Barclays Bank is the U.S. subsidiary of Barclays PLC. It is located in Wilmington, Del., but its parent company began in 1690 and is headquartered in the U.K. in London. In the U.S. Barclays Bank is an online-only bank that offers competitive interest rates on deposit accounts and co-branded credit cards that earn cash back and rewards. This in-depth review can help you decide if its deposit accounts are right for you.

Investopedia is committed to providing our readers with unbiased product recommendations. We may receive compensation when you click on links to products, but this doesn’t affect how we rate, review, and rank them.

Pros
  • Competitive interest rates

  • No monthly fees or minimum opening deposit requirements

  • Lucrative credit card rewards

Cons
  • No brick-and-mortar branches

  • No checking accounts

  • Personal loans by invitation only

Pros Explained

  • Competitive interest rates – Savers looking for a high rate of interest on their savings accounts and certificates of deposit (CDs) will find them with Barclays.
  • No monthly fees or minimum opening deposit requirements – Barclays does not require a minimum deposit when opening a new savings account or CD. There are no monthly service charges either, so you don’t have to meet a minimum balance requirement.
  • Lucrative credit card rewards – Barclays has numerous credit cards that offer rewards, cash back, and special financing promotions.

Cons Explained

  • No brick-and-mortar branches – If you have a question about your account, you cannot speak to someone in person. Instead, you’ll need to call Barclays or send it a message online or through its mobile app.
  • No checking accounts – Consumers looking to have one bank for all of their needs should look elsewhere. Barclays does not offer checking accounts or many of the lending products you’d find at a traditional bank.
  • Personal loans by invitation only – Although Barclays does some lending, you cannot apply for a personal loan unless the bank sends you an invitation.

Who Is Barclays Bank Best For?

Barclays Bank should appeal to most consumers who want an online bank account with competitive interest rates and no monthly fees. It may be a good fit if you:

  • Are you not looking to replace your checking account
  • Do not need to visit a branch
  • Want competitive interest rates on your savings and CDs
  • Need an account with no opening deposit requirement
  • Don’t want to worry about a monthly service charge
  • Want to earn rewards from your credit cards

What Does Barclays Bank Offer?

Barclays Bank is an online-only bank that focuses on savings and CD deposit accounts. It also has credit cards and personal loans (by invitation only), but it does not offer checking accounts or other lending products.

Savings Account

Barclays’ high-yield savings account offers a competitive annual percentage yield (APY) of 1.00% that is substantially higher than the national average of 0.06% (as of July 6, 2020), though a bit less than the best online savings accounts currently going. It does not have a minimum deposit requirement, and there are no monthly service fees. You can transfer funds online to and from other banks or set up direct deposit into your account.

BARCLAYS BANK SAVINGS ACCOUNTS
ACCOUNT NAME MIN OPENING DEPOSIT MONTHLY FEE APY
Barclays Online Savings $0 $0 0.80%
(As of July 29, 2020)

CDs

Barclays offers CDs ranging from three months to five years. There are no monthly fees or minimum deposit amounts. At maturity your CD will automatically renew at the current interest available. The bank will send you an email alert 30 days before your CD matures as a reminder. You have a 14-day grace period to withdraw or add funds without penalty.

If you withdraw your CD before maturity, there is a penalty. For CD terms under 24 months, the penalty is 90 days simple interest. For terms of 24 months or longer, the penalty is 180 days simple interest. When the penalty is greater than the interest earned, the remaining amount will be deducted from your principal.

BARCLAYS BANK CD RATES
TERM APY
Three Months 0.10%
Six Months 0.10%
Nine Months 0.10%
One Year 0.65%
18 Months 0.65%
Two Years 0.65%
Three Years 0.65%
Four Years 0.65%
Five Years 0.65%
(As of July 29, 2020)

Credit Cards

Barclays partners with numerous travel and lifestyle brands to issue credit cards offering cash back, rewards, and special promotions.

Airline Credit Cards

Hotel Credit Cards

Travel Credit Cards

Lifestyle Credit Cards

Other Financial Products Offered by Barclays Bank

In addition to savings accounts, CDs, and credit cards, Barclays Bank does not offer any other banking products besides personal loans. However, you cannot apply for a personal loan online. The bank is currently only taking applications from customers who are targeted for these offers.

Barclays Bank Customer Service

For bank accounts, customer service is available Monday through Friday from 8 a.m. to 8 p.m. EST. Telephone customer service is not available on the weekends. You may also send a secure message online or through the mobile app.

There are two mobile apps available, depending upon the type of products you have with Barclays Bank — bank accounts versus credit cards. The deposit mobile app is available for both Apple (3.8 stars, 851 ratings) and Android (1.9 stars, 356 ratings), yet there are fewer than 1,000 downloads for either version.

A mobile app for credit cards is also available and has been rated far more often. You can download it for Apple (2.3 stars, 2,300 ratings) or Android (4.2 stars, 10,171 ratings).

How to Bank With Barclays Bank

As an online bank, the best way to open an account or access your accounts are online or through the bank’s mobile app. Potential customers may find paper applications or links to apply through the co-branded partners of Barclays. For example, you may receive an application for the AAdvantage Aviator Red World Elite Mastercard while on an American Airlines flight.

Deposits into your savings account or CD can be made through online transfers from linked banks, remote deposits from the mobile app, or direct deposit. The app also allows you to view history, initiate transactions, and contact customer service.

Verdict

Barclays Bank is an appealing online bank to earn interest on your savings. It offers competitive interest rates without monthly fees or minimum balance requirements. The bank is best as a complement to your existing bank because Barclays does not offer checking accounts, loans, or other services you’d find at a full-service bank.

The credit cards offered by Barclays can be a good fit for your wallet if its travel and lifestyle partners are appealing to you. A majority of its credit cards offer the ability to earn cash back or rewards on your daily purchases.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banks. We collected more than 20 data points across more than 80 banks — including products available, interest rates, fees, and accessibility — to ensure that our content helps users make the right decision for their savings and banking needs.