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Barclays Bank Review 2023

Updated June 5, 2023
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At a glance

4.2
Rating: 4.2 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.9 stars out of 5

Savings

Rating: 4.9 stars out of 5

About Bankrate Score

Overview

Barclays is best for those seeking high-yielding savings or CD rates. Consumers who need regular banking services — or even quick access to deposit funds — should look elsewhere.

Highlights

  • No Min Balance
  • No Monthly Fees
Compare offers
Info
Bank logo
Member FDIC
Savings Account
4.65
%
APY
APY
Info
As of 7/12/2023
Rating: 5 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer: No minimum balance to open. No minimum deposit.
Bank logo
Member FDIC
Savings Account
4.40
%
APY
APY
Info
As of 7/12/2023
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: No account fees and earn $250 with direct deposit (terms apply)
Bank logo
Member FDIC
Savings Account
4.75
%
APY
APY
Info
As of 7/12/2023
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: Easy application. No minimum balance. High yield.

Overall

Barclays is a London-based multinational financial-services giant with global reach. In the U.S., Barclays offers a limited selection of deposit products online.

Pros

  • Checkmark

    Barclays offers high savings APYs.

  • Checkmark

    The account has no minimum balance requirements and no monthly service fees.

Cons

  • Barclays offers a limited selection of deposit products.

  • Barclays offers no access to ATMs.

Barclays banking products

4.9
Rating: 4.9 stars out of 5
Bankrate Score
Invest Rate
4.15% APY
Info
Loan
$0 minimum deposit to open

Barclays savings overview

Barclays offers just one account called Online Savings. As its name suggests, customers manage this account solely online as Barclays has no branches. Online Savings offers a highly competitive yield, and there is no minimum deposit or balance requirement to earn that APY. The account also comes without monthly fees.

Pros

  • Checkmark

    Barclays savings has no minimum deposit or balance requirements.

  • Checkmark

    It does not charge a monthly service fee.

  • Checkmark

    Savers are rewarded with a robust APY.

Cons

  • The Barclays Online Savings Account doesn’t have ATM access.

  • Other online banks offer a higher yield.

Compare Offer
Info
Bank logo
Member FDIC
Savings Account
4.65
%
APY
APY
Info
As of 7/12/2023
Rating: 5 stars out of 5
Info
$1
Min balance for APY
View offer Arrow Right
Promoted offer: No minimum balance to open. No minimum deposit.

Bank fees

Fee Charged?
Overdraft fee None
Non-sufficient funds fee $5
Monthly maintenance fee None
Out-of-network ATM fee None
Excessive transaction fee None
Paper statements $0.50

About Barclays

Barclays Bank Delaware is the official name of Barclays' U.S. retail internet banking subsidiary, although Barclays' roots are based in the U.K.

Barclays Bank Delaware is headquartered in New York and has operations in seven states and the District of Columbia. In addition to its credit card portfolio, Barclays offers online savings accounts and certificates of deposit.

Bank experience

When it comes to Barclays’ mobile experience, the bank’s app is highly rated on the Apple App and Google Play stores. Among its features is the ability to make mobile deposits, which is a plus considering the bank's limited branch and ATM network.

Customers who prefer to talk to a representative can call the customer service line seven days a week, 8 a.m. to 8 p.m. Eastern time.

How does Barclays compare to other banks?

Barclays vs. Ally Bank

Both Barclays and Ally offer an online-only banking experience, but Ally makes your cash accessible with access to more than 40,000 ATMs nationwide through the Allpoint network. Barclays doesn’t offer fee-free ATM access at all. 

Moreover, Ally bank offers a wider selection of deposit products, including multiple types of CDs, savings, checking and money market accounts, whereas Barclays only offers one savings account and a handful of standard CDs. If you’re looking to consolidate your finances under one roof, Ally bank is generally the better choice. 

That noted, yields at Barclays for CDs and its savings accounts are comparable to what you’d find at Ally.

Barclays FAQs

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.