Barclays Bank Review 2024: Competitive rates, limited account options

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Barclays is a large international bank that offers online savings and certificate of deposit (CD) accounts to U.S. customers. It’s known for its competitive interest rates, no monthly fees, and no minimum balance requirements.

But keep in mind that Barclays is online-only in the United States, with no physical branches or ATMs. You also can’t handle all of your banking needs here as there’s no checking account available.

About Barclays Bank 

Barclays is a large international bank based in London that offers online savings accounts and CDs to U.S. customers. Founded in 1690, it has a long history but only began offering retail banking services in the U.S. in the early 2000s.

Barclays stands out for its high-yield savings account and CD rates, which are consistently among the highest in the industry. It keeps costs low as an online-only bank in the U.S. However, it has a limited product line — only savings accounts, CDs, and credit cards, with no checking account. Customer reviews also indicate some issues with customer service and the mobile app.

Barclays Bank accounts

Barclays offers a high-yield savings account and a variety of CD options. They do not offer a checking account or money market account.

Barclays high-yield savings account

The Barclays online savings account offers a competitive 4.10% APY (as of November 19, 2024). This rate applies to all balance tiers with no minimums. 

The account has no monthly fees and allows you to easily access your money online at any time. You can deposit checks or electronically transfer funds via the mobile app.

However, the account lacks some features you might expect from a savings account. There are no physical branches or ATM access — you can only access your money via electronic transfer. 

The account also doesn't offer a debit card or check writing privileges. But if your priority is earning high interest rates on your savings with no fees, this account delivers.

Barclays CDs

Barclays offers a range of CD options with competitive rates and no minimum deposits:

• Terms from 1-5 years
• 6-month CD earns 4.50% APY (as of November 19, 2024)
• Interest compounds daily
• Withdraw earned interest monthly, quarterly, or let it compound

These CDs offer guaranteed returns with locked-in rates for the term. Be aware you'll face an early withdrawal penalty if you take out funds before maturity. 

Barclays doesn't disclose its penalty policy upfront, so contact customer service for details.

Other Barclays Bank products and services 

Aside from savings accounts and CDs, Barclays' only other products for U.S. customers are credit cards. It offers several cards in partnership with brands like American Airlines, JetBlue, Wyndham Hotels, and more. 

The cards have varying rewards, benefits, and fees based on the specific partnership. Here's a closer look at some of Barclay's top cards. 

AAdvantage® Aviator® Red World Elite Mastercard®

This card is ideal for those who frequently fly American Airlines for work or pleasure. You’ll enjoy your first checked bag free on domestic AA flights and priority boarding. Cardholders earn 2X miles per dollar spent on eligible American Airlines purchases and 1X miles on everything else. There are no foreign transaction fees and a $99 annual fee.

Here’s our guide to the best credit cards for American Airlines.

JetBlue Plus Card

True Blue devotees who fly JetBlue should consider the JetBlue Plus Card from Barclays, which is packed with travel perks. You’ll rack up 6X points on JetBlue purchases, 2X points at restaurants and grocery stores, and 1X points on all other purchases. This card comes with free first checked bags, in-flight discounts, and a $99 annual fee.

Wyndham Rewards Earner® Card

The Wyndham Rewards Earner Card is a top hotel card with no annual fee. You get automatic silver status and can earn 5X points on purchases made at Wyndham and on gas. You’ll also earn 2X points at grocery stores and restaurants and 1X points on everything else.

Barclays Bank experience 

Online and mobile banking platform 

Barclays' online banking website allows 24/7 account access to check balances, transfer funds, and more. The mobile app offers mobile check deposits but gets poor ratings for glitchy performance and outdated design.

The Barclays US Savings app only scored 3.3/5 on the App Store and 2/5 on Google Play. Reviews mention the app has a bad user interface and is difficult to use.

Fees

Barclays savings account and CDs have no monthly maintenance fees and no minimum balance requirements. However, other fees may apply for certain services or situations. 

“I wouldn't recommend banks to clients who have high monthly maintenance fees,” says Garcia, “The banking and online banking industry is too competitive these days for banks that have high monthly maintenance fees.”

Barclays' fee disclosure isn't readily available on its website, so some fees come as a surprise. Contact customer service for full fee details.

Customer experience

Customers seem less than pleased with their customer experience. The bank received 1.4/5 stars on Trustpilot, a consumer reviews platform. Many reviews mention a bad customer service experience.

It’s important to note that Barclays does have a high amount of Better Business Bureau (BBB) complaints, though that’s not always uncommon for a bank. After all, people may be more likely to complain about their bank than give compliments.

The BBB gave Barclays an A+ score, which doesn’t consider customer reviews and represents the BBB's opinion of how the bank should interact with its customers.

How to open a Barclays bank account

Barclays has a fairly standard account opening process. Once you choose to open a single or joint account, you’ll complete the online application.

Be ready to provide information such as your Social Security number and contact information. To fund the account, you must provide your external bank routing and account number. Once confirmed, you can start growing your savings with a high-yield savings account or a CD.

How we rated this bank

Every bank review we publish has undergone a rigorous editorial process to ensure accuracy and objectivity. Learn more about our methodology here.

The bottom line

Those looking to maximize their savings can open a Barclays savings account or CD. However, it is important to note that Barclays isn’t the only online bank offering high APYs.

Many customers report negative customer service experiences with Barclays. It may be worthwhile to look for a bank that can offer similar interest rates but a better customer experience. It’s always a good idea to shop around before choosing a bank to see which offers the best rates, the lowest fees, and the most diverse product offerings.

Editorial Disclaimer: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.