check our full list of Best Bank Promotions for more other banking options while you’re here on HMB!
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