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.
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.
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:
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 6 lenders of 2018!
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1 Important Disclosures for Earnest.
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: https://www.earnest.com/eligibility. 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 3.89% APR (with Auto Pay) to 6.97% APR (with Auto Pay). Variable rate loan rates range from 2.47% APR (with Auto Pay) to 6.23% 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 Month/Day/Year, 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 08/21/18. 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 https://www.earnest.com/terms-of-service, email us at firstname.lastname@example.org, or call 888-601-2801 for more information on ourstudent 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 Laurel Road.
Laurel Road Disclosures
Savings example: average savings calculated based on single loans refinanced from 9/2013 to 12/2017 where borrowers’ previous rates were disclosed. Assumes same loan terms for previous and refinanced loans, and payments made to maturity with no prepayments. Actual savings for individual loans vary based on loan balance, interest rates, and other factors.
Application detail: 5 minutes indicates typical time it takes to complete application with applicant information readily available. It does not include time taken to provide underwriting decision or funding of the loan.
Instant rates mean a delivery of personalized rates for those individuals who provide sufficient information to return a rate. For instant rates a soft credit pull will be conducted, which will not affect your credit score. To proceed with an application, a hard credit pull will be required, which may affect your credit score.
Total savings calculated by aggregating individual average savings across total borrower population from 9/2013 to 12/2017. Individual average savings calculation based on single loans refinanced from 9/2013 to 12/2017 where borrowers’ previous rates were provided. Assumes same loan terms for previous and refinanced loans, and payments made to maturity with no prepayments. Actual savings for individual loans vary based on loan balance, interest rates, and other factors.
3 Important Disclosures for SoFi.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com 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 LendKey.com. 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 LendKey.com 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.
5 Important Disclosures for CommonBond.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
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|2.47% – 6.23%1||Undergrad & Graduate||Visit Earnest|
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|2.95% – 6.37%2||Undergrad & Graduate||Visit Laurel Road|
|2.48% – 6.25%5||Undergrad & Graduate||Visit CommonBond|
|2.72% – 8.32%6||Undergrad & Graduate||Visit Citizens|