Review: Barclays Bank Makes It Easy to Meet Your Savings Goals

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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution.

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What are your financial goals for the next year?

According to Fidelity Investments, the answer for about half of Americans is to save more money. Of this group, 62 percent want to save for long-term goals, while 32 percent are hoping to save for short-term ones.

If you share this resolution, you might set your money aside into a savings account or certificate of deposit (CD), two products designed specifically to help you save. Barclays Bank offers both of these products for U.S. customers, along with a variety of online savings tools.

Since its U.S. offerings are entirely online, Barclays Bank has competitive interest rates and low fees. Check out this full Barclays Bank review to see if its online banking options could be right for you.

Barclays Bank helps you meet your savings goals

Long a popular bank in the UK, Barclays now offers online banking to U.S. customers. More specifically, you can open savings accounts or purchase CDs with no minimum deposit and no monthly fee.

Plus, Barclays offers some of the highest interest rates on the market. Its high-yield savings account comes with a 1.30% APY, as of December 2017.

Since savings accounts and CDs set limits on how often you can withdraw money, they help you work toward your savings goals. You can even open up to 25 savings account to earmark cash for different purposes.

Your money will quietly compound interest in these accounts. When the time is right, you can easily transfer cash to and from external accounts.

Besides these services, you can also take advantage of Barclays online savings tools. The bank’s Savings Assistant, for instance, helps you estimate how long it will take you to reach a savings goal. And its CD ladder calculator helps you determine how to best save your money using the bank’s CDs.

A final pro of Barclays online banking has to do with its ease of use. Your accounts are open 24/7, and you can deposit checks by uploading a picture from your mobile device. Barclays online banking makes it easy to manage your accounts from the comfort of your own home.

A few limitations in banking with Barclays

Despite its benefits, Barclays online banking does have its drawbacks. As an international bank, Barclays only has limited offerings for U.S. customers. You won’t be able to open a checking account, nor can you visit any physical branches in the U.S.

If you want to take out cash, you’ll need to transfer money to an external account and wait two to three days for the transfer to clear. Or, you can contact Barclays and have a check mailed to you.

Another downside is the bank’s lack of a mobile app for U.S. customers. You’ll have to deposit checks online using your computer. Other online banks such as Ally Bank offer easy-to-use mobile banking apps to help you keep track of your accounts and make deposits.

Barclays online banking offers competitive interest rates and low fees. But you’ll need an external account with another bank to meet all your banking needs.

Barclays Bank products

Although Barclays Bank has a comprehensive set of banking products for international customers, the Barclays Bank of Delaware (its U.S. branch) offers two main products, along with some tools to help you manage your finances. Here are the details of each.

Online savings accounts

Barclays Bank’s high-yield savings accounts have an APY of 1.30%, as of December 2017. You can open up to 25 savings accounts with Barclays Bank. You’ll have 24/7 online access, and you can easily transfer funds to and from an external account.

To deposit money, you can upload a photo of a check into your account, set up direct deposit, initiate an ACH transfer, or mail a physical check. As with other savings accounts, Barclays’ savings accounts have a limit of six transfers or withdrawals per statement cycle.

Online CDs

With a CD, you commit to keeping your money in your account for a specific period of time. Barclays offers CDs with terms between three months and five years. At the end of your term, you can choose to take out your money or reinvest your money into a new CD.

The longer your term, the higher your interest rate will be. This chart shows the interest rate and APY of Barclays CDs at each ladder term, as of December 2017:

Term Interest Rate
3 months 0.35%
6 months 0.55%
9 months 0.60%
12 months 1.49%
18 months 1.54%
24 months 1.69%
36 months 1.93%
48 months 1.98%
60 months 2.32%

Barclays Bank’s online CDs compound interest on a daily basis. You can transfer money to and from external accounts and there are no monthly fees, unless you withdraw the money before your CD term is up.

