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Updated on Saturday, May 1, 2021
Barclays Online Bank might seem like a new institution, but it’s an offshoot of one of the oldest banks in the world, established by two goldsmith bankers in London in 1690. The bank’s online business is based out of Wilmington, Del., and offers a limited roster of online-only savings accounts and CDs.
Barclays savings accounts
- Minimum balance: $0
- Monthly fee: $0
The Barclays Online Savings account is an entirely online account, and while that has many benefits, it also carries a few drawbacks. The highlights of the account are its relatively high APY, lack of monthly fees and $0 minimum balance. This means that nearly anyone can access a good-yielding savings account without any hassles or requirements.As an online-only account, however, you won’t have the ability to discuss your savings needs in person with a banker. You also can’t get cash out of a branch, or even deposit cash to a branch. Even more restrictive, the account doesn’t offer any ATM access, so if you want to access your money, you’ll have to make an electronic transfer or ask for a physical check.
Although the account has no monthly fees, it’s not entirely fee-free — though most fees are avoidable unless you engage in certain behaviors. If you overdraw your account, for example, you’ll face a non-sufficient funds (NSF) fee. You may also encounter fees for transactions above the six-transaction limit set by federal Regulation D, as well as for cashier’s checks.
If you would like to explore other options, you can find our top picks for savings accounts here.
Barclays checking accounts
Barclays doesn’t offer any checking accounts, so there are no comparisons to be made in this area.
If you’re interested in opening a checking account, here are our top picks for checking accounts.
Barclays Online CDs are simple and straightforward. There are nine maturity options — ranging from three months up to 60 months — and all have zero minimum deposit. However, there are no special types of CDs available, such as no-penalty CDs or jumbo CDs.
Interest is compounded daily and deposited monthly. You can have your interest payments automatically transferred out of the account and deposited in another account, either internal or external.
Early withdrawal penalties of 90 days’ or 180 days’ interest apply to maturities of less than 24 months or greater than 24 months, respectively. At maturity, your Barclays CD will automatically renew into a CD with the same term, unless you choose to withdraw the funds within the 14-day grace period.
For more options, check out our top picks for CDs here.
Customer experience at Barclays
Barclays offers an excellent banking experience, as long as you’re prepared to deal with an online-only bank. Customer service hours are good, as you can view your account online 24/7, or reach customer service at 888-710-8756 seven days a week from 8 a.m. to 8 p.m. EST.Barclays also has a mobile app that you can use to view your account balance and transactions, statements, interest payments and other account information. You can also use the app to transfer money or to make mobile check deposits.