Our take: Barclays Bank delivers strong savings rates and an impressive history, but its lack of a checking account keeps it from being a true one-stop shop. It’s best for high-balance savers and brand-loyal credit card users who don’t mind managing their money elsewhere.
Banking Services
- High yields on both savings accounts
- Sign-up bonus for Tiered Savings
- FDIC insurance
- Easy connection with external banks
- Rewards credit cards for various purchase lifestyles
- Sign-up bonuses on credit cards
- Large deposit required for highest APY tier
- Tough requirements for savings sign-up bonus
- No checking account
- No branches or ATMs in the U.S.
- Highly specific credit card rewards
| Products offered | Savings accounts (2), CDs (6 – 60 months), several rewards credit cards, and invitation-only personal loans |
| Savings rate (APY) | 3.70% – 4.10% |
| CD rate (APY) | 3.00% – 4.10% |
| Bank fees | No monthly maintenance fees |
| Credit card rewards | Cash back and rewards points, depending on card |
| Credit card fees | $0 – $499 a year |
Table of Contents
What is Barclays Bank (Barclays US)?
Barclays Bank was established in the United Kingdom in 1690 and has been an innovative presence in the country ever since, debuting the U.K.’s first (and the world’s first) ATM in 1967 and the U.K.’s first debit card in 1987.
Barclays now offers banking services here in the United States as well, though it’s an online-only bank, so you can’t find any physical branches. In the U.S., Barclays Bank’s focus is primarily on credit cards, but it has decent options for Americans interested in a safe savings account that pays out high interest as well.
In my Barclays Bank review below, I’ll cover all the major account types with Barclays, explore the pros and cons, and detail who Barclays is right for. I’ll be the first to admit that, while Barclays is a good choice for a savings account, it’s not anywhere near the top of my list as a full-service bank (and it’s not where I choose to bank), but there are several customers who might be well-served by Barclays.
Barclays Bank accounts, CDs, credit cards, and loans
The core bank offerings through Barclays are the high-yield savings accounts (Tiered Savings and Online Savings) and the certificates of deposit (CDs). Barclays also offers a long list of credit cards (26 at time of publishing) and an invitation-only personal loan product for customers with an account. Notably, Barclays Bank does not offer a checking account.
Below, I’ll break down each of these core products.
Tiered Savings
Barclays offers two phenomenal high-yield savings accounts, but the Tiered Savings is the better option, no matter how much money you keep in the account. As the name suggests, savings rates (annual percentage yields, or APYs) are tiered, but the lowest tier (less than $10,000) still pays an impressive 3.90% APY.
At its highest, the Tiered Savings account pays out 4.10%, but that’s only if you have a balance between $250,000 and $1 million (you can’t deposit funds beyond $1 million). And while 4.10% is really strong, even for a high-yield savings account, I highly recommend keeping less cash in savings and rerouting excess funds to even higher-yield (though less liquid) options, such as a diversified investment portfolio.
After building an emergency fund but before investing in high-yield options like stocks, pay down your high-interest debts and max out your retirement contributions.
Notably, Barclays Bank is currently offering a $200 bonus when you open an account and deposit at least $30,000 by 12/31/25. While a $200 bonus is sweet, there are other high-yield savings accounts with $200 bonuses that are far easier to earn. SoFi, for instance, pays out a $300 bonus if you earn direct deposits totaling $5,000 or more during its promotional period. That’s a higher bonus for one-sixth the effort.
Unlike some banks, Barclays doesn’t charge a monthly maintenance fee, nor does it have a minimum balance requirement to open.
The table below shows the current APYs for each balance tier. Rates are subject to change.
| Balance tier | APY |
|---|---|
| $250,000 – $1,000,000 | 4.10% |
| $100,000 – <$250,000 | 3.90% |
| $50,000 – <$100,000 | 3.90% |
| $25,000 – <$50,000 | 3.90% |
| $10,000 – <$25,000 | 3.90% |
| Less than $10,000 | 3.90% |
Online Savings
Barclays offers an alternative to Tiered Savings: the Online Savings account.
This one isn’t tiered; the APY remains consistent no matter your balance. As of October 2025, it sits at 3.70% APY. This is slightly below average for some of the top high-yield savings accounts, but still more than nine times greater than the current average savings deposit rate (0.40%), according to the Federal Deposit Insurance Corporation (FDIC).
