A review of Barclays CD rates for January 2019 | finder.com

A review of Barclays CD rates

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Barclays Online CDs
  • Interest compounded daily
  • Get flexibility with a CD ladder
  • No hidden monthly fees or minimum balances to open

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Lock your money into a CD that earns up to a 3.1% APY.

Certificates of deposit (CD) offer an opportunity to earn a higher interest rate than savings accounts. But you’ll give up easy access with ATM cards and convenient transfers that make it too easy to dip into the account. Barclays offers competitive rates on a variety of terms to provide flexibility in the pursuit of your financial goals.

Minimum deposit to open$0.01
Interest compoundingDaily
3-month APY0.35%
6-month APY0.65%
9-month APY0.7%
1-year APY2.65%
18-month APY2.65%
2-year APY2.7%
3-year APY2.75%
4-year APY2.85%
5-year APY3.1%

What are the benefits of Barclays CDs?

Barclays CDs offer many benefits regardless of your choice in term length:

  • No hidden fees. There’s no fee to open or maintain the account, and all other fees are disclosed in the account agreement.
  • No minimum balance. You can open a Barclays CD with as little as $0.01.
  • Daily interest calculation. Interest on CDs is compounded daily, helping your account grow faster.
  • Competitive rates. Barclays pays between a 0.35% and 3.1% APY on its CDs, which is higher than most of its competitors.
  • Numerous terms. Choose terms of three to 60 months.
  • Low withdrawal fees. Barclays has lower early withdrawal fees than many of its competitors.

What should I look out for?

While Barclays CDs offer many benefits to help you save, there are a few potential drawbacks to look out for:

  • No branches. Barclays US operates entirely online, so you can’t visit a branch if you have questions or need assistance in person.
  • Limited information. The Barclays website offers limited information on account features and fees, so you may need to speak with a representative for more information.
  • No checking accounts. Barclays only offers savings accounts and CDs, so if you’re hoping to do all of your banking in one place, consider looking elsewhere.

Compare with other CDs

Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
0.55%
2.6%
2.7%
2.75%
3.1%
2.65%
2.65%
2.7%
2.75%
3.1%
2.6%
2.6%
2.65%
2.7%
3%
2.5%
2.7% on CDs of $25,000+

2.65% on CDs of $5,000 to $24,999

2.5% on CDs of $0 to $4,999
2.75% on CDs of $25,000+

2.7% on CDs of $5,000 to $24,999

2.6% on CDs of $0 to $4,999
3%
2.2%
2.5%
1.4%
1.3%
1.7%
1.85%
2.1%
2.25%

Compare up to 4 providers

How do I open a Barclays CD?

There are two ways you can open a Barclays CD:

Online:

  1. Visit the Barclays US website, hover over Savings and CDs and click Online CDs.
  2. Click Open an account.
  3. Fill in your personal information, account information and all other fields.
  4. Read and accept all terms. Once your application is complete, click Submit to open the account.

By phone:

If you’d prefer to open an account by phone, you can call 888-710-8756 to speak with a representative.

Eligibility

To open a Barclays CD, you’ll need to meet these eligibility requirements:

  • Must be at least 18 years old.
  • Must be a US citizen or resident alien.
  • Must have a valid Social Security number or taxpayer ID number.
  • Must have a valid US residential address.

Required information

When you apply for a Barclays account, you’ll be asked to provide the following information:

  • Name
  • Date of birth
  • Contact information
  • Address
  • Social Security number or tax ID number
  • Employment information

Funding options

During the application process, you’ll need to provide funding information and complete an account verification. If you apply online, you’ll need to fund the account from an external bank account, though you may have other options if you open your account by phone.

How do I cash in a CD?

Barclays notifies you 30 days before your CD reaches its maturity date. Once it matures, you’ll have a 14-day grace period to choose between the following options:

  1. Let it automatically renew at the same rate and term.
  2. Renew your CD at a new rate and term.
  3. Make an additional deposit.
  4. Withdraw the total.
  5. Withdraw only the principal or interest.

If you don’t take any action during the 14-day grace period, your account automatically renews, and you’re locked into the same term at the corresponding rate at the date of maturity.

Early withdrawal penalties for Barclays CDs.

You’re charged an early withdrawal penalty if you want to withdraw your money before your CD reaches maturity. The fee varies depending on the term length of your CD:

  • One to 24 months: 90 days of interest
  • 25 to 60 months: 180 days of interest

How can I get in touch with Barclays US customer service?

  • By phone: 888-710-8756 is available seven days a week, 8 a.m. to 8 p.m. ET.
  • By Mail:
    Barclays
    PO Box 2460
    Cranberry Twp., PA 16066

Bottom line

Barclays offers competitive rates on a variety of CDs and can even help you set up a CD ladder by staggering multiple term lengths so that a portion of your savings becomes accessible every year. There are almost no fees, and you won’t be hit with any hidden charges, allowing you to keep more of your money. However, Barclays US doesn’t have any physical branches or offer checking accounts, so if you’re looking for a more traditional banking experience, compare other certificates of deposit.

Frequently asked questions

Peter Carleton

Peter Carleton is a writer at finder.com who specializes in credit cards, life insurance, mortgages and more. In his free time, you can find him cooking, writing or honing his skills in WordPress development.

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