We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.
Explore Barclays Bank’s suite of personal finance solutions
Savings products are limited, but come with high interest rates and no maintenance fees.
If you’re in the market for a high-yield savings account or CD, Barclays could be a fitting option. But this London-based bank’s personal banking product line is limited in the US, and accounts don’t offer debit card or ATM access.
What banking products does Barclays Bank offer?
- Barclays Online Savings. This high-yield online account offers a high 1.7% APY with no maintenance fees and no minimum deposit required.
- Barclays Online CDs. Terms range from three to 60 months with APYs of up to 2.1%.
- Personal credit cards. Barclays offers a number of personal credit cards, including Miles & More® World Elite Mastercard® and Choice Privileges® Visa Signature® Card.
- Business credit cards. If you need a credit card for your business, Barclays offers the AAdvantage® Aviator® Business Mastercard®, JetBlue Business Card and Hawaiian Airlines® Business Mastercard®.
- Personal loans. Barclays personal loans offer funds of up to $35,000, with maximum loan terms of up to five years with an APR range of 4.99% to 20.99% .
How does Barclays compare to other banks?
While big names like Wells Fargo, JP Morgan and Bank of America top out the list of the top 50 bank holding companies by deposits in the US, Barclays doesn’t make the cut.
In the UK, however, it’s a different story. While its offerings in the US are limited, Barclays is one of the largest financial institutions in the UK. In 2017, it reported over £66 billion in total equity and over £1 trillion in total assets.
Why should I open an account at Barclays?
In addition to having around the clock customer service and a convenient mobile app, other benefits to banking with Barclays include:
- No fees. Open an online savings account or CD with Barclays and watch your savings grow with no associated maintenance fees.
- Competitive rates. Get a competitive 1.7% APY with the Barclays savings account and up to 3.1% APY on a 60-month CD.
- Mobile check deposit. Deposit a check with your phone, tablet or personal computer by using the mobile check deposit feature of your online Barclays account.
- Rewards programs. Barclays Mastercards and Visas come with cash back, reward point and travel point programs.
What should I look out for?
As with most banking products, there a few potential drawbacks to be aware of:
- Early closure penalty. If you withdraw funds from your Barclays CD before the term is up, you’ll be hit with an early termination fee.
- Limited service. Barclays’ online banking products don’t come with debit cards or access to ATMs.
Barclays Bank ratings, reviews and complaintsBarclays Bank is insured by the FDIC and receives an Outstanding CRA rating. It’s also an accredited business with the Better Business Bureau, which gave it an A+ rating.Barclays doesn’t fare as favorably on Trustpilot, with an overall TrustScore of 3.5 out of 10. Most customers complain of long wait times to speak with customer service, and several mention miscommunications that resulted in missed credit card payments.
On the Consumer Complaint Database, a whopping 3,515 complaints are about Barclays credit cards, while only 172 mention its personal savings products.
Like any other financial provider, an account with Barclays Bank has its fair share of perks and drawbacks. You’ll get mobile banking, no fees and high interest rates, but be prepared for limited transactions and no debit card or ATM access.
Common questions about banking at Barclays
Read more on this topic
Explore Community First Credit Union’s suite of bank accounts Community First Credit Union offers big-bank account features to a limited Northeast Florida membership.
Compare CD vs. savings account Compare pros, cons, interest rates, features, fees and more.
Compare CD vs. bond Explore the differences between CDs and bonds to learn which is right for you.
Explore Mutual of Omaha Bank’s suite of accounts Full line of banking and investing options, but limited physical locations
Explore Commerce Bank’s suite of bank accounts Explore this regional bank’s pros, cons and account options.
Explore Golden 1 Credit Unions suite of bank accounts Features a comprehensive list of checking and savings accounts to California residents.
Explore Alaska USA Federal Credit Union’s suite of bank accounts Offers 24/7 customer support and a suite of accounts to four states.
Explore KeyBank’s suite of bank accounts This regional bank offers 20+ checking and savings accounts in 15 states.
Explore America First Credit Union’s suite of bank accounts Offers high APYs and plenty of variety, but it only services five states.
Explore Delta Community Credit Union’s suite of bank accounts Features free accounts and 24/7 phone support for metro Atlanta and Delta employees.