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London-based Barclays Bank offers limited banking products to the US through online banking. Barclays US is not a full-service bank and does not offer current accounts or investment products, but it does offer savings accounts that are worth considering.
These simple, high-yield savings products are great if you're looking for an online savings account. Here are Barclays savings interest rates and the yield you'll earn:
Barclays Savings Rate
Like many online banks, Barclays offers competitive interest rates, and both its high-yield savings accounts and certificates of deposit (CDs) give you the opportunity to earn competitive savings rates.
Below are the interest rates on Barclays' savings accounts for both products. Rates and account details are accurate as of 1 July 2024.
Barclays Savings Account Overview
Barclays US offers two simple savings products: Both accounts can only be opened online and don't allow you to access your funds at an ATM, but if you're comfortable with digital banking, these accounts can help you grow your savings faster.
Barclays Online Savings
Barclays US operates exclusively as an online bank. This streamlined bank offers a single savings account with no minimum opening deposit or monthly fees. There's no complicated tiered interest rate system or set of requirements to earn the advertised APY. Savings accounts with balances of $0.01 or more qualify for the bank's highest interest rate.
If you need to deposit or withdraw cash from a savings account, this account may not be ideal as it does not allow ATM access or cash deposits. Adding funds to the account can be done via electronic transfer, direct deposit, mobile check deposit, or by mailing a check.
Barclays does not offer savings accounts or debit cards to its savings account customers, and Barclays does not offer savings accounts for minors, making this bank a poor option for customers under the age of 18. If you want all your banking in one place, this bank will not meet your needs.
But unlike many savings accounts, Barclays doesn't limit the number of withdrawals you can make from your savings account, and doesn't penalize you for making too many withdrawals. You can store any excess funds in your Barclays online savings account and transfer them to your current account whenever you need to.
Other Savings Options
Barclays term deposits are similarly simple and have no hidden costs. The bank's term deposits have no monthly fees or minimum opening balance requirements, making them perfect for any budget. There are six term deposit terms available, ranging from six months to 60 months.
Barclays CD interest rates are competitive and compound daily. Currently, short-term savers can take advantage of high savings rates with a 12-month CD at 5.00% APR. Longer-term Barclays CDs offer similar rates, but we recommend researching the best CD interest rate for your desired term.
How much can you earn with Barclays Savings?
With the simple, high-yield Barclays Savings Rate, the amount you earn depends on how much you deposit. With CDs, the amount you earn depends on how much you deposit and for how long.
Use the calculator below to see how much you could make with a Barclays Online Savings Account: Enter your initial deposit amount, the monthly contributions you plan to make, and the 4.35% APY, then select “Calculate.”
The advantages of Barclays savings accounts
Barclays' online savings account is a worthy option. According to the FDIC, the national average interest rate on savings accounts is just 0.45% as of June 17, 2024. Many large national banks offer even lower rates. Barclays' savings rate is about 10 times the national average, making it competitive with some of the best high-yield savings accounts.
If you're looking for low interest rates at major banks, opening a savings account with Barclays is easy: With few fees and no minimum balance requirements, you can earn interest on your savings and withdraw funds without worrying about excessive withdrawal fees.
About Barclays
Barclays Bank was founded in London in 1690. The bank has a history of innovation, including the introduction of the world's first ATM. However, Barclays US offers limited banking services and operates entirely online. The US branch is mid-sized, with assets of approximately $35.7 billion. Barclays US is a fully FDIC-insured bank.
Americans may be familiar with Barclays through its rewards credit card, which offers credit cards in partnership with a range of retailers and airlines.