dailystarx

News and Magazine


Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.

Compare Barclays Bank products

  • Barclays Online Savings Account

  • Barclays Online Certificate of Deposit

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Editor’s Rating

4.25/5

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

Editor’s Rating

4/5

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

Overall bank rating

Pros and cons

Barclays Barclays Online Savings Account

Barclays Online Savings Account


Annual Percentage Yield (APY)

2.25% APY


Minimum Deposit Amount

$0

Barclays Barclays Online Savings Account

Barclays Online Savings Account


Annual Percentage Yield (APY)

2.25% APY


Minimum Deposit Amount

$0


Annual Percentage Yield (APY)

2.25% APY


Minimum Deposit Amount

$0

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

The Barclays Online Savings Account is a solid high-yield savings option with a competitive interest rate.

Accessing cash quickly is difficult with Barclays, though. Because the bank doesn’t have a checking account, you can’t just transfer money between Barclays accounts, then immediately swipe your debit card. You’ll have to transfer funds to an external bank account, which could take a couple of business days. 

Barclays Barclays Online Certificate of Deposit

Barclays Online Certificate of Deposit


Annual Percentage Yield (APY)

0.10% to 3.65% APY


Minimum Deposit Amount

$0

Barclays Barclays Online Certificate of Deposit

Barclays Online Certificate of Deposit


Annual Percentage Yield (APY)

0.10% to 3.65% APY


Minimum Deposit Amount

$0


Annual Percentage Yield (APY)

0.10% to 3.65% APY


Minimum Deposit Amount

$0

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

The Barclays Online CD offers strong CDs with competitive interest rates, regardless of which term you choose. Unlike most banks, it doesn’t require a minimum deposit, so you can start with any amount. The bank also charges relatively low early withdrawal penalties should you need funds before your CD matures.

How Barclays works

Barclays is an online bank that has a high-yield savings account and CDs.

Live customer service is available seven days per week, and you can call from 8 a.m. to 8 p.m. EST.

The Barclays mobile app has received 4.1 out of 5 stars in the Google Play store, but only 2.3 out of 5 stars in the Apple store.

Your deposits are FDIC insured for $250,000, or $500,000 for joint accounts.

Is Barclays trustworthy?

The Better Business Bureau gives Barclays an A+ rating. A strong BBB rating signifies the company is transparent in how it handles business, responds effectively to customer complaints, and is honest in its advertising.

Although Barclays has a great BBB rating, it does have one recent public scandal. In 2018, the bank paid the US $2 billion for deceiving investors about the quality of residential mortgage-backed securities from 2005 to 2007, causing people to lose money.

Barclays vs. Ally

If you are looking for savings accounts with budgeting tools, you might like Ally‘s bucket system, which lets you save for multiple goals in one savings account, such as “Emergency Fund” or “Vacation.” If you’re strictly looking for the highest rates, Barclays offer higher rates on CDs, while both banks offer similar rates on savings accounts.

Something to keep in mind is that Barclays only offers a high-yield savings account and CDs. If you’re looking for a bank to open a checking or money market account, then you’ll prefer Ally to Barclays (which doesn’t have neither).

Barclays vs. Marcus

Barclays and Marcus by Goldman Sachs have a lot of similarities: competitive interest rates, no monthly services fees, and no minimum opening deposits. 

 If you’re strictly looking for the highest rates, you’ll want to look at Barclays for savings accounts, and either Marcus or Barclays for CDs.

Frequently asked questions (FAQ)

Barclays is a good option if you’re looking for high-yield savings accounts or CDs. You’ll earn a competitive interest rate that’s higher than the national average on savings accounts

If you’re searching for checking accounts or money market accounts, you’ll have to look elsewhere because Barclays doesn’t have either. 

Barclays is an FDIC-insured bank. When a bank is federally insured, that means the money in your bank account is safe even in the rare situation that a bank shuts down. Up to $250,000 is secure in a bank account.



Source link

Leave a Reply

Your email address will not be published.