Barclays’ Certificates of Deposit (CDs) stand out for their high yields and flexibility, catering especially to savers with long-term goals. The absence of a minimum deposit requirement and the variety of term lengths, ranging from 12 months to five years, underscore their commitment to accessibility and growth potential for savers.
However, it’s noteworthy that Barclays is less accommodating for those seeking shorter-term investments, as terms less than a year are not prominently featured.
- Update 1/24/25: Their 12M CD rate has changed, see the new rate below.
- Update 1/13/25: Their 12M, 9M, and 6M CD rates have decreased slightly. See the new rates below.
- Update 12/16/24: Their 12 month CD changed to 4.15%. See below for details.
- Update 11/19/24: Their 6 month, 9 month, and 12 month CDs are changing rates. See the new rates below.
See below for details on their CD accounts.
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Barclays Online CD Account Details
Barclays has online certificates of deposit (CDs) with terms from one to five years and competitive rates. The highest yields are notably on the 12-month CDs with longer terms experiencing a decline in rates. This structure encourages savers to align their investments with longer-term savings objectives, particularly in a financial landscape where future rate cuts could diminish returns on long-term rates. They also offers a commendable degree of flexibility in the management of CD earnings, allowing for monthly deposits into a savings account or reinvestment for compounding within the CD.
Here is a table with the current CD terms and rates from Barclays:
| CD TERM | APY |
|---|---|
| 6M | 3.80% |
| 9M | 3.80% |
| 12M | 4.00% |
| 18M | 3.25% |
| 2Y | 3.00% |
| 3Y | 3.00% |
| 4Y | 3.00% |
| 5Y | 3.25% |
A critical feature of Barclays CDs is the 14-day grace period upon maturity, which permits penalty-free withdrawals, supplemented by a 30-day advance reminder of the CD’s maturation. This feature ensures that investors have a window to make informed decisions without the pressure of immediate renewal.
While Barclays promotes its CDs without short-term options and does not offer 10-year CDs, the institution compensates with its no-minimum deposit policy, daily compounding of interest, and a structured early withdrawal penalty system based on the term length. These CDs are therefore best suited for individuals with clear, long-term savings goals who value the combination of high-yield potential and flexible earnings management without the necessity of a substantial initial investment.
Who’s Barclays Best For?
Barclays accounts are best for those who don’t need a checking account or in-person services but want high rates on savings or CDs with no minimums.
Barclays Online CDs are good options if you care more about getting a high yield and low fees than getting help in person at a branch or using an ATM.
READ MORE: GET TOP BONUSES FROM CHASE, AXOS, AND BMO.
The Banking Experience
You mostly get the basics at Barclays. You can get help from customer service through Twitter every day from 8 a.m. to 8 p.m. Eastern time. Their iOS and Android apps are highly rated.
READ MORE: COMPARE THE NATION’S BEST SAVINGS RATES HERE AND THE BEST CD RATES HERE
Bottom Line
Opening a Barclays CD has been a straightforward and surprisingly swift process, making it an accessible option for both seasoned savers and those new to the world of certificates of deposit. The absence of an opening deposit requirement is nice, democratizing the savings landscape and allowing individuals to start growing their savings, regardless of their initial capital. This feature particularly stands out when comparing Barclays to other institutions, where the barrier to entry can be a hefty $500 to $1,000.
However, Barclays’ U.S. banking business is only available online. They don’t have any bank branches in the U.S., so it’s best for people who don’t need help in person. But for competitive rates, you might look past that.
READ MORE: SEE THE BEST BANK BONUSES HERE AND THE BEST INVESTING BONUSES HERE.
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