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Barclays CD Rates for October 2024

Barclays review
Key Takeaways
  • Barclays CD rates range from 0.10% to 4.25% APY.
  • Barclays doesn’t charge fees or require a minimum deposit amount for its CDs.
  • You can choose from nine CD term options, with durations ranging from three months to five years.
  • Early withdrawals incur a penalty of 90 or 180 days’ worth of simple interest, depending on the CD term.
SUMMARY

Barclays CDs have some of the best CD rates on the market. It’s all due to the impressive APYs which start at 3.00% and go up to 4.25% for 9-month CD. With no fees, no minimum deposits and multiple-term options, these products are accessible to a wide range of people.

Before you choose a CD from Barclays or another bank, take time to understand the terms.

This guide covers all the essential details about Barclays CDs, including:

  • Barclays bank CD rates
  • What you can expect to earn with a Barclays CD
  • How Barclays CDs compare to other banks
Pros & Cons

Pros

  • No minimum deposit required
  • Competitive interest rates
  • Initial deposit isn’t due until 14 days after account opening
  • Insured by the FDIC

Cons

  • Must maintain a balance that would earn at least 1 cent if you want the interest to post to your account
  • Early-withdrawal penalty
  • No physical branch locations
CERTIFICATE OF DEPOSIT
LEARN MORE
APY?
0.10 % to 4.25 %
Term Length?
3 months to 5 years
Minimum Opening Deposit?
$ 0.00

Our top picks for CD rates

Barclays CD rates

Barclays offers competitive online CD rates ranging from 0.10% to 4.25%, depending on the term length. With a nine-month CD, you can earn the highest APY of 4.25%.

One of the key benefits is the ability to open a CD account with no minimum deposit and no maintenance fees.

All Barclays CDs feature a fixed rate, which guarantees predictable growth. Your investment will earn interest at a consistent rate throughout the entire term.

However, Barclays does not provide no-penalty CDs. If you need to withdraw funds before the CD matures, a penalty will apply. Additionally, for options like bump-up CDs, you will need to explore other financial institutions.

Barclays Online CD rates

Term APY
3 months 0.10%
9 months 4.25%
12 months 3.75%
18 months 3.25%
2 years 3.00%
3 years 3.00%
4 years 3.00%
5 years 3.25%

*Figures are correct as of October 2024.

Barclays online CD rates: what you need to know

If you’re looking to maximize interest earnings on money you don’t need to use immediately, the high Barclays US CD rates can be attractive. Before you start the application process, take time to understand the fine print.

Is a Barclays CD safe?

Your money is safe in a Barclays online CD. Barclays is a member of the Federal Deposit Insurance Corporation (FDIC), which means that each CD is FDIC-insured.

If you’re opening an individual account, you’re automatically insured for a maximum of $250,000 across all your deposit accounts at the bank. In other words, your money would be safe even if Barclays went under.

How Barclays compounds interest

Like many online CDs, Barclays compounds interest daily and adds it to your account once per month. You have the option to leave the money in your CD, where it can earn more interest, or have the bank deposit the funds into a savings account for easy access.

Early withdrawal penalties

Barclays CDs are designed to sit untouched until the term ends. You can access the money before then, but you’ll pay a penalty.

The early withdrawal penalty depends on the CD term:

When your CD term is up, you have 14 days to decide what to do with the money. You can withdraw it during that period without paying a penalty.

Don’t need to access the funds? Do nothing, and Barclays will renew the account for you using the same term length. Your rate will likely be different from the Barclays CD rates today; the bank will determine it based on its offerings at the time of renewal.

How much can you earn with Barclays CD rates?

Your Barclays CD earnings vary based on your initial deposit, the term length and the associated?APY. For example, let’s say you have $10,000 to put in a CD.

Assuming that you choose to credit the interest back to the CD, here’s what you’d earn with each Barclays CD.

Earnings on a $10,000 Barclays CD

CD Term APY Earnings
3 months 0.10% $2.46
9 months 4.25% $312.67
12 months 3.75% $375.00
18 months 3.25% $489.14
2 years 3.00% $609.00
3 years 3.00% $927.27
4 years 3.00% $1,255.09
5 years 3.25% $1,734.11

*Figures are correct as of October 2024. The calculations shown are just a simple example. Always seek advice from a qualified professional before making important financial decisions or long-term agreements.

If you can’t feasibly leave the entire amount in a CD account for up to five years, consider CD laddering. Instead of investing the entire amount in one CD, you can split it up over multiple accounts with varying terms. You’ll still benefit from the higher CD rates, all while preserving access to your money as the shorter-term accounts mature.

Is a Barclays CD right for me?

Barclays CDs may be a good choice if you’re looking for short-term savings products. After all, the maximum available term is five years. You’ll see the most value by using money you’re not likely to need during the entire term.

We like Barclays CDs because of their accessibility. These accounts don’t have fees or a minimum deposit, making it easy for anyone looking to grow their savings.

Whether you have $1,000 or $10,000, Barclays CDs help you get the most from your money. With so many flexible term options, it’s easy to find a duration that suits your financial plans.

Pros and cons of a Barclays CD

Pros
  • Open an account with any amount
  • No maintenance fees
  • High available APYs
  • CDs are FDIC-insured
  • Flexible term lengths
Cons
  • Comes with early withdrawal penalty

How to open a Barclays Bank CD

Because Barclays CDs are administered online, you can open one quickly.

