There are no-fee online savings accounts and CDs at the bank.
If you learn all you can about the bank, you can decide if it makes sense for you to open an account. Their customer service is top-notch, and they offer a wide range of banking services to meet your individual needs.
Barclays Bank: An Overview
The U.S. is home toBarclays Bank. There is an office of the British multinational banking giant. online banking wing of Barclays PLC, a The London-based financial powerhouse has over $1 trillion in assets. It provides financial services to individuals, corporations and governments around the world.
The first iteration of the firm was formed in 1736. One of the world’s largest banks has evolved since then.
Since that time, the company has accomplished a lot. The standard for innovation and excellence has been set byBarclays in the banking and financial services sector. Here are a few of them:
- Invented the first ATM machine
- Financed the first industrial steam railway system
- Employs nearly 80,000 people worldwide
Suffice to say, Barclays is not your typical mom-and-pop bank. The company has offered credit cards for quite some time (you’ve probably seen the ads).
A push to gain traction in the U.S. has been made byBarclays Bank. In order to better serve customers across the country, the bank has opened a number of branches. online savings and investment market.
Barclays Bank at a Glance
|Account Types||High Yield Savings, Certificate of Deposit (CDs)|
|Customer Service||24/7 by phone|
What services does Barclays Bank offer?
Barclays Online Savings
According to their website,Barclays Online Savings Accounts offer an impressive 0.40% APY on deposits, which is 5x better than the national average. With no minimum balance and no monthly fees,Barclays Online Savings Accounts are an excellent way to save for the future.
Chase and Bank of America have savings rates of zero. Savers can’t earn a significant return on their money in a low-interest rate environment. No thanks!
As is standard with other online savings accounts, customers can access their funds via the secure website portal and mobile apps 24 hours a day, seven days a week, except during scheduled maintenance. A dedicated customer service team can be reached for any queries related to the account.
Barclays online savings accounts allow for direct deposits, easy online transfers to and from other banks and other accounts, and there are no minimum monthly balance or maintenance fees to worry about.
For what it’s worth, I really like Barclay’s Savings Assistant is an online calculator that predicts how long it will take you to achieve your financial goals. Savings Assistant gives you the power to plan for a successful financial future by allowing you to adjust your savings rate and track your progress over time. Simply choose your goal, enter how much you already saved up, how much the goal is going to cost, and how much you’re currently able to set aside per month. You will receive a personalized plan to help you reach your goal in the most efficient way possible once you’ve entered this information.
The Savings Assistant will calculate how long it will take to achieve the goal. The Savings Assistant will give you a plan of action to help you reach your goal once it computes how long the goal will take to achieve.
Online Certificates of Deposit (CDs)
It’s possible to earn up to 1.00% APY on the online CDs.
To sign up, simply enter your personal details on their website, and link your external bank account where you plan to transfer funds from. You will receive confirmation of your sign up once you have done this.
Here are the current APYs Barclays is offering (as of January 12, 2021):
- 3-month CD : 0.10% APY
- 6-month CD : 0.10% APY
- 9-month CD: 0.10% APY
- 12-month CD: 0.25% APY
- 18-month CD: 0.25% APY
- 24-month CD: 0.25% APY
- 36-month CD: 0.25% APY
- 48-month CD: 0.25% APY
- 60-month CD: 0.25% APY
CD Laddering is a unique feature. CD Laddering is a great way to increase your savings and decrease your risk. Laddering allows you to invest in 1-year CD terms and roll those investments into a new CD each year upon maturity. CD rates typically increase with longer terms and this process can help you earn higher interest rates over time.
This allows you to earn the interest rates of a longer-term CD while still giving you access to your cash in case you need it.
The CD Laddering feature is a little more complicated than a traditional CD, so if youare interested in that, I recommend researching their website or contacting them directly. It is a great way to get higher returns on your savings, while also providing a safe and secure option.
CDs may have higher yields, but your money is tied up in these accounts for the duration of the term, so keep that in mind. The longer your money is invested, the more potential there is for growth. You can’t touch the money in a CD for two years. The principal and accrued interest will be yours at the end of the two-year period.
You have to think about whether you are okay with not being able to touch your money for a period of time. You should think about the risks associated with investing and make sure you are comfortable with taking them before making any decisions.
Barclays Bank FAQs
Next, I will answer some questions about the bank. This information will help you understand the services of the bank.
Is Barclays a good bank?
Yes. There is a good online savings bank. It has competitive interest rates and a secure online banking experience. The company has online CDs and savings accounts. Checking accounts, debit cards, and credit cards are just some of the products the company offers.