Like the Tiered Savings account, Barclays’ Online Savings offers:
- Easy transfers to and from other banks
- No monthly maintenance fees
- No minimum balances to open
- FDIC insurance
That first point—easy transfers to and from other banks—is especially important. Why? Because Barclays does not offer a checking account.
I’ll dive more into this below, but it’s worth noting that not being able to keep checking and savings accounts in the same bank can be a nuisance, and it’s the main reason Barclays wouldn’t be my top choice for a savings account.
Online CDs
The Online Savings account maxes out at 3.70%, and at the lowest tier, you’ll earn 3.90% with Tiered Savings. But Barclays offers a way to earn slightly more, even with a smaller deposit: its online CDs.
CDs, or certificates of deposit, are a less liquid (but still insured and risk-averse) way to grow your savings. You choose a term—six to 60 months with Barclays—to let your deposit sit, untouched*, and accrue interest. When the CD matures, you’ll get all the cash you originally deposited, plus the additional interest, which compounds daily. There is a penalty for an early termination.
*While the money must be left untouched, you can receive monthly interest disbursements.
Right now, the most you can earn with a Barclays Bank CD is 4.10% with a 6-month option. The table below shows all the current terms and rates.
| CD term | Interest rate | APY |
|---|---|---|
| 6 months | 4.02% | 4.10% |
| 9 months | 3.73% | 3.80% |
| 12 months | 3.73% | 3.80% |
| 18 months | 2.96% | 3.00% |
| 24 months | 2.96% | 3.00% |
| 36 months | 2.96% | 3.00% |
| 48 months | 2.96% | 3.00% |
| 60 months | 3.20% | 3.25% |
Barclays credit cards
When used responsibly, credit cards are an important part of your finances. Using your credit card for daily purchases—and then paying it off in full each month—can establish a solid payment history and boost your credit score. Using significantly less credit than you have available (and paying off what you do borrow quickly) also keeps your credit utilization low, another major factor in calculating your score.
Even better, you can earn money (or points) when spending with rewards credit cards, if you qualify.
Barclays offers a large mix of co-branded rewards credit cards; arguably, there are too many options to consider that it’s a little overwhelming. While none are particularly appealing (they’re highly specific cards, like for AARP members, regular Old Navy shoppers, or travelers who use Frontier Airlines), they do offer decent sign-up bonuses and rewards.
Here’s a full list of Barclays’ credit cards with partner brands; follow the links to learn more on the Barclays site:
- AARP Essential Rewards Mastercard
- Upromise World Mastercard
- Wyndham Rewards Earner Card
- Banana Republic Rewards Mastercard
- AARP Travel Rewards Mastercard
- Navyist Rewards Mastercard
- Gap Good Rewards Mastercard
- GM Rewards Mastercard
- Athleta Rewards Mastercard
- Frontier Airlines World Mastercard
- GM Business Mastercard
- Emirates Skywards Premium World Elite Mastercard
- Miles & More World Elite Mastercard
- Xbox Mastercard
- Barnes & Noble Mastercard
- JetBlue Plus Card
- JetBlue Card
- Capital Vacations World Mastercard
- RCI Elite Rewards World Mastercard
- Wyndham Rewards Earner Plus Card
- Breeze Easy Visa Credit Card
- Wyndham Rewards Earner Business Card
- Carnival World Mastercard
- JetBlue Premier Card
- JetBlue Business Card
- Emirates Skywards Rewards World Elite Mastercard
Invitation-only personal loans
Members of Barclays Bank have access to an invitation-only personal loan product. The details of the loan are great:
- No origination fees or prepayment penalties
- Borrow from $5,000 to $35,000
- Competitive interest rates
The problem? You can only get the loan if Barclays offers it to you—which isn’t usually how personal loans work. When you need cash, you don’t sit around waiting for a bank to hopefully offer you access to a loan; rather, you proactively research the best personal loans for which you’re eligible and apply for the right option.
Does Barclays have a checking account?
Barclays does not offer a checking account. This adds a slight hurdle to your money management. While you can connect your Barclays savings account to an external checking account, there may be some delays when transferring funds.
When you have both a checking and a savings account with the same bank, you can usually transfer funds instantly.
For instance, my favorite (and personal) bank is Capital One. I have multiple high-yield savings accounts through Capital One (to organize for various savings goals) and a linked checking account. I can move money around easily, both when I get paid by clients as a freelancer (from checking into the appropriate savings accounts) or when I need money for a big purchase (from the appropriate savings account to checking).
