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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 1.3% APY, which is not competitive compared to other banks.
0.8%
1-year APY
1.2%
3-year APY
1.3%
5-year APY
Star rate | 3.1 |
---|---|
3-month APY | 0.1% |
6-month APY | 0.1% |
9-month APY | 0.1% |
1-year APY | 0.8% |
18-month APY | 1% |
2-year APY | 1% |
3-year APY | 1.2% |
4-year APY | 1.2% |
5-year APY | 1.3% |
Early withdrawal penalty | 90 days interest for terms of 1 to 24 months 180 days interest for terms of 25 + months |
Minimum deposit to open | $0.01 |
Interest compounding | Daily |
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.
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 0.8% on 1-year to 5 -year terms. You’ll find higher CD rates at other banks like Discover, which offers up to 1.00% APY.
There are two ways you can open a Barclays CD:
If you’d prefer to open an account by phone, you can call 888-710-8756 to speak with a representative.
To open a Barclays CD, you’ll need to meet these eligibility requirements:
When you apply for a Barclays account, you’ll be asked to provide the following information:
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.
Barclays CDs offer many benefits regardless of your choice in term length:
While Barclays CDs offer many benefits to help you save, there are a few potential drawbacks to look out for:
If you prefer a more traditional banking experience, you’ll want to keep looking. As always, compare your options when choosing 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:
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.
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:
★★★★★ — 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.