Who is Barclays?
Our Barclays Review found that it’s part of Barclays Bank Delaware, an FDIC insured bank since 2001. Barclays online bank is known world-wide and provides high interest rates for savings accounts. The Internet bank of Barclays continues to grow and has reached deposits of $3.61 billion. The online bank helps to fund the credit card operating, which helps the bank to provide higher interest rates on savings accounts.
Our Barclays review notes that it’s a major global banking service provider. They operate in over 50 countries and provide financial needs for over 48 million customers. Since Barclays is such a large corporation, their interest rates are competitive in order to compete around the world. Other benefits of banking with Barclays include:
- No minimum balance required to open a savings account.
- Barclays can link any online account you open with them to any bank in the US. This means you don’t have to completely switch banks.
- You can set up direct deposit or scheduled transfers between two Barclays accounts, or with another bank in the US.
- The interest rates are competitive to other online banks. Barclays continues to provide interest rates that are 10 percent higher than the national average.
- They employ over 140,000 people making their customer service easy and friendly. Plus their easy to use website makes them a great online bank.
- Transfers are easy to make and their website is secure and safe.
- Barclays offers CD accounts ranging in terms from 3 months to 60 months, with no minimum balance required.
- Their ‘Dream Account’ gives you bonuses for depositing money in each month and not withdrawing any money from the account for 6 months.
- No hidden fees, monthly fees or annual fees. The only fees you might come in contact with are general, including withdrawing money too soon from a CD account or having insufficient funds in your account.
Barclays also offers savings accounts for minors. As the parent, you become the joint holder and the only one authorized to make withdrawals. Your children can make deposits, but can’t withdraw money with your authorization. This allows their money to keep earning interest.
This Barclays Review would be incomplete without at least one drawback to their online banking service. One major downside to Barclays is the transfer time. It can take a week or longer for the funds to transfer to and from an account, making it frustrating to anyone that needs to use their funds immediately.
Another drawback to the ‘Dream Account’ is you have to deposit at least $1,000 each month to qualify for the deposit bonus.
Should I Bank With Barclays?
In conclusion of our Barclays review; anyone hoping to find the top interest rates for a savings account will benefit from opening an account with Barclays. They offer competitive interest rates and don’t require a minimum balance or have any hidden fees. The combination of their credit cards and other accounts only make it easier to manage all your accounts with the same website.
If you are looking for an online bank that is right for you, Barclays is a good option to look into.
P.O. Box 2460
Cranberry Twp., PA 16066
Customer Service Number