London-based bank Barclays offers limited banking products to the U.S. through online banking. Barclays US is not a full-service bank and doesn’t offer checking or investment products. However, it does offer savings accounts worth considering.
Barclays Online Savings
Annual Percentage Yield
4.35%
As of 02/28/2024
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$0
4.35%
As of 02/28/2024
$0
$0
These simple, high-interest savings products may be ideal if you’re looking for an online savings account. Here are Barclays savings interest rates and how much you can earn.
Barclays Savings Interest Rates
Like many online banks, Barclays offers competitive interest rates. Both their high-yield savings account and certificates of deposit (CDs) offer an opportunity to earn competitive savings interest rates.
Below are the savings account interest rates for both Barclays products. Rates and account details are accurate as of May 14, 2024.
| Account Name | APY |
|---|---|
|
Barclays Online Savings
|
4.35%
|
| Account Name | Term | APY |
|---|---|---|
|
Barclays Certificates of Deposit
|
6 months |
4.85% |
Overview of Barclays Savings Account
Barclays US offers two straightforward savings products. Both account types can only be opened online and do not offer ATM access to your funds. But if you’re comfortable with digital banking, these accounts may help you build your savings faster.
Barclays Online Savings
Barclays US only operates as an online bank. This streamlined bank offers a single savings account with no minimum opening deposit or monthly fees. There is no complicated tiered interest system or set of requirements to earn the advertised APY. Any savings account with a balance of at least $0.01 earns the bank’s top interest rate.
If you need to deposit or withdraw cash from your savings, this account may not be ideal as it offers no ATM access and no cash deposits. You can add funds to your account via electronic transfer, direct deposit, mobile check deposit or by sending a check in the mail.
Barclays does not offer a checking account or a debit card for savings customers. Barclays also does not offer savings accounts for minors, so this bank is not an option for customers under 18 years of age. If you’re hoping to do all your banking in one location, this bank will not meet those needs.
However, unlike many savings accounts, Barclays does not limit the number of withdrawals from your savings or penalize you for excessive withdrawals. You can keep additional funds in your Barclays online savings account and transfer money back to your checking account as often as needed.
Other Savings Options
Barclays Certificates of Deposit are equally straightforward with no hidden costs. The bank’s CDs have no monthly fees or minimum opening balance requirement, so they’re perfect for any budget. You’ll find six CD terms available, ranging from 6 to 60 months.
Barclays CD interest rates are competitive and compound daily. Currently, short-term savers can capitalize on high saving rates with a 12-month CD at 5.00% APY. Barclays long-term CDs offer similar rates, but you may want to research the best CD rates for your preferred term.
How Much Can You Earn with Barclays Savings?
With a straightforward, high-yield Barclays savings interest rate, the amount you can earn depends on your deposit amount. With a CD, the amount you earn depends on your deposit amount and term.
Use the below calculator to see how much money you could earn with a Barclays Online Savings account. Simply plug in your initial deposit, your planned monthly contribution and the 4.35% APY, then select “Calculate.”
How the Barclays Savings Accounts Stack Up
The Barclays Online Savings Account is a worthwhile option. According to the FDIC, the national average interest rate on savings accounts is only 0.46% as of April 15, 2024. Many large national banks pay even lower rates. The Barclays savings interest rate is roughly 10 times the national average and is competitive with some of the best high-yield savings accounts.
If your primary bank pays a low interest rate, opening a Barclays savings account is an easy option. With virtually no fees or minimum balance requirements, you can earn interest on your savings and withdraw those funds without fear of incurring excessive withdrawal fees.
About Barclays
Barclays Bank dates back to 1690 in London. The bank boasts an innovative history, including launching the world’s first ATM. However, Barclays US offers limited banking services and operates fully online. Its U.S. arm holds approximately $35.7 billion in assets, making it moderate in size. Barclays US is a fully FDIC-insured bank.
Americans may be more familiar with Barclays through its rewards credit cards. The bank offers co-branded credit cards with various retail stores and airlines.
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