Barclays Bank accounts may be opened in the US, but it is actually a bank that is based in the United Kingdom. The bank has expanded over to the USA, but their expansion is very slow and cautious. That is why they have a limited number of services that people in the US can use. Since the bank’s presence is now established and growing in the USA, we decided to do our first Barclays Bank review. If you are looking for a nice place to stash your money and earn interest, while still having fairly quick access to your money if you need it, then Barclays Bank is the one for you.
Barclays Bank Review – Benefits And Features
- Their CD savings compound interest daily
- Funds transfers between your accounts is very easy
- There are no hidden fees with any of their accounts
- They have a could calculator to help you choose your CD
- Set savings goals with their savings assistant
Perks And Downsides
[+] You get 1%APY on your savings
[+] Their unplanned overdraft fee is often as low as just $5
[+] They have different savings account that have different rewards
[+] Online savings and CDs have a $1 minimum deposit
[+] Their CD calculators shows you how much you will receive
[-] They primarily offer savings to people in the USA and not checking accounts
[-] You have to transfer your savings out because they do not have an ATM network in the USA
[-] You cannot make cash deposits because they have no places where you may make a deposit
[-] There are no branches to visit in the USA
[-] Penalties for withdrawing early from your CD are steep
The company doesn’t have a checking account option in the USA. However, if you are looking for an overseas account, then you may like to consider Barclays. It may be possible for you to contact the Barclays that services you in the USA, and ask them to put you through to the people who arrange overseas account for US citizens.
Their savings account have a few fees here and there, but they are not very high, such as a fee for trying to transfer money that you don’t have the credit for. Our Barclays Bank review found that Barclay’s has a very good rate for savings. You may try their standard savings account and earn interest, or you may conform to a few of their rules and they will give you a better rate. For example, if you start a savings plan and stick to it, then they will pay you a higher rate on your savings.
Certificates Of Deposit
While writing our Barclays Bank review, we noticed that Barclays offers good interest rates on their CDs, even if they are not the best on the market. If you add that to the fact they do not have a minimum deposit requirement for their CDs, then their certificates of deposit start to look attractive. The interest earned by your CD is compounded daily, which is a very good thing for savers, and it is credited every month.
Barclays Bank review – Biggest Selling Point
In reality, only the savings side of this bank has migrated overseas and made an impact. It is clear that the savings side of their business is doing well because there is enough room for them to squeeze in. Barclays are filling a need in the US that allows people to save. Their savings accounts and CDs are their best features because they give people a simple savings solution.
Barclays Bank review – Fees And Charges
They have tools you can use for free, they do not charge you to open an account, and they do not charge you to put money in your account.
- Stop payment fees are $0, which is unusual
- Official/Cashier’s checks are $5
- Returned deposit items will cost you $5 each
- Non-sufficient fund fees cost $5 each
- Getting a copy of your statement costs you $0.50
- Express mail/rush delivery of documents will cost $25
- Legal document processing costs nothing
- Account research costs $0.00
- Excessive transactions will cost you $5 each
You will be charged an excessive transaction fee if you withdraw money from your account more than six times in a statement cycle (month). If you withdraw or transfer money from your account seven or more times per month, then they charge a $5 fee.
Whom Should Take Note Of This Barclays Bank Review?
One hates to say, “People with too much money,” but people with excess money should consider stashing some away with Barclays. Our Barclays Bank review found that they offer good short-term savings solutions. If you have some money kicking around, then save it with Barclays. If you are savings up for a large purchase, or are saving up so that you may invest in a year or two, then consider Barclay’s saving solutions.
User Comments And Reviews
[+] The fact they compound your interest daily is truly fantastic for savers who are dedicated, but who are also unable to keep their money locked away for long periods.
[+] They pay out interest every month and it is always more than is expected because of how they work out their interest rates.
[+] Keep adding money during the course of the month, and the interest you earn will compound and come out as more than expected.
[+] They pay out your interest at the end of the statement cycle, which means you get your interest payments every month.
[+] The excessive transaction fee is about average. It is not too steep and it is not foolishly low.
[-] The company doesn’t offer checking accounts, so you have to draw it out to another bank account and load it in via transfers from another bank.
[-] They charge you $25 if you need paperwork posting to quickly. Their rush service charges too much when you remember that they are only posting paper.
[-] Some people have complained that Barclays charges a fee for having your statement posted out to you. They complain that the fee is hidden because they do not mention it in their terms and conditions.
[-] Overdraw your account too often and they will shut it down without warning.
[-] If you do not put money into the account 90 days (three months) after opening it, they will close it automatically without asking if you would like to keep it open.
Conclusion – Barclays Bank Review
Personally, I do not have a soft spot for Barclays. To me, they are a rose in a field of roses. They are not special, they do not stand out, and they do not excel. However, I cannot find any good reason not to recommend them to you. Obviously, they are not a good choice if you are looking for banking services because they only offer savings solutions. Still, if you have some cash kicking around that you are not going to use for a few months or years, then there is no reason why you shouldn’t try Barclays.