Barclays Bank Review: Pros, Cons and Alternatives

Barclays is an older financial institution, but only in the last few years have they been making a strong push into the American banking space.

They have become known for having high-yield savings accounts and CDs, but they also have other banking products that are useful to consumers.

The biggest drawback to Barclays banking is that it is only online – they have no websites. But for most people, this shouldn’t matter today.

See how they compare to today’s best high-yield savings accounts.

Who is Barclays Bank?

Barclays Bank has been around since 1690 and is headquartered in the United Kingdom. They have branches all over the world. Barclays provides banking services to 48 million people globally in more than 40 countries.

Due to the huge number of geographical areas that Barclays serves, it has many websites. But you can find the website of Barclays Bank in the United States here.

What do they offer?

Barclays offers online-only savings and CD accounts with a high interest rate.

Barclays Tiered Savings

CDs

Barclays has a lot of CD periods. These are (with some of the most popular prices):

• 3 months
• 6 months
• 9 months
• 12 months
• 18 months
• 24 months
• 36 months
• 46 months
• 60 months

Explore Barclay’s CDs here >>

See how Barclays compares with the best banking CD rates.

Features and services

You can conduct all your banking transactions through the Barclays website and mobile app. To find the mobile app, search for “Barclays US Savings” in the Apple App Store or Google Play Store. In the Apple App Store, it has a rating of 4.2 out of 708 reviews.

The mobile app allows you to deposit checks into your account by simply taking a photo of the check and verifying the amount. The daily check limit is $5,000 and the daily account limit is $10,000. You can deposit up to 10 checks in one day. You can also make one-time transfers to and from external accounts.

The site allows you to deposit funds and make transfers with external accounts. There is a five-day hold on checks, but funds transferred through ACH are available immediately.

Are there any fees?

There are no monthly fees or maintenance fees on savings accounts or CDs. As with most CD accounts, you will incur an early withdrawal penalty. For 24-month CDs, the fee is 90 days of simple interest. For CDs longer than 24 months, the fee is 180 days of simple interest.

There is a $5 fee per item if funds are insufficient. You can make up to six withdrawals per statement cycle. This restriction is not set by Barclays Bank, but is instead imposed by federal law. There is a $5 fee for each withdrawal after six.

It is best to prepare paperless statements. Otherwise, you will be charged $0.50 per paper statement.

How does Barclays compare?

Barclays is not the only bank offering online banking services with great returns. Although they are usually near the top of the price table, they do not make it into the top ten very often. Check out our list of the best savings accounts here.

See this quick comparison:

Barclays 2025 Promotions

Currently, Barclays offers the following:

Bonus offer:Currently, Barclays is offering a $200 bonus to new bank customers who open a tiered savings account and deposit at least $30,000 within the first 30 days. You’ll need to hold at least $30,000 for the next 120 days, and the $200 bonus will be credited directly to the account. Conditions apply.

Open your Barclay online savings account here >>

How can I open an account?

Accounts can only be opened online for high-yield savings accounts and CD accounts. Visit the URL above to open your account. You will need a Social Security number to open an account.

Get started with a Barclays account here >>

Is my money safe?

Yes. Barclays is FDIC insured up to $250,000 per depositor. They also use bank-grade encryption for their website and mobile apps.

Learn more about FDIC insurance here.

communication

The Barclays Banking Customer Service team is available daily from 8:00 AM to 8:00 PM EST daily. Their customer service number is 1-888-710-8756. Here is their actual mailing address:

Barclays
P.O. Box 2460
Cranberry Twp., Pennsylvania 16066

Barclays is certified by Better Business Bureau (BBB) It is currently rated A+.

Why should you trust us?

I’ve been writing and covering the banking and savings industry since 2009, when we first launched The College Investor. I’ve reviewed over 50 of the best banks in the US, and I personally always look for the highest interest rates for my savings account.

For this review alone, I spent hours comparing Barclays to other major banks. Furthermore, our compliance team regularly (usually Monday to Friday) updates and verifies prices to ensure accuracy.

Who is he and is he worth it?

Barclays is a well-known bank with the highest savings rates and CD options. If you’re a saver or looking for somewhere to stash an emergency fund, Barclays is a great option.

While there’s a lot of competition for high-yield savings accounts and CDs right now, with most offering very similar products, sometimes it comes down to personal preference. If you have existing accounts with Barclays, opening your high-yield accounts with them will make transferring money between accounts easier.

In addition, not all high-yield offers have a minimum deposit of $0 to open. Some require a few thousand dollars. This makes Barclays a good deal.

Frequently asked questions

Here are some of the most common questions people ask about Barclays Bank.

Does Barclays offer free ATMs?

No, since Barclays US Bank only offers savings products, it does not provide access to ATMs to its customers.

Is Barclays a real bank?

Yes, although Barclays Bank’s parent company is headquartered in London, UK, Barclays US is an FDIC member bank and is officially licensed as Barclays Bank of Delaware.

Does Barclays have branches in the United States?

No, Barclays operates only as an online bank in the United States.

Does Barclays offer any cash rewards for new customers?

Not currently, but we will update this review if any sign-up bonuses are announced in the future.

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