Barclays Bank CD Rates for April 2024

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Barclays is a London-based bank that operates as an online bank in the United States. As such, it offers high-yield savings accounts and CDs with competitive interest rates. By focusing on savings products, Barclays is able to offer a variety of CD terms for customers. Here is a look at Barclays CD rates, an overview of its CD offerings and how they compare to other financial institutions to help you decide which is right for you.

What Are the Current Barclays CD Rates?

Currently, the highest APY offered through Barclays Bank is on the 6-month CD. However, if you’d like to lock into a longer-term CD, you can still earn up to APY — a considerable upgrade over the national average of 0.22% to 1.81%. The following table details current Barclays CD rates along with other features of these accounts.

About Barclays CDs

A Barclays CD account is a good savings option if you’re looking for a short-term account with a high APY. The current APY for a 6-month to 18-month CD is higher than the rate you get with its high-yield savings account. However, the interest rate isn’t the only factor to consider before opening a CD. Here’s what else you should know.

Opening Balance Requirement

There is no minimum opening balance or deposit requirement to open a Barclays CD. Once you open an account, you have up to 14 days to fund it. Barclays may close the CD if it has not been funded within 14 days of account opening.

How Interest Is Compounded and Credited

The interest on Barclays CDs compounds daily and posts to your CD account monthly. You can also elect to have your interest deposited into a Barclays online savings account or a verified account at another bank.

Fees

Barclays CDs do not have any maintenance fees. Unless you request paper copies of your statements, which are 50 cents per copy, the only fee you may incur is an early withdrawal penalty if you close your CD before the maturity date.

• If your CD term is 24 months or less, the early withdrawal penalty is 90 days of simple interest on the withdrawn dollar amount.
• If the CD term is greater than 24 months, the penalty is equal to 180 days of simple interest on the withdrawn dollar amount.
• If the penalty exceeds the interest earned on your CD, Barclay will deduct the difference from your CD principal.

Options at CD Maturity

You’ll have a 14-day grace period before CD maturity to withdraw your funds penalty-free, including all earned interest if applicable, or the CD automatically renews. Barclays CDs renew for the same term, but the rate may be different, depending on the rates available at the time.

How Much Can You Earn With a Barclays CD?

When you open a CD account, you’re able to lock in the rate for the length of the term, which can be an advantage when savings account rates drop. Choosing a CD can also help you reach your savings goal faster since you don’t have easy access to the money.

Let’s say you’re saving for a down payment for a car and plan to buy in the next year. You can open a 6-month or 12-month CD now to lock in a high interest rate, and you’ll also have the incentive to leave the money alone so you don’t have to pay an early withdrawal fee.

Here’s a look at how much you can earn with a Barclays CD, depending on the amount you deposit and term.

Opening a Barclays Bank CD

To open an account at Barclays, you must:

• Be at least 18 years old
• Be a U.S. citizen or a resident alien with a valid Social Security number or Taxpayer Identification Number and a residential U.S. address

You can open a Barclays CD account on the Barclays Bank website. Barclays requires the following information to verify your identity and may require additional information:

• Name
• Physical address
• Date of birth
• Social Security or Taxpayer Identification Number

Once your application is approved, you have up to 14 days to fund your account.

How Do Barclays CD Rates Compare To Other Banks?

Barclays Bank CD rates beat the national average, but how do they compare to other financial institutions? See how they stack up to the competition in this comparison of 6-month CD rates and features:

Is Barclays a Good Bank for CDs?

Barclays is a good option for traditional high-yield CDs if you’re looking for a high-rate on short-term CDs and don’t want to meet minimum opening deposit requirements at other banks. Although Barclays offers an impressive range of CD terms, you’ll have to look elsewhere if you want a bump-up, add-on or no-penalty CD.

Takeaway

When comparing CDs at Barclays or other financial institutions, you want to consider more than a high APY. Also, ensure the CD term and amount work with your budget and savings goals. If you end up having to close your CD early, you could lose any earned interest and possibly part of your principal to early withdrawal penalties. If you think there may be a chance you’ll have to close your CD early, it might make better sense to put your money into a high-yield savings account or checking account. The rate will be variable, but you can access your money penalty-free if you need it.

Allison Hache contributed to the reporting for this article.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of April 23, 2024. 

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