Barclays Bank Review 2022 | NextAdvisor with TIME

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Good for no fees and minimums

Barclays bank review

Editor’s note: (3.05/5)

Good for no fees and minimums

Barclays bank review

Editor’s note: (3.05/5)
  • How to get inactive personal loan icon

    No minimum deposit

  • inactive mortgage calculation icon

    Good interest rates

Insight:

Barclays Bank’s US online banking division can be a great choice for getting competitive rates on savings accounts and CDs. The lack of fees and minimum balance improves this account’s standing, but if you’re looking for a robust app or multiple account types, consider comparing other options.

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Advantages

  • Competitive interest rates
  • Online and mobile banking
  • No fees or minimum balance requirements
  • Site designed with accessibility in mind

The inconvenients

  • Bank accounts limited to savings and CDs
  • Some negative customer reviews
  • No email support

Additional Details

  • No monthly maintenance fees
  • No minimum deposit requirement for savings or CDs
  • No limits on savings account withdrawals or transfers
  • Only type of traditional CD offered
  • Barclays also offers loan and credit card options for US customers
  • FAQ support page, savings wizard and CD calculator tools available online
  • Barclays Bank deposits are FDIC insured

Editorial independence

We analyze and review banks without the influence of partnerships or advertising relationships. For more information on our scoring methodology, click here.

Comprehensive Barclays Bank Review

Barclays has been around as a financial institution for over 300 years, originally with a bank in London. Today, its U.S.-based online banking division ranks number one in 60th largest bank in the country, based on total assets. The online banking division, which includes savings accounts and CD accounts, launched in 2012.

Savings accounts

The Barclays Online Savings Account is now one of our top high yield savings accounts. There are no monthly fees or minimum balance requirements to open the account. If you maintain a balance below $1.00 for more than 180 days, Barclays may close your account.

You can deposit money into your savings account using online or mobile check deposit, direct deposit, ACH transfer from another bank account, or postal check. When you want to withdraw from your savings, you can also do so via an ACH transfer or have a check mailed to you.

There is no limit to the number of transactions you can make each month.

Certificates of deposit

Barclays offers different CD term options, and all of its CD accounts are traditional CDs. You can choose between terms of 12 months, 18 months, 24 months, 36 months, 48 ​​months and 60 months.

There is no monthly fee or minimum balance to open a CD. However, you must deposit a certain amount into your account within 14 days of opening it to keep it active.

Early withdrawal penalties depend on the duration of the CD. For CDs with a term of 24 months or less, you will pay 90 days interest on the dollar amount withdrawn, and for CDs over 24 months, you will pay 180 days interest on the dollar amount took of.

When your CD matures, you can withdraw your money within a 14-day grace period or choose to roll it over to a new account with the same or a different term at the current interest rate.

Others products

Barclays’ online banking division is limited to high-yield savings accounts and CD accounts. But Barclays also offers personal loans (currently by invitation only) and credit cards (with co-branded cards from JetBlue, AARP, etc.) for US customers.

Client experience

Barclays doesn’t score as high as some other banks we’ve looked at when it comes to customer reviews. The Barclays US Savings app (there is a different app for Barclays Credit Cards) has a 3.5 star rating on the Apple App Store, but a much lower 1.8 star rating on Google Play . Negative reviews tend to focus on the app’s lack of robust functionality and some issues with crashing or being unable to log in, although many reviews indicate that the issues are related to app functionality , not the quality of the bank itself.

The bank also has a number of ways to contact representatives with any issues or questions: by phone using a seven-day-a-week toll-free number, by mail, or through Barclays US Banking’s Twitter help account.

Accessibility

Compared to many other online banks we’ve reviewed, Barclays has a comprehensive set of accessibility guidelines and resources. Its website is designed to work with screen readers in addition to being easy to navigate and read in traditional browsers. The accessibility page on the site includes a list of recommended screen reader and browser combinations for the best user experience. Barclays uses the guidelines defined by the Web Accessibility Initiative (WAI) of the World Wide Web Consortium (W3C). Additionally, there is a phone number you can use to reach the Barclays Accessibility Coordinator.

Is Barclays Bank for you?

Barclays Bank is a solid choice if you’re looking for good interest rates on savings and CDs, as well as a few options for accessing your money and solid customer service.

Barclays is not the highest rated bank when it comes to customer experience. While it has online and mobile banking options, as well as a few different methods for contacting support representatives, its mobile app lacks a robust feature suite and has a few technical issues. And while Barclays is also not the place to be for full banking or account access via an ATM or debit card, it could be a good option for adding a high yield account to your portfolio. banking.

With no fees or minimum balance requirements, plus no transaction limits, Barclays Bank’s savings options are solid, despite lacking some conveniences. Plus, the interest rates offered are consistently competitive with other accounts on our Best Savings Rates and CD Rates lists.

Frequently Asked Questions about Barclays Bank

Is Barclays a good bank?

Barclays can be a good choice for earning competitive interest on your savings and CD accounts. It charges no fees and requires no minimum balance. But be sure to compare Barclays to other high-yield savings accounts before opening, to find all the features and benefits best suited to your goals.

Is Barclays an international bank?

Barclays originated in London and is still based in the UK. It has a US division, based in Delaware, which offers online banking products, including savings products, CDs, credit cards and personal loans. Its UK division offers both online and mobile banking as well as in-person branches, while the US division offers online and mobile banking only.

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