Check out Barclays Bank if you’re looking for a bank to invest your savings to earn high-interest rates.
The rates they pay on savings products are some of the highest available, even though they only provide a few limited banking services.
The accounts you can open with Barclays, their best attributes, and the benefits and drawbacks of banking with Barclays will all be highlighted in this study.
One of the oldest banks in the world is Barclays Bank. It was one of the most avant-garde banks in that nation’s history when it was founded in London, England, in 1690.
It is a significant global provider of financial services, providing wealth management, corporate and investment banking, retail banking, and credit cards.
With approximately $1.5 trillion in assets, the Bank claims to have 48 million clients and customers globally.
Barclays Bank in 2023: Everything You Need to Know – Review and Ratings
Through Barclays Bank Delaware, the Bank conducts business in the US. Juniper Bank was founded in 2000 and initially provided credit cards and insurance products.
In 2004, Barclays Bank purchased it, subsequently expanding its credit card business. The Bank currently provides certificates of deposit (CDs) and high-interest savings accounts, some of which pay among the highest rates available among online banks.
It does not, however, provide many standard banking services, such as checking accounts or consumer loans. Instead, it serves as a pure platform for savings.
Bank of America Savings Products
Online Savings and Online CDs are the two savings products that Barclays Bank now offers.
Online Savings Account at Barclays
The minimum account balance for the Barclays Online Savings Account is zero dollars, and the current annual percentage yield (APY) is 3.60%. Also, this account has no monthly fees and no additional costs of any kind.
Direct deposits, internet transfers to and from other banks, and 24/7 online access to your funds are also included.
Again, rates are subject to fluctuation, like savings account rates across the board in the banking sector.
Savings Deposits online
You have the option of making deposits by Remote Deposit (see description below), direct deposit (including your income tax refund), electronic funds transfer (ACH), or check.
Unacceptable Means of Deposit
Cash deposits, checks drawn on foreign banks, checks from third parties, wire transfers, money orders, and money orders are not acceptable forms of deposit.
When you transfer money from another Barclays account you own, it clears right away. After the deposit is credited to your account, funds deposited by check or electronic transfer from an external account will be kept for five business days.
Savings withdrawals online
By choosing the Transfer Money function, you can withdraw money online. After that, capital can be moved to an outside account within two to three business days. By calling Customer Care, you can also ask for a check mailed straight.
Withdrawals and outbound transfers are restricted to a maximum of six per monthly statement cycle, as is the case with savings accounts and money markets at all banks. (This is not specific to Barclays Bank; it is a federal rule under Regulation D.)
CDs from Barclays Bank online
Bank of Scotland Online CDs offers interest rates similar to those of high-yield online banks. Nonetheless, CDs with maturities of 12 to 60 months provide the most competitive rates.
There are no monthly fees or minimum initial balance requirements, and interest accumulates daily.
As of February 13th, 2023, the following CD terms are available, ranging from three to sixty months, with the following interest rates and APYs:
| CD Term | APY |
|---|---|
| 60 Months | 4.30% |
| 48 Months | 4.30% |
| 36 Months | 4.30% |
| 24 Months | 4.35% |
| 18 Months | 4.30% |
| 12 Months | 4.25% |
When opening a CD with Barclays, there are a few more considerations in addition to the introductory rates.
Mature CDs. A 30-day warning email will be sent to you before your CD matures. As a CD reaches its maturity date, it can either be withdrawn or programmed to renew for the same duration automatically. You have a 14-day grace period during which you can withdraw the money without paying an early withdrawal fee.
Penalty for early withdrawals from CDs.:There are two tiers of early withdrawal fees at Barclays Bank:
- On CDs with maturities of 24 months or less, the simple interest period is 90 days.
- For CDs with periods longer than 24 months, the simple interest period is 180 days.
You are waiving early withdrawal penalties: In some situations, such as the death or incapacity of the account owner, the penalty may be waived. Additionally, you can avoid the penalty by getting monthly interest payments from your CD(s).
Characteristics & Advantages of Barclays Bank
Calculators from Barclays Bank
To assist you in making decisions about saving and investing, the Bank provides the following calculators:
- Ladder CD: Based on the amount of money you have to spend and the duration of the CDs you wish to purchase, this calculator will assist you in building a CD ladder. You will receive detailed advice on the CDs required to make a ladder and the current interest rate paid on each.
- Calculating CDs Based on the interest rate paid on that certificate, this tool will calculate the amount of interest you will earn on a CD within a given period.
- Save Money Assistant: This calculator can run several scenarios to save money towards your goals.
It can apply to set aside money for a trip, a car purchase, or a down payment on a home.
You enter the cost of the objective, the amount you have already saved, and the monthly contribution amount. It will determine how long it will take you to accomplish your goal.
Remote Deposits and Check Deposits
You can deposit checks remotely using your smartphone or a computer scanner to take an image of the review. Although “Remote Deposit” is widely used on the Barclays website, the procedure’s name looks to be changing to “Deposit Checks.”
