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A review of Barclays CD rates

Lock your money into a CD that earns up to a 0.3% APY.

finder.com’s rating: 3.1 / 5.0

★★★★★

Barclay’s offers many CD term options ranging from three to 60 months. Plus you can open any Barclay’s CD with as low as $0.01. But the highest rate you could earn is 0.3% APY, which is not competitive compared to other banks.

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0.25%

1-year APY

0.3%

3-year APY

0.3%

5-year APY

Details

Minimum deposit to open$0.01
Interest compoundingDaily
3-month APY0.1%
6-month APY0.1%
9-month APY0.1%
1-year APY0.25%
18-month APY0.3%
2-year APY0.3%
3-year APY0.3%
4-year APY0.3%
5-year APY0.3%
Early withdrawal penalty90 days interest for terms of 1 to 24 months
180 days interest for terms of 25 + months
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Review by


Peter Carleton is a writer that covers banking and investing, breaking down what you need to know about where you put your money. When Peter's not thinking about cutting-edge banking apps and robo-advisors, he runs a creative agency and spends his spare time cooking or reading.

Expert review

Barclay’s CDs are best for those looking for long-term CDs. You have the option of choosing from a range of three to 60-month CDs. Plus, there’s no minimum opening deposit to worry about.

But you’ll only earn 0.25% on 1-year to 5 -year terms. You’ll find higher CD rates at other banks like Discover, which offers up to 0.6% APY.

How do I open a Barclays Online CDs account?

There are two ways you can open a Barclays CD:

Online:

  1. Go to the provider’s site and follow the steps to apply.
  2. From the Barclays US website, hover over Savings and CDs and click Online CDs.
  3. Click Open an account.
  4. Fill in your personal information, account information and all other fields.
  5. 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.

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.
  • 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:

  • Low rates. Barclays pays between a 0.1% and 0.3% APY on its CDs, which is lower than most of its competitors.
  • Numerous terms. Choose terms of three to 60 months.
  • 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.

If you prefer a more traditional banking experience, you’ll want to keep looking. As always, compare your options when choosing a CD.

Compare with other CDs

Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
Quontic Bank CD
0.6%
0.75%
1%
1.11%
Lock in a high rate. Minimum of $500 required to open. Open your account in 3 minutes or less
Radius Bank CDs
0.5%
0.5%
0.5%
0.5%
0.5%
Enjoy a low minimum deposit of $500 and earn 0.5% APY on your balance. Apply online for 1 year, 18 month and 3 year terms.
CIT Bank Term CDs
0.3%
0.3%
0.4%
0.4%
0.5%
Choose from a range of terms with no maintenance fees and $1,000 minimum to open.
Discover CDs
0.5%
0.5%
0.5%
0.55%
0.6%
Start saving with $2,500 and enjoy flexible terms from 3 months to 10 years with no account fees.
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Compare up to 4 providers

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:

  • 1 to 24 months: 90 days of interest
  • 25 to 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

Frequently asked questions

CDs ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We rate CDs and share certificates on a scale ranging from one to five stars based on what matters most to you. We consider two factors equally when rating CDs: minimum deposits and annual percentage yields (APYs) relative to term length. If a bank requires a different minimum opening deposit depending on the chosen term, we rate the CD based on the average minimum deposit across all terms. And although some institutions offer CDs with terms ranging from one week to 20 years, we only consider term lengths the FDIC uses in its monthly updates on national rates.

Read the full methodology of how we rate CDs.

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