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Barclays is a great option if you'd like to open a high-yield savings account or CD online — it's paying some of the best CD rates right now. That said, it doesn't have a checking account. If you need to access your cash quickly, you may want an account with a different bank that has both savings and checking.
| Account Type | Annual Percentage Yield (APY) |
Barclays Bank Review
Barclays Bank Overall Rating
| Feature | Insider rating (out of 5) |
| Savings | 4.25 |
| CD | 4 |
| Trustworthiness | 4.5 |
| Total | 4.25 |
Pros and Cons
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How Barclays Bank 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 1.9 out of 5 stars in the Google Play store and 3.4 out of 5 stars in the Apple store.
Your deposits are FDIC insured for $250,000, or $500,000 for joint accounts.
Barclays Trustworthiness and BBB Rating
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.
BBB ratings won't necessarily guarantee a perfect relationship with a bank. To get a well-rounded perspective of the bank you might consider talking to current customers or reading online customer reviews.
Barclays hasn't been involved in any recent public controversies.
Barclays Bank Savings Account Rates
The
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 Bank CD Rates
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Barclays vs. Ally
Barclays and Ally pay similar interest rates on savings accounts, and Barclays pays slightly higher CD rates for most terms 12 months or longer. Interest rates can fluctuate, though, so this may change in the future.
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."
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 has neither).
Barclays vs. Marcus
Barclays and Marcus by Goldman Sachs savings accounts have a lot of similarities: competitive interest rates, no monthly services fees, and no minimum opening deposits. If you'd like to withdraw money from either account, you'll need to transfer it to an external bank account, since neither has a checking option. It could be a toss-up between the two banks because the savings accounts are pretty much the same.
While the two banks offer similar savings accounts, there are a few clear distinctions between Barclays and Marcus CDs.
For example, Barclays lets you open a CD with
If you'd like to open a no-penalty CD, you'll probably favor Marcus. Barclays doesn't have no-penalty CDs. It should also be noted that Marcus is featured in our best no-penalty CDs guide. The
See Insider's list of the best savings accounts »
Barclays Bank Frequently Asked Questions (FAQ)
What is Barclays?
Barclays is a financial institution based in England. It also offers online bank accounts in the US. You can open a high-yield savings account or CDs online from anywhere in the US.
Is Barclays a good bank?
Barclays is a good option if you're looking for high-yield savings accounts or CDs online. 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.
Is Barclays bank safe?
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.