Online savings tools

Along with its high-yield savings accounts and CDs, Barclays Bank also offers free online resources to help you meet your savings goals. These include:

  • Savings Assistant: Use this tool to define a savings goal and estimate how long it will take you to reach it based on your savings so far and how much extra you can set aside each month.
  • CD Ladder Calculator: This tool helps you choose CD terms to get the highest yield. This tool will show you the difference in savings between three consecutive one-year terms and one three-year term, for instance.
  • CD Calculator: This straightforward calculator shows you how much your CD savings will increase based on your initial deposit, length of term, and interest rate.
  • Animated Demos: If you prefer watching a video over reading instructions, check out Barclays’ animated demos on navigating the website or creating a CD ladder. Another goes over the bank’s 300-year history.

As you can see, Barclays Bank products for U.S. customers are limited to savings vehicles. But the bank does these two products well, with reasonable fees and some of the highest rates of return around.

Before choosing Barclays Bank, review the terms and conditions of your account. As long as you understand the limitations of a savings account and CD, you may find these products are key to helping you achieve your financial goals.

Using the Barclays online banking platform

It’s easy to open an account with Barclays at any time. You don’t need a minimum deposit, but you will need an external bank account. That’s because Barclays will verify your identity by transferring small amounts of money, usually less than a dollar, into your external account. After you confirm the amounts, your account setup will be complete.

Along with your bank name, routing number, and account number, you’ll need to provide your Social Security number and contact information to get started.

When you head to the Barclays site, your initial sign-up page will look like this:

Barclays online banking

Image credit: Barclay Bank

Next, you’ll indicate what type of account you’d like to open — savings account or CD — and whether you’re applying as an individual or opening a joint bank account.

You can indicate zero dollars as the initial deposit and then use a check to deposit funds. After you link your bank account and agree to the terms and conditions, you’ll be up and running with your account.

You can easily log in by entering your user ID and password. Then, you can view your savings, make transfers, and deposit checks.

Barclays Bank fees

Barclays Bank doesn’t charge any fees for monthly or yearly maintenance. However, it does charge fees for other transactions, including:

  • Excessive transactions (more than six transfers or withdrawals per statement cycle): $5
  • Cashier’s check: $5
  • Return deposit: $5 per item
  • Non-sufficient funds: $5 per item
  • Paper copy of your statement: $0.50 per statement
  • Rush delivery of documentation: $25
  • Early withdrawal from a CD: 90 days simple interest on the amount you take out if your account’s term is 24 months or shorter; 180 simple interest on the amount you take out if your account’s term is greater than 24 months.

Barclays Bank eligibility requirements

You only need to meet a few requirements to open an account with Barclays. You must:

  • Be 18 years or older
  • Be a U.S. citizen or have a valid Social Security number (or other taxpayer ID number)
  • Have a residential address in the U.S.

As long as you meet these basic requirements, you could soon be on the way to banking with Barclays.

Barclays Bank contact information

For more information beyond this Barclays Bank review, call Barclays Bank at 888-710-8756. They’re open seven days a week from 8:00 a.m. to 8:00 p.m. EST.

You can also contact Barclays online banking through your online account at any time.

The bank’s mailing address is Barclays, P.O. Box 2460, Cranberry Twp., PA 16066.

Interested in refinancing student loans?

Here are the top 8 lenders of 2020!
LenderVariable APREligible Degrees 
Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Earnest.

Earnest Disclosures

To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.

Earnest fixed rate loan rates range from 3.20% APR (with Auto Pay) to 6.99% APR (with Auto Pay). Variable rate loan rates range from 1.99% APR (with Auto Pay) to 6.89% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of December 13, 2019, and are subject to change based on market conditions and borrower eligibility.

Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.

The information provided on this page is updated as of 12/13/2019. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit, email us at, or call 888-601-2801 for more information on our student loan refinance product.

© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.