Here’s what to expect:

  1. Choose between a single or joint CD account.
  2. Enter your personal details and contact information.
  3. Provide identification information, such as your Social Security number. You may need to upload documentation, such as a passport or state ID, to prove your identity.
  4. Choose a CD term.
  5. Connect a bank account to fund your CD; you’ll need account and routing numbers.
  6. Set up a transfer into your CD.
  7. Decide whether you want to credit interest to your CD balance or deposit it in savings.

When the money arrives in your CD, you don’t need to take further action unless Barclays makes a request. At the end of the term, you can withdraw the money or renew the account.

How do Barclays CD rates compare

Most Barclays CDs come with rates that are much higher than the national average, according to the FDIC. The Barclays six-month CD has an APY of 5.00%, which is more than twice as high as the average 1.82% for six-month CDs.

CDs from Barclays are also competitive with most other banks.

Here’s a side-by-side comparison of how Barclays CD rates compare to other popular options.

CD Term Barclays Capital One Discover Marcus
12 month 3.75% 4.20% 4.10% 4.30%
18 month 3.25% 3.90% 3.80% 4.10%
24 month 3.00% 3.70% 3.60% 3.90%
36 month 3.00% 3.60% 3.50% 3.90%
60 month 3.25% 3.50% 3.40% 3.80%

APYs are correct as of October 2024.

Barclays CD rates vs. Capital One CD rates

Barclays has lower rates than Capital One CDs for most terms. Both offer similar benefits, including no fees or minimum deposits. Barclays offers fewer term lengths, and neither provider offers anything other than traditional, fixed-rate CDs.

Barclays CD rates vs. Discover CD rates

With Discover, you’ll get higher rates on most term lengths. However, while Discover requires a minimum deposit of $2,500, you can open a Barclays CD with any amount.

If you’re looking for a longer-term savings product, Discover could be a good option. It offers both seven-year and 10-year CDs, both with an APY of 3.40%. Barclays’ longest term is five years.

Barclays CD rates vs. Marcus CD rates

When it comes to rates, CDs from Marcus are higher than those offered by Barclays. You also have the option to open a six-year CD with Marcus.

Marcus offers a rate guarantee that ensures you’ll get the highest available APY offered during the 10 days after you open the account as long as it’s funded within that period. It’s important to note that you must deposit at least $500 to open a Marcus CD.

Other ways to save with Barclays Bank

A CD isn’t the only savings product that earns interest. Barclays also offers a high-yield savings account.

And if you want to consolidate your finances with one bank, Barclays provides a range of other personal finance products, including personal loans and various credit cards.

Barclays online savings account

The Barclays Tiered Savings Account is a high-yield product that comes with an APY of up to 4.80%—which is?on par with other competing accounts. The bank doesn’t require a minimum deposit to open an account, and you won’t pay any maintenance fees.

You can access the money at any time without a penalty, which could make this account more attractive if you’re stuck between a CD or a savings account. It has a solid earning potential, but you won’t be charged if you need quick cash after a storm takes out your roof.

FAQ: Barclays CD rates

Is a Barclays CD worth it?

A Barclays CD is a great option if you need a savings product with a high APY and you don’t need to access the money for the duration of the term. Barclays offers some of the highest CD rates available and does not charge fees or require a minimum deposit.

What types of CDs does Barclays offer?

Barclays offers standard fixed-rate CDs. You can choose from a variety of term lengths ranging from six months to five years.

What is the best term length for a Barclays CD?

The term length with the highest APY is six months.

What is the highest interest rate offered on a Barclays CD?

The highest interest rate you can get with a Barclays CD is 4.97%. Because the bank offers compounding interest, these rates give you an APY of 5.00%.

Is there an early withdrawal penalty with a Barclays CD?

Yes, Barclays charges a penalty if you withdraw money before the end of the CD’s term. The penalty is 90 days of simple interest for CDs with a term of 24 months or less and 180 days of simple interest for CDs with a term that’s longer than 24 months.

Is Barclays a US bank?

Barclays is a British company that has multiple divisions, including a U.S. consumer bank. The company also operates consumer, corporate, investment, wealth and private banks in the United Kingdom.

About the Author

Elizabeth Smith
Elizabeth Smith Personal Finance

Elizabeth Smith is an experienced travel and finance writer who specializes in topics including credit cards, travel insurance, and personal finance. Travel insurance, in particular, has both professional and personal significance for Smith. She’s traveled to 73 countries, and has extensive experience choosing and using various policies — she understands how valuable the right plan can be in an emergency, and loves to help readers find the perfect fit.

Smith comes to the world of finance from a scientific and technical background. She spent more than 10 years writing about engineering, science, and technology for universities and private companies. When she’s not writing or traveling, Smith can usually be found hiking or Nordic skiing.

About the Reviewer

Blake Esken
Blake Esken Los Angeles Times

Blake Esken has over 15 years of experience in product management and has been a member of the Los Angeles Times staff for over five years.

As part of his role at the Los Angeles Times Commerce Team, Blake acts as the in-house reviewer and fact checker for LA Times Compare. He supervises all content for compliance and accuracy and puts to use skills he has honed through years of experience managing high-stakes projects for a range of industry-leading companies.

He has a strong background in data analysis, compliance, and communication, which allows him to support LA Times Compare through fact-checking in an effort to provide up-to-date and factual information across our content.

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