Reviews / Banking
7 min Read
Written by Cynthia Bowman
Edited by Susan Kim
GOBankingRates Score
Barclays Bank Delaware
4.3
SCORE
GOBankingRates Best Banks 2023 scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks.
Quick Take: Barclays Bank offers only savings products: an online savings account and CDs. With no retail branches or ATMs, these accounts are a good place to stash some money that you want to keep separate from the rest of your accounts.
- Savings Account
4.0
- CD Account
5.0
- Banking Experience
4.0
How did we calculate this?
Pros
- Online savings account pays a higher APY than most competitors
- Competitive CD rates
- No monthly maintenance fees
- No minimum balance requirements
Cons
- Offers only savings accounts and CDs
- Long hold time for check and electronic deposits
- Low-rated mobile app
Barclays Bank Overview
Barclays Bank was founded in 1690 in London. The global bank offers retail banking, credit cards, wealth management, investment banking and corporate banking. In the United States, Barclays offers online retail banking for savings products.
The online banking business is based in Wilmington, Delaware. Barclays won a couple of GOBankingRates awards for 2023, and it’s a favorite for 2024 as well, earning a place among the Best CD Accounts.
Barclays Bank Review
Barclays has a lot to offer the right customer. Here’s a closer look at the features that earned Barclays a place in GOBankingRates’ Best Banks of 2024 rankings.
Savings Account
Barclays Online Savings is a high-yield savings account that offers a APY. There’s no minimum balance to open or maintain the account, and there’s no monthly maintenance fee.
Barclays gives you several ways to deposit funds into your Online Savings account. Once you’ve linked an account from another bank, withdrawing funds from your Barclays account is easy — an important consideration because Barclays doesn’t offer checking accounts or issue ATM cards. Barclays currently has no limit on the number and types of withdrawals you can make each month.
Certificates of Deposit
Barclays Bank CDs are available in terms ranging from 12 to 60 months. The interest rates vary from for 60-month CDs to for 12-month CDs.
The Barclays CD made GOBankingRates’ Best CD Accounts of 2024 because there’s no minimum deposit to open the account and the interest rates are extremely competitive for most banks, including online-only institutions. You make deposits by transferring funds from the external bank account linked to your Barclays CD account.
Banking Experience
Here’s what you need to know about the banking experience Barclays offers.
Customer Service
If you’re having trouble setting up an account or have questions, customer service can be reached by calling 888-710-8756.
Accessibility and Branch Availability
Barclays doesn’t have any branches in the U.S. The bank is online-only in the U.S.
Digital Experience
Barclays Bank has a user-friendly website where you can review and manage your accounts. There’s also a mobile app that lets you deposit checks and transfer money from your external account. However, users have reported errors and usability issues with the app, and they rate it just 3.3 stars and 1.9 stars, respectively, on the App Store and Google Play.
How To Open an Account
To open a Barclays CD or savings account, you’ll need to apply online, provide personal and contact information, including your Social Security number, and fund the account by entering your external bank account number and routing number.
How To Make a Deposit
There are four ways to make a deposit into a Barclays Bank account:
- Transfer the funds from an external account into your Barclays Bank account, which requires that you first set up the external account and link it to your Barclays Bank account. This process can take several days.
- Use Barclays Bank’s Deposit Checks feature through online banking or the mobile app. When you are logged in to your account, select the Deposit Checks tab. Enter the information about your check, and upload pictures of the front and back of the signed check. Then submit your deposit.
- Set up direct deposit into your Barclays Bank account. To do this, you will need to provide your Barclays Bank account number and routing number — 031101321 — to the entity that is originating the direct deposit.
- Mail a check to Barclays, P.O. Box 4538, Carol Stream, IL 60197.
Comparable Online Bank Options
When deciding where to bank, you have many choices. It makes sense to compare several options to find the one that’s best for you. Here are some competitors to Barclays Bank and how they stack up.
Ally Bank
Ally Bank earned the No. 1 spot in GOBankingRates’ Best Online Banks of 2024 rankings. It offers high interest rates on all banking products, including checking and money market accounts — both of which are account types Barclays doesn’t offer. Ally and Barclays are similarly competitive when it comes to savings and CD rates. For example, Ally’s one-year CD offers a APY, while Barclays’ one-year CD offers a APY.
Discover Bank, Member FDIC
Discover is another of GOBankingRates’ Best Online Banks of 2024. It offers a full selection of banking products, with savings and CD rates that rival Barclays’, plus credit cards, retirement accounts and loans. One thing lacking that Barclays offers is a savings tool. Barclays’ Savings Assistant can help you set and meet savings goals.
Final Take
Barclays Bank’s U.S. offerings are limited. However, its rates, fees, accessibility and online platform stand out as its strongest aspects. The no-fee savings account with a competitive rate of is a large part of Barclays’ appeal, but its CDs are where it really shines.
The online platform is easy to use and makes it possible to open and fund a CD or savings account in minutes. Although a debit card isn’t available, transfers between banks are possible and easy to set up as alternatives to ATM withdrawals.
Barclays Bank is a good choice if you want to keep your savings or CD accounts separate from your checking account. And the fact that Barclays Bank has a large investment banking arm and worldwide presence bodes well for its long-term success.
See All Best Banks
Barclays Bank FAQ
Here are answers to some commonly asked questions about Barclays Bank.
- Is Barclays a real bank?
- Yes. Barclays is a real bank founded over 300 years ago.
- Is Barclays Bank safe?
- Yes. Barclays employs multiple layers of security to protect your money and your privacy. And it's a member of the FDIC, so your deposits are protected against bank failure.
- Does Barclays charge fees for accounts?
- Barclays does not charge monthly maintenance fees for accounts. Fees may be assessed for early withdrawal of a CD or other reasons.
- How long will deposits made to a Barclays account be on hold?
- Check and electronicdeposits made to a Barclays Bank account will be held for five business days before the funds are available.
- Does Barclays offer free money for signing up for an account?
- Right now, Barclays does not have any account-opening bonus promotions, but it has been known to offer promotions in the past.
- Is Barclays a good bank?
- Yes. Barclays is a good choice for customers looking for a high-yield savings account or CD.
- Why is Barclays better than other banks?
- Barclays' savings and CD rates put it ahead of many other banks. Also, there's no minimum deposit for CDs, so you can open one with as much or as little as you'd like.
More on Barclays Bank
- What Are Barclays’ Bank Hours?
- Barclays AAdvantage Aviator Red World Elite Mastercard Review
- Barclays JetBlue Plus Mastercard Review
- Barclays’ Best Credit Cards
Compare to Other Banks
- Ally Bank Review
- American Express National Bank Review
- Discover Bank Review
- Capital One Bank Review
- Marcus by Goldman Sachs Review
- All Bank Reviews
Daria Uhlig and Karen Doyle contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 12, 2023.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
To determine rankings for the Best CD Accounts, GOBankingRates looked at the following factors from all banks (excluding neobanks): (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) 12-month CD APY; (5) 60-month CD APY; and (6) the average mobile app rating between the Google Play (Android) and Apple app stores. All factors were then scored and combined, with the lowest score being the best. Factors (1) and (2) were weighted 0.5 times, factor (3) was weighted 2 times, and factors (4) and (5) were weighted 4 times.
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