The check must have your signature and “For Mobile Deposit at Barclays Bank Only” written on the back. You must include the front and back of the check-in photograph or scan.
Checks deposited after 3:00 pm Eastern Time will be processed the following business day and will have a minimum hold of five business days.
A daily limit of $10,000 and a maximum of 10 checks may be deposited daily via remote deposit. The maximum amount of every bill that can be deposited is $5,000. Also, there are 20 checks and a $50,000 cap for 10 business days.
Mobile Application
iPhone, iPad, and iPod touch users with iOS 9.0 or later can download the Barclays Mobile App. Also, Android versions 4.2 and up can get it.
The iTunes Store and Google Play both offer the App.
According to the website, one-time transactions to and from linked and validated external accounts can be started on your mobile device. “One-time transfers” might only refer to that since reviews of the app claim that customers cannot perform external transfers through the mobile app.
Service to Customers and Account Security
Callers can reach Barclays Customer Service from 8:00 a.m. to 8:00 p.m., Eastern time, seven days a week. Via your online account, you can always access your account.
The FDIC insures every dollar kept at Barclays Bank up to a maximum of $250,000 per depositor.
The Bank uses the following security procedures to safeguard your account and your identity:
- Between your browser and the Bank, a 128-bit secure link is provided through Secure Socket Layer (SSL) and Transport Layer Security.
- VeriSign-signed Global Digital certificate ensures you connect with Barclays, not a “copycat” website.
- You have a time-out for your login session.
- Unauthorized traffic to the Bank website is blocked using technologies such as firewalls.
- Information is always transferred using encryption to prevent unauthorized third parties from accessing it during communications between you and the Bank and between the Bank and approved third parties.
How to Establish a Barclays Bank Account
The complete application procedure is done online. The application will request the following details:
- Your whole name
- Personal identification number.
- Born on [date] (you must be 18 years old).
- Address for email.
- Main phone number, permission to call or text, and the degree of that permission
- Your full postal address, citizenship, and residence country.
- Time spent at your address (must cover at least two years).
- Your line of work.
- Account type: single or joint; online certificate of deposit or online savings account.
- We are Opening a down payment sum.
- Account funding involves giving the external funding account’s routing number, account number, and account type.
After providing all of the information mentioned above, you will then be prompted to create a User ID and Password and provide your mother’s maiden name and a security question and answer. Also, you will have the choice to sign up for two-factor authentication.
Finally, a W-9 certification, terms and conditions, and electronic consent agreement must be filled out and signed.
Barclays Bank’s Benefits and Drawbacks Cons
Barclays Bank Pros
- Regarding online bank CD rates, Barclays Bank pays far more than traditional brick-and-mortar banks.
- One of the highest interest rates among online banks is offered on the Online Savings account.
- Both the Online Savings account and Barclays CDs have no account fees.
Barclays Bank Cons
- While it’s common for internet banks to lack checking account options, Barclays Bank does not.
- Minors are not eligible for any accounts (they were halted on June 6, 2017).
- The mobile app may continuously transfer money to and from external accounts.
- The deposit capacity of Barclays Bank is modest. Wire transfers and money orders, frequently used for deposits, are not accepted. Furthermore, all warranties from outside sources are subject to a five-business-day hold.
- Mortgages, auto loans, and personal loans, which are generally available at banks, are not offered by Barclays. The Barclaycard Arrival PlusTM Global Elite, MasterCard®, however, one of the most incredible travel credit cards open, is something they provide.
Should You Choose Barclays Bank as Your Bank?
A full-service bank is different from Barclays Bank. They don’t provide standard bank services like auto, personal, or mortgage loans. They don’t even give the choice of a checking account.
Because of this, using a bank to store your money will allow you to earn interest rates far more significant than those offered by traditional banks and even the majority of other online banks.
You’ll be particularly intrigued by their high-interest online savings account or one of their CDs. Although rates are low on shorter durations, they are best on CDs with terms of 12 months or longer.
Yet, Barclays Bank is worth looking into because almost everyone requires high-yield savings in those words. It’s one of the best platforms out there for pure savings.
Visit the Barclays Bank website for further details or to open an account with the Bank.
Barclays Bank Questions
Is Barclays Bank a safe place for my money?
Being a supervised financial institution, Barclays Bank is dedicated to protecting the privacy and security of its clients’ money. The Financial Services Compensation Plan, which offers compensation for the Bank’s insolvency, covers deposits with the Bank.
Which services is Barclays Bank able to provide?
Savings and current accounts, mortgages, loans, credit cards, insurance, investment products, and wealth management services are just a few of the numerous financial services provided by Barclays Bank.
How can I get online access to my Barclays Bank account?
Using the Bank’s website, you can access your Barclays Bank account online by entering your user ID and password to log in. You may view transactions, make transfers, check your account balance, and pay bills using online banking.