Ad Disclaimer

Barclays CD Review

How does your bank stack up?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 4.0 Star Icon
  • Variety of Terms: 5.0 Star Icon
  • Opening Required Amount: 5.0 Star Icon
2.00%APY
1 Year CD

Pros:

  • Competitive interest rates on most CDs
  • Good variety of CD terms
  • No required amount to open CDs
  • Encourages CD laddering

Cons:

  • CDs under 12-months have low rates
  • Limited ways to fund CDs
  • Link external account to CDs
  • Rate guarantee not offered

What You Need to Know

The interest rates for Barclays CDs are competitive for most terms. For terms longer than 12-months, the rates are competitive with other online CDs. The interest rates for all CD accounts are much higher than typical bank rates. Barclays CDs interest rates are not tiered. Any balance in the CD earns the competitive interest rate.

Barclays offers a good variety of CD terms. The shortest term offered is a three-month term. The longest term is a 60-month term. Barclays offers a total of nine different CD terms. All the terms are entirely online CDs. Each CD term is available to open online.

There is not a set amount required to open Barclays CDs. Open any of the nine CD terms with any amount. There is not a set amount required to earn the most competitive interest rates. The only balance requirement is that you have enough money in your CD to earn $0.01 in interest.

Barclays encourages CD laddering. This means customers can earn the most competitive interest rates but with more flexibility. CD laddering is investing money in CDs varying in term length. Customers invest in multiple long term CDs. By doing this, one CD will mature each year. This gives customers more access to their money while earning competitive rates. The Barclays website offers a CD ladder calculator. This allows customers to see how to build a successful CD ladder.

The Barclays short term CDs do not offer competitive interest rates. The three, six, and nine-month CDs offer interest rates that are lower than other online banks. These rates are higher than typical bank CD rates of the same term. They are not competitive with other online CDs of the same term length.

Barclays only offers two ways to fund their CDs. Customers can fund the account through an electronic transfer or mailing in a check. If you plan to transfer the money electronically, you must link the CD with an external bank account. Barclays does not accept cash or money orders to deposit into CDs.

The easiest way to make electronic transfers into a Barclays CD is to link it to an external account. You can link up to three external accounts to your Barclays CDs. The linked accounts must be with another bank that is chartered in the United States. You can link accounts when you initially fund your CD or at a later date.

Barclays does not offer an interest rate guarantee. The interest rate you earn on your Barclays CD is the rate on the day you open your account. The interest rates on CDs are competitive with other online accounts. But, if the rates increase shortly after you open your account, Barclays does not increase the interest rate for your CD.

Cool Things

CD Calculators

On the Barclays website, there are two calculators to help you understand CDs. The one shows how much interest you will earn based on your balance and the interest rate for the term. The second calculator helps explain CD laddering. Input how long you want to invest your money and the amount. The calculator lays out the best CDs to open to earn the most interest.

Savings Assistant

The Barclays website offers a tool to help you see how much money you need to save for your specific goals. With the Savings Assistant, you can input how much you want to save for your goal. Then input the amount you have already saved and how much you can contribute each month. The Savings Assistant then calculates how long it will take you to reach your goals.

History

Barclays started in 1690. John Freame and Thomas Gould started the company by trading as goldsmith bankers. About 40 years later, Freame’s son-in-law, James Barclay, joined the business. His addition gave the bank the name it still bears today.

Over the years Barclays has funded the first steam railway and had the world’s first ATM. They were also the first to have a female branch manage in Europe.

Today Barclays has over 48 million clients and customers across the world. They offer retail banking, credit cards, corporate banking, and investment options. Their online banking headquarters are in Wilmington, Delaware. The online banking division of Barclays offers a high yield savings account and CDs.

Awards and Recognition

  • Award-winning Online Savings Account

Giving Back

Barclays Online Banking focuses its community service on helping those around their community. They mentor and teach life skills. Employees of Barclaycard U.S. and the Barclays Online Banking log over 30,000 hours serving each year.

Frequently Asked Questions

Is Barclays FDIC insured?

Yes. Barclays is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How many different terms does Barclays offer?

They offer nine different CD terms. The terms range from 3-months to 60-months.

What is the required amount to open a CD with Barclays?

There is not a required amount to open Barclays CDs. To earn interest, you must keep enough money in the account to earn $0.01 in interest. Any amount over that balance earns the most competitive interest rate offered.

