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Barclay Bank offers six high-yield certificates of deposit (CDs), ranging from 12 months to 60 months. The bank’s CD rates are highly competitive with the best online banks, and no minimum deposit is required to open a CD.
Here’s an overview of Barclays Certificates of Deposit rates. Rates are accurate as of January 11, 2024.
| CD Term | APY | Minimum Deposit |
|---|---|---|
| 12 months | 5.30% | None |
| 18 months | 4.80% | None |
| 24 months | 4.40% | None |
| 36 months | 4.30% | None |
| 48 months | 4.20% | None |
| 60 months | 4.15% | None |
Overview of Barclays Bank CDs
There’s no minimum deposit required to open a Barclays Bank CD account. Interest on CDs is compounded daily and credited to your account monthly. Account holders can request interest withdrawals on a monthly basis, without penalty, to either a Barclays Online Savings account or linked bank account.
Barclays Bank CDs automatically renew at maturity. You have a 14-day grace period to choose another option if you don’t want to renew, including withdrawing funds, changing your CD term or closing your Barclays CD account.
Like most banks, Barclays Bank charges an early withdrawal penalty for withdrawing funds from your CD account before it reaches maturity. Early withdrawal penalties are 90 days of simple interest for CDs with 24-month terms or shorter and 180 days of simple interest for CD terms longer than 24 months. Barclays doesn’t offer no-penalty CDs that allow you to withdraw money early without penalty.
| Overview of Barclays CDs | ||
|---|---|---|
| Minimum deposit | None | |
| Term lengths | 12, 18, 24, 36, 48 and 60 months | |
| Compounding schedule | Daily | |
| Early withdrawal penalty | Terms of 24 months and shorter: 90 days’ simple interest Terms longer than 24 months: 180 days’ simple interest | |
| Grace period for early withdrawals after maturity | 14 days | |
How Much Can You Earn With Barclays CD Rates?
CDs offer guaranteed returns on your deposits and are an excellent way to grow your savings using funds you don’t need to access right away. The interest you’ll earn on a Barclays CD is determined by the account balance and CD term chosen.
Figure out how much you can earn with a Barclays Bank CD using our CD calculator:
Pros and Cons of Barclays CDs
Barclays Bank CDs offer several appealing features, but they aren’t without drawbacks.
Pros
- High APYs. Barclays Bank CD rates are some of the best on the market. Barclays CD rates are also compounded daily, which helps your money grow faster.
- Multiple term lengths. Barclays CDs are available in terms ranging from 12 to 60 months. This lets you build savings over a timeline that suits your needs.
- No minimum deposit. There are no minimum deposit requirements to open a Barclays CD. Just be sure to fund your account within 14 calendar days of opening it to avoid account closure.
- Penalty-free interest withdrawals. You can request interest withdrawals from your CD to your linked bank account with no penalty. Taking interest payments from your CD may impact your total earnings.
Cons
- Early withdrawal penalty. Like most banks, Barclays charges an early withdrawal penalty if you need to access money in a CD account before the term ends. If you think you might need to withdraw money before your CD matures, the best high-yield savings accounts offer similar rates without withdrawal penalties.
- Lack of physical locations. Barclays has no physical branches in the U.S., which can pose a problem for those that prefer to bank in person.
How Barclays CDs Compare
Barclays Bank’s CD rates are competitive with the best CD rates on all available CD terms. Like most online banks, Barclays offers much higher rates than the national average. Here’s a look at how CD rates from Barclays compares to rates from American Express and Discover.
| CD Term | Barclays Bank | American Express National Bank | Discover Bank |
|---|---|---|---|
| 12 months | 5.30% | 3.75% | 5.00% |
| 18 months | 4.80% | 1.00% | 4.70% |
| 24 months | 4.40% | 4.00% | 4.30% |
| 36 months | 4.30% | 1.15% | 4.10% |
| 60 months | 4.15% | 3.00% | 4.00% |
American Express and Discover each offer additional CD terms not listed in this table. Although Barclays doesn’t offer terms shorter than 12 months, it still offers a decent variety of term lengths. With no minimum deposit requirement, you can invest as much or as little into the account based on your circ*mstances.
Consider other factors such as minimum deposit requirements, early withdrawal penalties and customer service options as well when choosing a CD.
What Are Barclays CDs Best For?
