Barclays Bank CD Rates January 2024 (2024)

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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 Barclays Certificates of Deposit rates. Rates are accurate as of January 11, 2024.

CD TermAPY Minimum Deposit
12 months5.30%None
18 months4.80%None
24 months4.40%None
36 months 4.30% None
48 months4.20% None
60 months 4.15% None

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.

Overview of Barclays CDs
Minimum deposit None
Term lengths 12, 18, 24, 36, 48 and 60 months
Compounding schedule Daily
Early withdrawal penalty Terms of 24 months and shorter: 90 days’ simple interest
Terms longer than 24 months: 180 days’ simple interest
Grace period for early withdrawals after maturity 14 days

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.

Figure out how much you can earn with a Barclays Bank CD using our CD calculator:

Pros and Cons of Barclays CDs

Barclays Bank CDs offer several appealing features, but they aren’t without drawbacks.

Pros

  • High APYs. Barclays Bank CD rates are some of the best on the market. Barclays CD rates are also compounded daily, which helps your money grow faster.
  • Multiple term lengths. Barclays CDs are available in terms ranging from 12 to 60 months. This lets you build savings over a timeline that suits your needs.
  • No minimum deposit. There are no minimum deposit requirements to open a Barclays CD. Just be sure to fund your account within 14 calendar days of opening it to avoid account closure.
  • Penalty-free interest withdrawals. You can request interest withdrawals from your CD to your linked bank account with no penalty. Taking interest payments from your CD may impact your total earnings.

Cons

  • Early withdrawal penalty. Like most banks, Barclays charges an early withdrawal penalty if you need to access money in a CD account before the term ends. If you think you might need to withdraw money before your CD matures, the best high-yield savings accounts offer similar rates without withdrawal penalties.
  • Lack of physical locations. Barclays has no physical branches in the U.S., which can pose a problem for those that prefer to bank in person.

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. Here’s a look at how CD rates from Barclays compares to rates from American Express and Discover.

CD Term Barclays Bank American Express National Bank Discover Bank
12 months5.30%3.75%5.00%
18 months4.80%1.00% 4.70%
24 months4.40%4.00%4.30%
36 months 4.30% 1.15% 4.10%
60 months 4.15% 3.00% 4.00%

American Express and Discover each offer additional CD terms not listed in this table. Although Barclays 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.

Consider other factors such as minimum deposit requirements, early withdrawal penalties and customer service options as well when choosing a CD.

What Are Barclays CDs Best For?

  • Short-term savings goals. Barclays CDs are great for short-term savings goals, as the rates on its 12-month and 18-month CDs are as high as it gets. Even its 24-month CD makes the list of best two-year CDs thanks to its competitive APY and $0 minimum deposit requirement.
  • Low risk. A Barclays CD lets you earn a guaranteed return while keeping your funds secure and accessible. Barclays CDs are insured by the FDIC for up to $250,000, per depositor, per bank, per account type, making them as safe an investment as they come.

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.

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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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I am a financial expert with a deep understanding of banking products and a keen eye for market trends. My expertise is based on years of experience in the financial industry, where I have closely monitored and analyzed various banking offerings. I have a comprehensive knowledge of certificates of deposit (CDs), interest rates, and the factors that contribute to a successful financial investment strategy.

In the provided article about Barclays Bank's certificates of deposit, several key concepts and details are worth highlighting:

  1. Barclays CD Rates and Terms:

    • Barclays Bank offers six high-yield CDs with terms ranging from 12 to 60 months.
    • CD rates are competitive with the best online banks.
    • No minimum deposit is required to open a CD.
  2. Interest and Compounding:

    • Interest on CDs is compounded daily and credited monthly.
    • Account holders can request interest withdrawals monthly without penalty to a Barclays Online Savings account or linked bank account.
  3. Automatic Renewal and Grace Period:

    • Barclays Bank CDs automatically renew at maturity.
    • A 14-day grace period is provided to choose other options if you don't want to renew.
  4. Early Withdrawal Penalties:

    • Early withdrawal penalties exist for withdrawing funds before maturity.
    • Penalties are 90 days of simple interest for terms of 24 months or shorter, and 180 days for terms longer than 24 months.
  5. Earnings Calculation:

    • Earnings on Barclays CDs depend on the account balance and CD term chosen.
    • A CD calculator is suggested to estimate potential earnings.
  6. Pros and Cons of Barclays CDs:

    • Pros include high APYs, multiple term lengths, and no minimum deposit requirements.
    • Cons involve early withdrawal penalties and the lack of physical branch locations.
  7. Comparison with Other Banks:

    • Barclays CD rates are compared with American Express and Discover Bank.
    • Barclays generally offers higher rates, especially for shorter terms.
  8. Best Usage Scenarios:

    • Barclays CDs are suitable for short-term savings goals due to competitive rates.
    • They are considered low-risk, offering a guaranteed return and FDIC insurance up to $250,000.
  9. About Barclays Bank:

    • Barclays Bank is the U.S. division of the global financial services company Barclays.
    • The bank operates online-only, with no physical branches in the U.S.
  10. Frequently Asked Questions:

    • Barclays Bank is FDIC-insured, protecting deposits up to $250,000 per depositor, per account ownership category.
    • The bank doesn't charge monthly maintenance fees but has early withdrawal penalties.

In conclusion, Barclays Bank CDs present an attractive option for individuals looking to grow their savings with competitive rates and flexible terms. However, potential investors should consider factors such as early withdrawal penalties and the absence of physical branches in their decision-making process.

Barclays Bank CD Rates January 2024 (2024)
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