How do I deposit money into Barclays CDs?

There are only two ways to deposit money in Barclays CDs. You can transfer money from an external linked account into your Barclays CD or mail in a check. They do not accept cash or money orders to fund CDs.

How do I access my money?

Transfer money from your Barclays CD into your external linked account. You can also call customer service and request a check. Money in CDs cannot be withdrawn before the maturity date, or there is a fee.

Do I have to open other Barclays accounts before I can open a CD?

No. You can open a Barclays CD without opening any other Barclays accounts. You can open up to 25 Barclays accounts. That includes the savings account and CDs.

Do Barclays CDs offer competitive interest rates?

The interest rates are most competitive on CD terms longer than 12-months. The CDs under 12-month offer rates that are not as competitive with other online CDs. But their rates are still much higher than typical bank rates.

Can I choose how to receive my interest payments from Barclays CDs?

Yes. You can have the interest transferred into a Barclays online saving account. You can transfer the money into a linked external bank account. You can set up what happens to your interest by logging into your account online.

What percentage am I charged if I withdraw money before the maturity date?

For CD terms 24-months or less the fee is 90 days of interest. For terms longer than 24-months the term is 180 days of interest.

How do I make changes during the grace period?

To make changes to your CD contact customer service. You can contact them through writing or by phone before the grace period ends. You can also log into your account online and make changes. If you do not make any changes, your CD will automatically renew for the same term.

How will I know my Barclays CD is nearing maturity?

Barclays will send an email about 30 days before your CD is to reach maturity.

How long is the grace period between renewal?

The grace period for Barclays CDs is 14 days.

Are Barclays CD rates guaranteed for the entire term?

Yes. Barclays CDs offer fixed interest rates. They are guaranteed for the life of the term.

Does Barclays offer mobile banking?

Yes. With the mobile app, you can see account balances and transfer money. You can receive alerts for specific account activity.

Is Barclays a good bank?

The interest rates for CDs longer than 12-months are competitive with other online CDs. Each of the CDs offers interest rates much higher than typical bank rates. There is not a set amount required to open any of the CDs. Barclays also offers a high yield savings account. You must link your CDs to an external bank account to make electronic transfers.

Is Barclays secure online?

They offer security measures that comply with federal law. Their buildings and files are secure. They offer safeguards for their computers.

What is the shortest Barclays CD term offered?

The shortest term is the 3-month CD.

What is the longest Barclays CD term offered?

The longest term is the 60-month CD.

Does Barclays offer accounts other than CDs?

They offer an online savings account along with their online CDs.

Can I use Barclays CDs for my business accounts?

No. The Barclays online CDs are for personal use only. These Barclays online CDs and savings account are not for business use.

How do I reach customer service?

Reach customer service through phone or email. Customer service is available seven days a week from 8 a.m. to 8 p.m. ET. You can send a secure email by logging into your Barclays online banking account. You can follow Barclays on Facebook, Twitter, Google Plus, YouTube, and Instagram.

Bank Contact Information

Barclays
P.O. Box 2460
Cranberry Twp., PA 16066
888-710-8756

CDAccount works to have the most up-to-date information on our website. The listings that appear on our pages are from companies from which this website may receive compensation, which may impact how, where and in what order products appear. Even so, we work hard to review banks fairly and pass the information onto you, the consumer. Please be aware that we cannot guarantee bank services and promotional offers. If you find a mistake, please contact us.

Favorite Rates

Sallie Mae
1 Year CD 02/19/2020
APY 2.10%
Rate 2.08%
For APY $2,500
Monthly Fee $0.00
Checkbook Yes
Member FDIC Insured.
Next >
Synchrony Bank
1 Year CD 02/19/2020
APY 2.00%
Rate 1.98%
For APY $2,000
Monthly Fee $0.00
Checkbook Yes
Great Rates + Safety = Peace of Mind
Next >
Sallie Mae
1.5 Year CD 02/19/2020
APY 2.10%
Rate 2.08%
For APY $2,500
Monthly Fee $0.00
Checkbook Yes
Member FDIC Insured.
Next >
Sallie Mae
2 Year CD 02/19/2020
APY 2.15%
Rate 2.13%
For APY $2,500
Monthly Fee $0.00
Checkbook Yes
Member FDIC Insured.
Next >