Savings products are limited, but come with high interest rates and no maintenance fees.
Barclays Bank offers corporate and personal banking solutions with a range of available products, including bank accounts, personal loans and credit cards.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?
Personal banking
- Barclays Online Savings. This high-yield online account offers a high 2.2% 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 3.10%.
Other products
- Personal credit cards. Barclays offers a number of personal credit cards, including Barclaycard Arrival® Plus World Elite Mastercard®, Barclaycard Ring® Mastercard®, Barclaycard Visa, 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 5.74% 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 2.2% 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 complaints
Barclays 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.
Bottom line
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.
