Barclays Bank CDs
APY Range
Minimum Deposit
Terms
Our Rating
Barclays CD Rates
Barclays offers certificates of deposit (CDs) that consistently outperform many competitors, making them among the top CDs in the industry. The rates range from 5.00% APY for a 12-month CD to 3.75% APY for a 60-month CD. What's more, there is no minimum deposit required to open a Barclays Bank CD account. Customers who want to invest in long-term CDs will find Barclays a good option.
On the downside, Barclays does not offer short-term CDs with durations of 3 months, 6 months, and 9 months. These shorter-term CDs are currently in high demand among investors because of the attractive interest rates they provide.
CD Term | APY |
|---|---|
12 Months | 5.00% |
18 Months | 4.50%
|
24 Months | 4.00% |
36 Months | 3.50% |
48 Months | 3.50% |
60 Months | 3.75% |
Interest on CDs is compounded daily and credited to your account on a monthly basis. As an account holder, you have the flexibility to request monthly interest withdrawals without any penalties. These withdrawals can be directed to either a Barclays Online Savings account or a linked bank account.
Early Withdrawal Fees And Grace Period
Like many other banks, Barclays Bank applies an early withdrawal penalty if you withdraw money from your CD account before it reaches maturity.
The penalty consists of 90 days of simple interest for CDs with terms of 24 months or shorter and 180 days of simple interest for CDs with terms longer than 24 months.
It's worth noting that Barclays doesn't offer no-penalty CD that allow you to withdraw funds early without facing a penalty.
CD Term | APY |
|---|---|
12 Months | 90 days of interest |
18 Months | 90 days of interest |
24 Months | 90 days of interest |
36 Months | 180 days of interest |
48 Months | 180 days of interest |
60 Months | 180 days of interest |
Here's how the grace period works for Barclays CDs:
- Automatic Renewal: Your CD will automatically renew when it reaches maturity.
- Grace Period: You have a fourteen (14) calendar day grace period which you can explore other options if you don't want to renew.
- Penalty-Free Withdrawal: During the grace period, you can withdraw funds from your CD without incurring any penalties.
- Preventing Renewal: You can prevent the automatic renewal by either withdrawing the funds from your CD at maturity or within the grace period, or by notifying Barclays within the grace period that you don't want the CD to renew.
Are Barclays CD Rates Competitive?
When comparing CD rates, Barclays offers highly competitive rates that surpass the average rates and even compete with the nation's top credit unions CDs. You can see from the comparison table below that Barclays is aligned with leading financial institutions in terms of CD rates.
However, when it comes to providing a wide range of terms and options for investors, Barclays falls short compared to some of the best choices available. The options for CD terms are limited, and unfortunately, they do not include short-term CDs.
This is especially significant in today's market, where short-term CD rates are reaching some of the highest levels observed in the past 15 years.
CD APY Range | Minimum Deposit | |
|---|---|---|
Marcus | 4.00% – 5.05% | $500 |
Barclays Bank | 3.50% – 5.30% | $0 |
Quontic Bank | 4.30% – 5.30% | $500 |
PenFed Credit Union | 2.00% – 4.35% | $1,000 |
Alliant Credit Union | 5.08%-5.20% | $1,000 |
Sallie Mae | 4.00% – 4.95% | $2,500 |
Bread Financial | 4.25% – 4.75% | $1,500 |
Capital One | 4.00% – 5.10% | $0 |
Discover Bank | 2.00% – 4.70% | $2,500 |
CIT Bank | 0.30% – 3.50% | $1,000 |
Ally Bank | 3.00% – 4.50% | $0 |
Citi Bank | 0.05% – 4.75% | $500 |
Connexus Credit Union | 3.51% – 4.85% | $5,000 |
Merrick Bank | 4.05% – 5.25% | $25,000 |
BMO Harris | 0.05% – 4.50% | $1,000 |
Synchrony Bank | 2.05% – 5.15% | $0 |
Alliant Credit Union | 5.08%-5.20% | $1,000 |
Lafayette Federal Credit Union | 4.32% – 5.04% | $500 |
TD Bank | 1.00% – 5.00% | $250 |
Navy Federal | 4.85% | $1,000 |
LendingClub | 4.00% – 5.15% | $2,500 |
About Barclays Bank
Barclays Bank is the U.S. division of Barclays, a well-established global financial services company with roots dating back to the 1600s in London. It's a major player in the industry, serving over 48 million customers worldwide. In the U.S., Barclays Bank is headquartered in Wilmington, Delaware, and operates primarily as an online bank.
As an online-only bank, Barclays does not have physical branches in the U.S. Instead, customers can access their CDs and other accounts conveniently through the bank's user-friendly mobile app or online platform.
One of the drawbacks of Barclays U.S. is that it doesn't offer checking accounts in the U.S. and focuses mainly on deposit products.
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FAQs
Are Barclays CDs suitable for CD laddering?
Not particularly. There are better CD accounts available for CD laddering. Due to the absence of short-term CDs, the options for CD laddering with Barclays are limited, unless you have a preference for longer-term periods.
Will Barclays remind me of the maturity date for my CD?
Absolutely. You will receive an email alert approximately 30 days before your CD reaches maturity.
Can I receive interest disbursements from my CD?
Certainly. You have the option to receive monthly interest disbursements. You can choose to keep the interest in your CD account or transfer it to your Barclays Online Savings account, or to a verified external account.
Can I deposit a check through the app?
Yes, you can deposit a check into your Barclays Online Savings Account by using the “Deposit Checks” feature. Simply upload a picture of the check from your computer, laptop, or mobile device.
Can I transfer money using the app?
Yes, you can initiate one-time transfers to and from linked and verified external accounts using your mobile device. The app allows for convenient money transfers.
How We Rate Certificates of Deposits: Our Methodology
The Smart Investor team has thoroughly examined certificate of deposit (CD) offerings from various banks, considering multiple factors to provide a comprehensive evaluation. Here's how we rated them across four key categories:
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CD Rates (50%): We meticulously analyzed the interest rates offered by each bank on their certificate of deposit (CD) products. Higher ratings were awarded to banks offering competitive rates that provide maximum returns for customers' investments. Factors such as the yield curve, current market conditions, and consistency of rates were considered to assess the attractiveness of each bank's CD rates.
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CD Features (30%): This category evaluated the features associated with each bank's certificate of deposit offerings. Factors considered include the variety of terms available, early withdrawal penalties, minimum deposit requirements, and any additional features or benefits. Higher ratings were given to banks offering a diverse range of CD terms, reasonable early withdrawal fees, and flexible options to meet customers' investment needs.
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Customer Experience (10%): A positive customer experience is paramount, even when investing in CDs. We assessed each bank's performance in this area, considering factors such as the ease of opening a CD account, the responsiveness of customer service, and overall user satisfaction. Higher ratings were assigned to banks with efficient account opening processes, helpful customer support, and a track record of satisfying customers.
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Bank Reputation (10%): The reputation of a bank is a critical consideration when investing in CDs. We evaluated each bank's reputation based on factors such as financial stability, regulatory compliance, and public perception. Higher ratings were given to banks with a solid reputation for reliability and trustworthiness, ensuring customers' investments are safe and secure.
By considering these categories and assigning appropriate weights to each, our review aims to provide valuable insights to help individuals make informed decisions when investing in certificate of deposits.