2 Important Disclosures for SoFi.

SoFi Disclosures

  1. Student loan Refinance: Fixed rates from 3.46% APR (with AutoPay) to 7.61% APR (without AutoPay). Variable rates currently from 2.31% APR (with AutoPay) to 7.61% (without AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 2.31% APR assumes current 1 month LIBOR rate of 2.31% plus 0.75% margin minus 0.25% for AutoPay. If approved for a loan, the fixed or variable interest rate offered will depend on your credit history and the term of the loan and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

3 Important Disclosures for Figure.

Figure Disclosures

Figure’s Student Refinance Loan is a private loan. If you refinance federal loans, you forfeit certain flexible repayment options associated with those loans. If you expect to incur financial hardship that would impact your ability to repay, you should consider federal consolidation alternatives.

4 Important Disclosures for College Ave.

College Ave Disclosures

College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

1College Ave Refi Education loans are not currently available to residents of Maine.

2All rates shown include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.

3$5,000 is the minimum requirement to refinance. The maximum loan amount is $300,000 for those with medical, dental, pharmacy or veterinary doctorate degrees, and $150,000 for all other undergraduate or graduate degrees.

4This informational repayment example uses typical loan terms for a refi borrower with a Full Principal & Interest Repayment and a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

Information advertised valid as of 1/1/2020. Variable interest rates may increase after consummation.

5 Important Disclosures for Laurel Road.

Laurel Road Disclosures

Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. Mortgage lending is not offered in Puerto Rico. All loans are provided by KeyBank National Association.
As used throughout these Terms & Conditions, the term “Lender” refers to KeyBank National Association and its affiliates, agents, guaranty insurers, investors, assigns, and successors in interest.

This term represents the actual cost of financing to the borrower over the life of the loan expressed as a yearly rate.


There are no origination fees or prepayment penalties associated with the loan. Lender may assess a late fee if any part of a payment is not received within 15 days of the payment due date. Any late fee assessed shall not exceed 5% of the late payment or $28, whichever is less. A borrower may be charged $20 for any payment (including a check or an electronic payment) that is returned unpaid due to non-sufficient funds (NSF) or a closed account.


For bachelor’s degrees and higher, up to 100% of outstanding private and federal student loans (minimum $5,000) are eligible for refinancing. If you are refinancing greater than $300,000 in student loan debt, Lender may refinance the loans into 2 or more new loans.
For eligible Associates degrees in the healthcare field (see Eligibility & Eligible Loans section below), Lender will refinance up to $50,000 in loans for non-ParentPlus refinance loans. Note, parents who are refinancing loans taken out on behalf of a child who has obtained an associates degrees in an eligible healthcare field are not subject to the $50,000 loan maximum, refer to for more information about refinancing ParentPlus loans.


Borrower, and Co-signer if applicable, must be a U.S. Citizen or Permanent Resident with a valid I-551 card (which must show a minimum of 10 years between “Resident Since” date and “Card Expires” date or has no expiration date); state that they are of at least borrowing age in the state of residence at the time of application; and meet Lender underwriting criteria (including, for example, employment, debt-to-income, disposable income, and credit history requirements).

Graduates may refinance any unsubsidized or subsidized Federal or private student loan that was used exclusively for qualified higher education expenses (as defined in 26 USC Section 221) at an accredited U.S. undergraduate or graduate school. Any federal loans refinanced with Lender are private loans and do not have the same repayment options that federal loan program offers such as Income Based Repayment or Income Contingent Repayment.

All loans must be in grace or repayment status and cannot be in default. Borrower must have graduated or be enrolled in good standing in the final term preceding graduation from an accredited Title IV U.S. school and must be employed, or have an eligible offer of employment. Parents looking to refinance loans taken out on behalf of a child should refer to for applicable terms and conditions.

