Barclays CDs offer some of the highest yields in the country. With no opening deposit and plenty of term lengths, it’s a great option if you’re looking for a way to safely grow your savings.
Annual percentage yields (APYs) and account details are accurate as of March 13, 2024.
Overview of Barclays CDs
Barclays Certificates of Deposit (CDs) have terms that range between six months and five years with no minimum deposit requirement. You’ll find the highest yield of 5.30% on its six-month offering, with rates declining as term lengths increase.
Still, it makes sense to utilize a five-year CD, which currently comes with a 3.75% APY, if that matches up with a particular savings goal. After all, long-term rates could decline should the Federal Reserve signal it will cut rates.
Barclays offers flexibility in how you can take advantage of the earnings on its high-yield CDs: You can either have your earnings deposited into a savings account each month, or you can leave them inside your CD to grow and compound.
Barclays CDs have a 14-day grace period at maturity where you can cash it out without penalty. You’ll get a reminder email about your grace period 30 days before your CD matures. If you do nothing during the grace period, your CD will renew for another term.
Barclays offers three-month CDs and nine-month CDs, but doesn’t advertise them. Moreover, the yield on those CDs is just 0.10% APY, which doesn’t warrant consideration.
How much can you earn on a Barclays CD
Here’s how much you could earn in interest on a Barclays CD, assuming a $10,000 deposit.
How to get a Barclays CD
You can open a Barclays CD online in just a few minutes using these steps.
- Go to Barclay’s website and click “Open an account.”
- Choose whether you’d like a single or joint account.
- Gather your Social Security number or Taxpayer Identification Number, as well as your external bank routing and account number. You’ll need these to apply.
- Enter your personal information, like your name, residential address, phone number and date of birth.
- Select which CD term you’d like to open.
- Fund your account using your external bank information.
- Accept the terms and conditions, and you’re done!
Once your CD is open, there’s nothing left to do but sit back and watch it grow. The APY you receive won’t change throughout your term, so you can use our CD calculator to estimate ahead of time exactly how much you’ll earn with Barclays’ CD rates.
How Barclays CD rates compare
Barclays CDs have some of the most competitive APYs in the market, with consistently high rates across the terms it offers.
Remember, there’s no opening deposit requirement, so you can get started with any amount. For comparison, PenFed Money Market certificates, Citi® Certificates of Deposit and Bank of America Fixed Term certificates of deposit require at least $500 to $1,000. This makes Barclays a great option if you’re a fledgling saver.
Here’s how Barclays CD rates stack up against the best CD rates from other popular CD providers. As you can see, its rates outshine the competition for most terms.
Barclays’ rates are on par with some of the best credit union rates. If you’re looking for more term options or a more personalized, community-focused touch, exploring rates offered by credit unions may be a good alternative.
Other products Barclays offers
Barclays only has one other banking product — a savings account. The Barclays Online Savings account earns a competitive 4.35% APY and has no monthly maintenance fees or minimum opening balance, so it’s a great choice if you’re also looking for a place to store your emergency fund or other savings.
The Barclays Online Savings account also has built-in savings tools to help you reach your goals faster. There’s no limit on the number of outgoing transfers you can make each month.
Barclays also has credit cards and personal loans.
To qualify for this $200 Bonus, you must be a new Barclays Savings customer, open an account March 4, 2024 – May 3, 2024, fund the account with at least $25,000 within the first 30 days of opening, and maintain the $25,000 balance for 120 consecutive days. After meeting these qualifications, the $200 bonus will be added to your account in approx. 60 days. Offer expires May 3, 2024. You may make multiple deposits from another financial institution to fund this account so long as at least $25,000 is deposited no later than 30 days from open date. Withdrawals which drop the balance below $25,000 could affect your bonus eligibility. The bonus will be treated as interest and Barclays could send you a Form 1099-INT for tax reporting. While there is no minimum deposit to open a Barclays Savings account, this bonus offer requires a $25,000 minimum deposit. Offer subject to change or cancellation without notice.
Barclays review
Barclays is a global investment bank and financial services corporation. It provides a variety of banking and wealth management services to consumers, small businesses and large corporations.
Barclays’ U.S. banking division is known as Barclays Bank Delaware (Barclays for short). It’s known for having CDs and savings accounts with high yields, low fees and a variety of digital tools to manage your finances.
Frequently asked questions (FAQs)
Yes, Barclays CDs are FDIC insured up to the maximum amount allowed by law, which is currently $250,000 per depositor per account. This means that your money is protected by the government in the event that Barclays fails.
Yes, you can have up to 25 Barclays accounts at any one time. Creating a CD ladder with multiple accounts can be a great way to maintain access to your money on a rolling basis. With a CD ladder, you divide your money up between several CDs with staggered maturity dates. As each CD matures, you can withdraw the money without penalty while still earning a higher interest rate on your longer-term CDs.
The highest Barclays CD APY is currently 5.00% for a 12-month CD. If you were to open an account with $10,000, this means you would earn $500 in interest at maturity. Compare Barclays CD rates to the best one-year CD rates to see if you could earn more somewhere else.
It depends on what you’re looking for in a CD. Barclays has a lower minimum opening deposit and higher CD rates than Marcus. But Marcus has more CD terms to choose from — six months to six years — and three different CD types: Marcus by Goldman Sachs High-Yield certificates of deposit, Marcus by Goldman Sachs No-Penalty CDs that allow early withdrawals and the Marcus by Goldman Sachs Rate Bump CD if you want to increase your APY. Neither bank has jumbo CDs.
