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Financial Rates:
5.0
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Customer Service:
4.0
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Variety of Terms:
5.0
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Opening Required Amount:
5.0
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
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.
They offer nine different CD terms. The terms range from 3-months to 60-months.
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.
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.
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.
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.
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.
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.
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.
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.
Barclays will send an email about 30 days before your CD is to reach maturity.
The grace period for Barclays CDs is 14 days.
Yes. Barclays CDs offer fixed interest rates. They are guaranteed for the life of the term.
Yes. With the mobile app, you can see account balances and transfer money. You can receive alerts for specific account activity.
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.
They offer security measures that comply with federal law. Their buildings and files are secure. They offer safeguards for their computers.
The shortest term is the 3-month CD.
The longest term is the 60-month CD.
They offer an online savings account along with their online CDs.
No. The Barclays online CDs are for personal use only. These Barclays online CDs and savings account are not for business use.
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
BarclaysP.O. Box 2460
Cranberry Twp., PA 16066
888-710-8756
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