Not having a checking account with Barclays isn’t the end of the world, but it is enough to keep me from giving the financial institution full marks.
Pros and cons of Barclays Bank
There are a number of reasons to like Barclays as an option for your banking, but you’ll need to consider a number of potential drawbacks, too.
| Pros | Cons |
| High yields on both savings accounts | Large deposit required for highest APY tier |
| Sign-up bonus for Tiered Savings | Tough requirements for savings sign-up bonus |
| FDIC insurance | No checking account |
| Easy connection with external banks | No branches or ATMs in the US |
| Rewards credit cards for various purchase lifestyles | Highly specific credit card rewards |
| Sign-up bonuses on credit cards | |
| Easy-to-use online platform |
Pros
- High yields on both savings accounts: The Online Savings account offers a 3.70% APY while savers with a large enough deposit (at least $250,000) can earn up to 4.10%.
- Sign-up bonus for Tiered Savings: While it can be challenging to earn, you can potentially earn a $200 bonus when you open a new account.
- FDIC insurance: Deposits are insured up to $250,000.
- Easy connection with external banks: Being able to connect your savings to an external checking account is crucial because Barclays doesn’t offer its own checking account.
- Rewards credit cards for various purchase lifestyles: Barclays has a wide range of rewards credit cards that might be relevant for frequent travelers or consumers of specific brands.
- Sign-up bonuses on credit cards: Each of the cards offers some kind of bonus offer to make them more attractive.
- Easy-to-use online platform: You’ll do all your banking online with Barclays; customer reviews highlight its ease of use.
Cons
- Large deposit required for highest APY: While a 4.10% APY is attractive, you’ll need at least $250,000 in savings to earn that rate. Other high-yield savings accounts with competitor banks offer similar rates without a balance requirement.
- Tough requirements for savings sign-up bonus: Earning the $200 sign-up bonus requires a $30,000 deposit. That means the bonus is only 0.07% of the required deposit—a drop in the bucket that likely isn’t enticing for someone who can afford to move $30,000 into a new bank account to begin with.
- No checking account: Perhaps the biggest fault with Barclays is the lack of a checking account, which can add a roadblock to everyday banking, especially if you want to withdraw cash or regularly need to move money from savings to fund purchases.
- No branches or ATMs in the US: Barclays is a U.K.-based bank, but customers can access online banking products in the U.S. However, there aren’t physical branches in the U.S., and with no checking account, there are also no ATMs—odd given that Barclays was the first bank to introduce an ATM.
- Highly specific credit card rewards: Rewards credit cards are great, but Barclays’ options feel too highly specific. If you regularly spend hundreds of dollars at Banana Republic or purchase vehicles and parts from General Motors, sure, these cards might have some appeal. But there are other, better, more generalized rewards credit cards available through banks such as Capital One and Chase.
Barclays vs. other banks
Barclays is a decent online bank, and for customers who are specifically focused on high-yield savings, it’s one of the top contenders. In fact, we named it one of the best high-yield savings accounts this year, highlighting it for its institutional history (much longer than the history of most other online banks).
However, Barclays falls short as a full-suite bank because it lacks a checking account. When you consider the banking experience as a whole, here’s how Barclays stands up compared to some of our other favorite banks:
 |  |  | |
| High-yield savings rate | 3.70% – 4.10% | 3.40% | 3.80% |
| Checking account offered | No | Yes | Yes |
| Physical branches and/or ATMs | No | Yes | Yes |
| FDIC insurance | Up to $250,000 | Up to $250,00 | Up to $3 million |
| J.D. Power direct banking satisfaction (savings accounts) | 684 out of 1,000 (below average) | 699 out of 1,000 (below average) | 710 out of 1,000 (above average) |
Who is Barclays best for?
Barclays is a good online bank. While I feel like there are better options available, I know my financial situation is not the same as everyone else’s. Here are some scenarios in which Barclays Bank might be one of the best banking options for you:
✅ You’re conservative with your money—and have a lot of it
To access the highest APY that Barclay offers, you need to keep at least $250,000 in savings. Most financial advisors would tell you that’s way too much cash, and you should invest in real estate, mutual funds, or something else with a high return.
But if you would rather play it safe and still earn a respectable return, the 4.10% APY from Barclay’s highest level of the Tiered Savings account is a good choice.
