Barclays Bank is the best option for savers who want simple online banking and competitive rates. However, this article covers Barclay’s strong interest rates on its savings and CD accounts.
Barclays is an older financial institution, but it’s only been in the last few years they been pushing hard into the US banking space.
They are becoming well known for having top-yielding savings accounts and CDs, but they also have other banking products that are helpful to consumers.
In this article:
- About Barclays
- Pros & Cons of Barclays
- What Does Barclays Bank Offer?
- Other Barclays Bank Services
However, Barclays began offering online savings accounts and CDs in 2012.
Pros & Cons of Barclays
- High-Interest Rates. Barclays’ rates are among the highest in the nation
- No Minimum Balance Requirements. You don’t need to deposit a certain amount of money to start earning high-interest rates.
- No Monthly Account Fees. Fees are few and far between with a Barclays account.
- Nonsufficient Funds Fee Only $5. Although your goal should be to always have enough money in your account, the NSF fee of $5 is far cheaper than the usual $30 found at other banks.
- Online Only. If you like banking the old-fashioned way, you’re out of luck with Barclays.
- No Dedicated ATM Network. There are no ATMs for withdrawing cash, and there are no reimbursements offered for using another bank’s ATMs. These savings accounts are meant for long-term savings.
- No Checking Account. Barclays offers only savings and CD accounts, so you’ll probably need to use another bank for checking.
What Does Barclays Bank Offer?
Barclays Bank offers online-only, high-interest-rate savings and CD accounts.
1. Savings Accounts
Is Barclays Worth it?
Yes. Barclays is a well-known bank.
While there is 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.
Also, not all high-yield offerings have a $0 minimum deposit for opening. Some require a few thousand dollars. This makes Barclays a good deal.
1. Is the Barclays online savings account FDIC-insured?
Yes, the Barclays online savings account is insured by the FDIC. The Federal Deposit Insurance Corporation protects deposits at banks in the United States, promising to return any money that is lost if a bank is unable to return your deposits. Even if Barclays Bank goes bankrupt, the FDIC will reimburse you for any money lost, up to the $250,000 insurance limit.
2. Does Barclays Bank have an app?
Yes, Barclays Bank offers the Barclays US Savings app, which you can use to view and manage your account from your phone. This includes features such as instant transfers and mobile check deposit. If you’d rather not install an app on your phone, you can access most of these features through your phone’s web browser.
3. Is Barclays Bank a foreign bank?
Barclays is based out of the United Kingdom. However, that doesn’t mean that Barclays Bank is considered a foreign bank. Barclays Bank Online is the company’s American arm, which is headquartered in the United States. You won’t have to worry about currency conversion or dealing with complicated tax situations brought on by having an account at a foreign bank.
Barclays Bank has been serving customers well for centuries, but it seems to be just testing the waters with its online bank component.
Even though it only offers savings accounts online in the United States, it is able to offer great yields on those products, making it a solid option for those shopping for a place to park mid-term savings or an emergency fund.
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