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Barclays Bank CD Rates

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by Lauren Perez Updated
Barclays

Overall, Barclays bank accounts would be unremarkable if not for its high-earning interest rates. In fact, the bank’s CD interest rates outperform many of its competitors. The accounts don’t come with special perks or allowances, though. 

Barclays offers competitive interest rates on certificates of deposit (CDs). All of its accounts, with the exception of the three-month and six-month accounts, offer interest rates above 1%. This means no matter the term length you choose, you can earn more than you would with many of its competitors. Furthermore, the bank compounds interest daily and credits it monthly.

Online CDs Minimum Deposit APY  
3 Month $0 0.35% Compare CD Rates
6 Month $0 0.65% Compare CD Rates
9 Month $0 0.70% Compare CD Rates
12 Month $0 2.45% Compare CD Rates
18 Month $0 2.45% Compare CD Rates
24 Month $0 2.50% Compare CD Rates
36 Month $0 2.55% Compare CD Rates
48 Month $0 2.65% Compare CD Rates
60 Month $0 3.00% Compare CD Rates

Overview of Barclays CDs 

You never have to pay any monthly fees or meet any minimum deposits with a Barclays CD. Of course, to earn interest you’ll need to have at least 1 cent in the account - although that won’t get you much return - within 14 days of account opening. You should carefully consider how much you want to deposit, since you won’t be able to make any additional deposits during the account’s term. 

You also can’t withdraw any of the principal balance from your Barclays CD before the account’s maturity date. If you do, you’ll have to pay a penalty of 90 days’ worth simple interest on accounts of 24 months and 180 days’ simple interest on accounts longer than 24 months. These penalties tend to vary between financial institutions. Barclays does make exceptions in certain cases like death or incompetence of an account owner. You can, however, set up monthly disbursements of the interest earned to another bank account. This allows you to benefit from the account before its maturity date. 

How Much You Earn With Barclays Certificate of Deposits Over Time 

Barclays’ high certificate of deposit rates allow you to grow your money toward your savings goals, whether that’s a new car or a vacation. You stand to earn more by opening a CD with a term longer than three months, since that account has the lowest rate. 

You can also easily build a CD ladder with the bank’s CDs. A CD ladder involves opening a number of CDs at a time, each with a different maturity date. That allows you to have a somewhat steady stream of funds. So for example, you could have CD payouts after three, six, nine and 12 months. You would have to remember to withdraw or transfer your funds at each maturity date, before it automatically renews for the same term length.

The table below demonstrates what your final account balance could look like depending on various initial deposits and term lengths.

Initial Deposit 6-Month CD 12-Month CD 60-Month CD
$1,000 $1,003 $1,025 $1,159
$2,500 $2,508 $2,561 $2,898
$5,000 $5,016 $5,123 $5,796
$10,000 $10,032 $10,245 $11,593

How Barclays CDs Rates Compare to Other Banks 

Barclays has some of the highest CD rates in the industry. As you can see below, it generally outperforms Capital One, Ally Bank and Marcus by Goldman Sachs. The exception to this is its three-month CD. Out of the competitors below, only Ally Bank also offers a three-month account. Barclays’ three-month APY is just 0.35%, while Ally’s rates range from 1% to 1.5% for this term length, depending on the minimum deposit. So if you do want to open a three-month CD, then Ally Bank may make more sense for you.

CD Account Barclays Capital One Ally Bank Marcus
3 Month 0.35% n/a 1.00% n/a
1 Year 2.45% 2.25% 2.10% 2.20%
3 Year 2.55% 2.40% 2.40% 2.35%
5 Year 3.00% 2.80% 2.40% 2.80%

Should You Get a Barclays CD Account?

With nine term options ranging from three months to six years, Barclays CDs allow you to save toward various savings goals. They also make it easy to create a CD ladder, where you open multiple CDs with spaced out maturity dates. That way you can benefit from CD payouts over the course of a year or more. 

The bank doesn’t charge any maintenance fees or require minimum deposits and balances. This allows you to save on your own terms and keep your savings. You can also take monthly interest disbursements, without touching your principal amount. As always with CDs, be careful about making withdrawals so you don’t run into early withdrawal penalties. If you think you’re more likely to need constant access to your account, you may want to consider the Barclays Online Savings Account instead. 

 

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