Plus, the money is far more liquid than it would be in stocks or a retirement account. This could be a good option if you’re saving up for a large, all-cash purchase, like a home, boat, or luxury vehicle.
✅ You’re a credit card power user
I have three credit cards in my wallet, and they serve me well. But I also have friends and colleagues who are avid credit card users, collecting a wide range to maximize points and cash back.
If you like some of the brands with which Barclays partners for credit cards—General Motors, Wyndham, JetBlue, and Xbox, to name a few—it’s worth looking into their credit cards to use on top of your tried and trusted plastic.
And if you’re going to open a credit card with Barclays, it’s at least worth considering a savings account with the online bank, too.
✅ You trust brands with a long history
There’s no doubt: Online banks are a better option than traditional big banks, at least in terms of higher yields and lower rates. For instance, some of the largest traditional banks in the U.S. pay out a measly 0.01% APY on savings (I’m looking at you, Chase and Wells Fargo …) while online banks are usually above 3.00%.
But online banks are also relatively new, in the grand scheme of things. Many of the bank accounts are offered through financial technology companies (fintechs), rather than true banks, and while they’ve made great strides in security and are regulated by the U.S. government, some Americans still don’t trust these tech-forward online options.
That’s where Barclays comes in. Barclays offers convenient online-only banking—with the high APYs and low fees online banks are known for—but it’s a bank with history. The bank dates back to 1690 and has built trust over centuries. With Barclays, you get high returns and high reliability—and you shouldn’t discount that.
Is Barclays legit?
Barclays is a legitimate online-only bank in the United States; the company is headquartered in the United Kingdom, where it has actual branches and ATMs and offers an even fuller suite of banking products and services.
Barclays has been around for more than 300 years and is FDIC insured in the United States. The bank is accredited with the Better Business Bureau and has an A+ rating.
It is worth noting that customer reviews are hit or miss. For instance, Barclays only has a 2.7 out of 5 on Trustpilot.
Barclays Bank review: Great savings offerings, but no checking
From a banking perspective, Barclays has some great features—and one clear miss. The savings accounts are among the best, though the steep deposit requirements to achieve the highest APY feel a little unreasonable for most customers. The lack of a checking account is its biggest downfall.
Barclays partners with a plethora of brands for highly specific credit cards. While most of the cards probably aren’t a good fit for you, there’s bound to be one or two that might match your needs.
FAQs
Can you use Barclays in the U.S.?
Yes, you can use Barclays in the U.S. U.S. customers can open savings accounts and CDs with Barclays, as well as apply for credit cards. Barclays also offers invitation-only personal loans to its American customers.
Is Barclays FDIC-insured?
Yes, Barclays deposit accounts carry FDIC insurance up to $250,000. However, Barclays incentivizes keeping more than $250,000 in your account.
How safe is my money with Barclays?
Your money is very safe with Barclays. The bank offers a number of online security features and insures your funds through the FDIC up to $250,000.
Article sources
At LendEDU, our writers and editors rely on primary sources, such as government data and websites, industry reports and whitepapers, and interviews with experts and company representatives. We also reference reputable company websites and research from established publishers. This approach allows us to produce content that is accurate, unbiased, and supported by reliable evidence. Read more about our editorial standards.
- Barclays Bank, Home, Refer to product pages throughout US website for more info
- Barclays, Our History
- SoFi, SoFi Checking and Savings
- FDIC, National Rates and Rate Caps
- Wells Fargo, Way2Save Interest Rates
- Chase, Chase Savings Interest Rates
- Chase, Our Most Popular Rewards Cards
- Capital One, Bank Accounts
- Capital One, Credit Cards
- Better Business Bureau, Barclays Bank Delaware
- Trustpilot, Barclays Bank
- J.D. Power, Direct Banks Continue to Satisfy Customers by Supporting Them in Challenging Economic Times, J.D. Power Finds
About our contributors
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Written by Timothy Moore, CFEI®Timothy Moore is a Certified Financial Education Instructor (CFEI®) specializing in bank accounts, student loans, taxes, and insurance. His passion is helping readers navigate life on a tight budget.
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Edited by Amanda HankelAmanda Hankel is a managing editor at LendEDU. She has more than seven years of experience covering various finance-related topics and has worked for more than 15 years overall in writing, editing, and publishing.