The bank does not offer a traditional checking account. Customers can choose from a variety of other banking services at the bank. It is not possible to find a bank that offers a wide range of services, such as checking accounts, mortgages, or auto loans. You should shop around to find a bank that will give you the services you need at the best price.
Is Barclays Bank FDIC-insured?
Yes. The bank is insured. Deposits are protected up to the applicable limits. Deposits of up to $250,000 per account holder are protected. In the event of a bank failure, your funds are safe.
Check out the official FDIC website if you’d like to find out more about how the government agency operates.
Is Barclays a good loan company?
The bank does not offer loans. Savings accounts and investment opportunities are offered byBarclays. If you are looking for a bank loan, look elsewhere. It can be difficult to get a traditional bank loan.
What is Barclays savings interest rate?
As of January 12, 2021, the rate of interest on the online savings accounts is 0.40%. The yield is subject to change without notice. Depending on the term, the online CD rates can be as low as 0.25%. Traditional savings accounts have a lower rate of return than online CDs, but they are still a great way to save money.
Pros & Cons of Barclays Bank
- The competitive rates of the online savings accounts and online CDs are noteworthy. A range of other financial products and services are offered byBarclays. While the online savings account might be a great place for you to invest your emergency fund, a CD is a great way to save up a down payment on a house. CDs are a safe investment that can help you reach your savings goals.
- There are no monthly maintenance fees for the online savings account. Customers can keep their savings account open for as long as they want without having to worry about additional charges. There is no minimum balance requirement to avoid fees. Customers don’t have to worry about being charged if they have less or more money in their account. I don’t recommend bank accounts that charge fees. It is better to have a bank account with no fees on transactions. Who wants to see a portion of their earnings taken away by a large financial institution? Many people prefer to keep their finances in their own hands because they don’t like seeing their hard-earned money disappear.
- The other online banks do not offer the unique features of the Savings Assistant and CD Laddering. Taking some of the legwork out of budgeting and investing can help you get ahead.
- If you travel a lot, especially to the U.K., it might be a good idea to start a banking relationship withBarclays. This way, you can benefit from global brand recognition and access to funds. Compared to other U.S.-based online savings accounts, the firm has a large international presence. Customers can benefit from greater access to international investments and financial opportunities.
- I find their mobile app reviews to be quite concerning, considering that most of your transactions are going to be processed through the Barclays mobile apps, and that your entire relationship with the bank is going to be conducted online. I would advise caution when using the mobile savings app because it does not inspire confidence in its customers. The app has a mediocre 3.7 star rating on the App Store. The lack of features and slow transaction speeds have angered many users. By comparison, Ally Bank has a 4.7 star review, while Capital One has a 4.8 star review. TheBarclays Mobile Savings App has a 2.3 star rating on the Play Store. Many users felt disappointed and frustrated with the app’s performance. Since you don’t want a headaches from your bank, you may want to look elsewhere. It is possible to make an informed decision by doing research on different banks.
- The online savings account and CDs are only offered by the bank. If customers are interested in a more robust banking experience, they should contact their local representative from the bank. You will not be able to find a bank that offers a full-service checking account. Do your research to find the right checking account.
- If you want to find the best deal on short-term CDs, look elsewhere. To maximize your return on investment, you should compare different short-term CD options. Ally Bank offers less than 0.10% on 6-month CDs and less than 0.10% on 9-month CDs. Ally Bank has the highest return on savings.
- Most online banks have no physical locations. It is now easier than ever to access your banking needs from your own home. If their app isn’t working and you need quick access to your emergency fund, you probably won’t need them. Having backup plans in place can help ensure that you are able to access your emergency fund when you need it the most. You could be out of luck if it happens off-hours. You should still reach out to your employer if they are willing to help. It’s mostly out of luck. Despite this, there is always hope that things can turn around for the better if we remain optimistic and proactive. The call center is open from 8:00 a.m. to 8:00 p.m. ET.)
Is Barclays a Good Bank?
With so many different online banking options, deciding which financial institution to trust with your money is not an easy decision.
If you are looking for a straightforward savings account that will give you a competitive rate of return, you should definitely look at the account from Barclays Bank. It’s a great choice for those who want the convenience of online banking because of the excellent customer service and the fact that it’s 24/7. It is also possible to get very competitive APYs from the online CDs of Barclays. Customers can open an account with as little as $500 and make additional deposits of up to $250,000. If you want to get a decent return, they might be the perfect option. Bonds offer a steady, predictable return and are a great way to balance out your portfolio.
If you are looking for a bank that offers more features such as personal loans, checking accounts, round-the-clock customer support, and highly rated user-friendly apps, you might want to look elsewhere. It’s important to compare the different options available before choosing the one that best fits your needs, as most banks offer a variety of services.
I hope this post made your decision easier. Good Luck!