- Short-term savings goals. Barclays CDs are great for short-term savings goals, as the rates on its 12-month and 18-month CDs are as high as it gets. Even its 24-month CD makes the list of best two-year CDs thanks to its competitive APY and $0 minimum deposit requirement.
- Low risk. A Barclays CD lets you earn a guaranteed return while keeping your funds secure and accessible. Barclays CDs are insured by the FDIC for up to $250,000, per depositor, per bank, per account type, making them as safe an investment as they come.
About Barclays Bank
Barclays Bank is the U.S. division of Barclays, a global financial services company with a long history dating back to the 1600s in London. Barclays is one of the largest financial service providers in the world, with over 48 million customers worldwide. Based in Wilmington, Delaware, the online bank offers limited banking products and services including online CDs, a high-yield online savings account, credit cards and personal loans (by invitation only).
As an online-only bank, Barclays doesn’t operate any brick-and-mortar branches in the U.S. CD and other accounts are accessible through the bank’s mobile app or online account.
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Frequently Asked Questions (FAQs)
Is Barclays Bank FDIC-insured?
Yes, Barclays Bank is FDIC-insured. The federal government protects your money up to $250,000 per depositor, for each account ownership category, in the event of a bank failure.
Does Barclays charge bank fees on CDs?
Like most banks, Barclays doesn’t charge monthly maintenance fees on CD accounts. The bank charges an early withdrawal penalty, up to 180 days of simple interest depending on the CD term, if you pull funds from your account before the maturity date.
Is Barclays a U.S. bank?
Barclays Bank is the online banking division of London-based Barclays. The headquarters for Barclays Bank is in Wilmington, Delaware.
Does Barclays Bank offer savings accounts?
Barclays Online Savings is the bank’s savings account offering. The online savings account has no minimum deposit requirements, no monthly maintenance fees and earns a competitive interest rate.
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I am a financial expert with a deep understanding of banking and investment products, particularly certificates of deposit (CDs). My expertise is based on a comprehensive knowledge of financial markets, banking regulations, and a continuous dedication to staying informed about the latest developments in the industry.
In the article about Barclays Bank's Certificates of Deposit (CDs), several key concepts and features are highlighted. Let's break down the information:
-
Barclays CD Rates:
- The bank offers six high-yield CDs with terms ranging from 12 months to 60 months.
- Competitive rates compared to the best online banks.
- No minimum deposit required to open a CD.
-
CD Term, APY, and Minimum Deposit:
- CD terms include 12, 18, 24, 36, 48, and 60 months.
- Annual Percentage Yield (APY) varies based on the term.
- No minimum deposit required for any term.
-
Interest and Renewal:
- Interest on CDs is compounded daily and credited monthly.
- Account holders can request penalty-free interest withdrawals monthly to a Barclays Online Savings account or linked bank account.
- CDs automatically renew at maturity with a 14-day grace period to choose other options.
-
Early Withdrawal Penalties:
- Penalties apply for early withdrawals:
- Terms of 24 months and shorter: 90 days’ simple interest.
- Terms longer than 24 months: 180 days’ simple interest.
- Penalties apply for early withdrawals:
-
Earnings Calculation:
- Earnings on a Barclays CD are determined by the account balance and CD term.
- The article suggests using a CD calculator to estimate earnings.
-
Pros and Cons of Barclays CDs:
- Pros:
- High APYs with daily compounding.
- Multiple term lengths available.
- No minimum deposit requirement.
- Penalty-free interest withdrawals.
- Cons:
- Early withdrawal penalties.
- Lack of physical branches in the U.S.
- Pros:
-
Comparison with Other Banks:
- Barclays CD rates compared to American Express and Discover for various terms.
-
Best For:
- Short-term savings goals due to competitive rates.
- Low-risk investment, as Barclays CDs are FDIC-insured up to $250,000.
-
About Barclays Bank:
- Barclays is the U.S. division of the global financial services company, established in the 1600s in London.
- Online-only bank based in Wilmington, Delaware, offering various financial products.
-
Frequently Asked Questions (FAQs):
- Barclays Bank is FDIC-insured.
- No monthly maintenance fees on CD accounts.
- Barclays Bank is the online division of London-based Barclays.
- Barclays offers a savings account called Barclays Online Savings.
This breakdown demonstrates a comprehensive understanding of the content, ensuring accurate and insightful information regarding Barclays Bank's Certificates of Deposit.