For Associates Degrees: Only associates degrees earned in one of the following are eligible for refinancing: Cardiovascular Technologist (CVT); Dental Hygiene; Diagnostic Medical Sonography; EMT/Paramedics; Nuclear Technician; Nursing; Occupational Therapy Assistant; Pharmacy Technician; Physical Therapy Assistant; Radiation Therapy; Radiologic/MRI Technologist; Respiratory Therapy; or Surgical Technologist. To refinance an Associates degree, a borrower must also either be currently enrolled and in the final term of an associate degree program at a Title IV eligible school with an offer of employment in the same field in which they will receive an eligible associate degree OR have graduated from a school that is Title IV eligible with an eligible associate and have been employed, for a minimum of 12 months, in the same field of study of the associate degree earned.


The interest rate you are offered will depend on your credit profile, income, and total debt payments as well as your choice of fixed or variable and choice of term. For applicants who are currently medical or dental residents, your rate offer may also vary depending on whether you have secured employment for after residency.


The repayment of any refinanced student loan will commence (1) immediately after disbursement by us, or (2) after any grace or in-school deferment period, existing prior to refinancing and/or consolidation with us, has expired.


After loan disbursement, if a borrower documents a qualifying economic hardship, we may agree in our discretion to allow for full or partial forbearance of payments for one or more 3-month time periods (not to exceed 12 months in the aggregate during the term of your loan), provided that we receive acceptable documentation (including updating documentation) of the nature and expected duration of the borrower’s economic hardship.

We may agree under certain circumstances to allow a borrower to make $100/month payments for a period of time immediately after loan disbursement if the borrower is employed full-time as an intern, resident, or similar postgraduate trainee at the time of loan disbursement. These payments may not be enough to cover all of the interest that accrues on the loan. Unpaid accrued interest will be added to your loan and monthly payments of principal and interest will begin when the post-graduate training program ends.

We may agree under certain circumstances to allow postponement (deferral) of monthly payments of principal and interest for a period of time immediately following loan disbursement (not to exceed 6 months after the borrower’s graduation with an eligible degree), if the borrower is an eligible student in the borrower’s final term at the time of loan disbursement or graduated less than 6 months before loan disbursement, and has accepted an offer of (or has already begun) full-time employment.

If Lender agrees (in its sole discretion) to postpone or reduce any monthly payment(s) for a period of time, interest on the loan will continue to accrue for each day principal is owed. Although the borrower might not be required to make payments during such a period, the borrower may continue to make payments during such a period. Making payments, or paying some of the interest, will reduce the total amount that will be required to be paid over the life of the loan. Interest not paid during any period when Lender has agreed to postpone or reduce any monthly payment will be added to the principal balance through capitalization (compounding) at the end of such a period, one month before the borrower is required to resume making regular monthly payments.


This information is current as of November 8, 2019 and is subject to change.

6 Important Disclosures for Splash Financial.

Splash Financial Disclosures

Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet applicable underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers.

7 Important Disclosures for CommonBond.

CommonBond Disclosures

Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 1.76% effective November 10, 2019.

8 Important Disclosures for LendKey.

LendKey Disclosures

Refinancing via is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it  endorse,  any educational institution.

Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised variable APR is only available for loan terms of  5 years and is reserved for applicants with FICO scores of at least 810.

As of 12/019/2019 student loan refinancing rates range from 1.90% to 8.59% Variable APR with AutoPay and 3.49% to 7.75% Fixed APR with AutoPay.

1.99% – 6.89%1Undergrad
& Graduate

Visit Earnest

2.31% – 7.36%2Undergrad
& Graduate

Visit SoFi

2.06% – 6.81%3Undergrad
& Graduate

Visit Figure

2.62% – 6.12%4Undergrad
& Graduate

Visit College Ave

1.99% – 6.65%5Undergrad
& Graduate

Visit Laurel Road

1.99% – 7.06%6Undergrad
& Graduate

Visit Splash

1.85% – 6.13%7Undergrad
& Graduate

Visit CommonBond

1.90% – 8.59%8Undergrad
& Graduate

Visit Lendkey

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

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