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 Barclay Bank’s CD rates. Rates are accurate as of Nov. 16, 2022.
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.
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.
Here’s a look at home much you can earn with a Barclays Bank CD with a $10,000 deposit, assuming the earnings are compounded daily:
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.
Although the bank 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 circumstances.
Shop around at multiple banks and credit unions to find the best CDs to maximize your savings potential. Consider other factors such as minimum deposit requirements, early withdrawal penalties and customer service options as well when choosing a CD.
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.
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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