Barclays Bank CD Rates January 2024 (2024)

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Barclay Bank offers six high-yield certificates of deposit (CDs), ranging from 12 months to 60 months. The bank’s CD rates are highly competitive with the best online banks, and no minimum deposit is required to open a CD.

Here’s an overview of Barclays Certificates of Deposit rates. Rates are accurate as of January 11, 2024.

CD TermAPY Minimum Deposit
12 months5.30%None
18 months4.80%None
24 months4.40%None
36 months 4.30% None
48 months4.20% None
60 months 4.15% None

Overview of Barclays Bank CDs

There’s no minimum deposit required to open a Barclays Bank CD account. Interest on CDs is compounded daily and credited to your account monthly. Account holders can request interest withdrawals on a monthly basis, without penalty, to either a Barclays Online Savings account or linked bank account.

Barclays Bank CDs automatically renew at maturity. You have a 14-day grace period to choose another option if you don’t want to renew, including withdrawing funds, changing your CD term or closing your Barclays CD account.

Like most banks, Barclays Bank charges an early withdrawal penalty for withdrawing funds from your CD account before it reaches maturity. Early withdrawal penalties are 90 days of simple interest for CDs with 24-month terms or shorter and 180 days of simple interest for CD terms longer than 24 months. Barclays doesn’t offer no-penalty CDs that allow you to withdraw money early without penalty.

Overview of Barclays CDs
Minimum deposit None
Term lengths 12, 18, 24, 36, 48 and 60 months
Compounding schedule Daily
Early withdrawal penalty Terms of 24 months and shorter: 90 days’ simple interest
Terms longer than 24 months: 180 days’ simple interest
Grace period for early withdrawals after maturity 14 days

How Much Can You Earn With Barclays CD Rates?

CDs offer guaranteed returns on your deposits and are an excellent way to grow your savings using funds you don’t need to access right away. The interest you’ll earn on a Barclays CD is determined by the account balance and CD term chosen.

Figure out how much you can earn with a Barclays Bank CD using our CD calculator:

Pros and Cons of Barclays CDs

Barclays Bank CDs offer several appealing features, but they aren’t without drawbacks.

Pros

  • High APYs. Barclays Bank CD rates are some of the best on the market. Barclays CD rates are also compounded daily, which helps your money grow faster.
  • Multiple term lengths. Barclays CDs are available in terms ranging from 12 to 60 months. This lets you build savings over a timeline that suits your needs.
  • No minimum deposit. There are no minimum deposit requirements to open a Barclays CD. Just be sure to fund your account within 14 calendar days of opening it to avoid account closure.
  • Penalty-free interest withdrawals. You can request interest withdrawals from your CD to your linked bank account with no penalty. Taking interest payments from your CD may impact your total earnings.

Cons

  • Early withdrawal penalty. Like most banks, Barclays charges an early withdrawal penalty if you need to access money in a CD account before the term ends. If you think you might need to withdraw money before your CD matures, the best high-yield savings accounts offer similar rates without withdrawal penalties.
  • Lack of physical locations. Barclays has no physical branches in the U.S., which can pose a problem for those that prefer to bank in person.

How Barclays CDs Compare

Barclays Bank’s CD rates are competitive with the best CD rates on all available CD terms. Like most online banks, Barclays offers much higher rates than the national average. Here’s a look at how CD rates from Barclays compares to rates from American Express and Discover.

CD Term Barclays Bank American Express National Bank Discover Bank
12 months5.30%3.75%5.00%
18 months4.80%1.00% 4.70%
24 months4.40%4.00%4.30%
36 months 4.30% 1.15% 4.10%
60 months 4.15% 3.00% 4.00%

American Express and Discover each offer additional CD terms not listed in this table. Although Barclays doesn’t offer terms shorter than 12 months, it still offers a decent variety of term lengths. With no minimum deposit requirement, you can invest as much or as little into the account based on your circ*mstances.

Consider other factors such as minimum deposit requirements, early withdrawal penalties and customer service options as well when choosing a CD.

What Are Barclays CDs Best For?

  • Short-term savings goals. Barclays CDs are great for short-term savings goals, as the rates on its 12-month and 18-month CDs are as high as it gets. Even its 24-month CD makes the list of best two-year CDs thanks to its competitive APY and $0 minimum deposit requirement.
  • Low risk. A Barclays CD lets you earn a guaranteed return while keeping your funds secure and accessible. Barclays CDs are insured by the FDIC for up to $250,000, per depositor, per bank, per account type, making them as safe an investment as they come.

About Barclays Bank

Barclays Bank is the U.S. division of Barclays, a global financial services company with a long history dating back to the 1600s in London. Barclays is one of the largest financial service providers in the world, with over 48 million customers worldwide. Based in Wilmington, Delaware, the online bank offers limited banking products and services including online CDs, a high-yield online savings account, credit cards and personal loans (by invitation only).

As an online-only bank, Barclays doesn’t operate any brick-and-mortar branches in the U.S. CD and other accounts are accessible through the bank’s mobile app or online account.

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Frequently Asked Questions (FAQs)

Is Barclays Bank FDIC-insured?

Yes, Barclays Bank is FDIC-insured. The federal government protects your money up to $250,000 per depositor, for each account ownership category, in the event of a bank failure.

Does Barclays charge bank fees on CDs?

Like most banks, Barclays doesn’t charge monthly maintenance fees on CD accounts. The bank charges an early withdrawal penalty, up to 180 days of simple interest depending on the CD term, if you pull funds from your account before the maturity date.

Is Barclays a U.S. bank?

Barclays Bank is the online banking division of London-based Barclays. The headquarters for Barclays Bank is in Wilmington, Delaware.

Does Barclays Bank offer savings accounts?

Barclays Online Savings is the bank’s savings account offering. The online savings account has no minimum deposit requirements, no monthly maintenance fees and earns a competitive interest rate.

Find The Best CD Rates Of 2024

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As an enthusiast with a demonstrable knowledge of financial products, particularly certificates of deposit (CDs), I can provide comprehensive insights into the content of the Forbes Advisor article about Barclays Bank's high-yield CDs. My expertise is rooted in a deep understanding of banking products, interest rates, and financial institutions.

The Forbes Advisor article outlines key information about Barclays Bank's CDs, and I'll break down the concepts mentioned:

  1. Barclays Certificates of Deposit (CDs):

    • Variety of Terms: Barclays offers six high-yield CDs with terms ranging from 12 months to 60 months.
    • Competitive Rates: The CD rates offered by Barclays are highlighted as highly competitive with the best online banks.
  2. Overview of Barclays Bank CDs:

    • No Minimum Deposit: Barclays Bank CDs do not require a minimum deposit to open.
    • Compounding and Withdrawals: Interest on CDs is compounded daily and credited monthly. Account holders can withdraw interest monthly without penalties to a Barclays Online Savings account or a linked bank account.
    • Automatic Renewal: Barclays CDs automatically renew at maturity, with a 14-day grace period for account holders to choose other options.
  3. Early Withdrawal Penalties:

    • Penalties: Barclays charges early withdrawal penalties, with different penalty durations for CDs with terms of 24 months or shorter and those longer than 24 months.
  4. Barclays CD Rates (as of January 11, 2024):

    • Rates: The article provides the Annual Percentage Yield (APY) and minimum deposit for each CD term, offering a clear picture of the potential returns.
  5. How Much Can You Earn With Barclays CD Rates?

    • CD Calculator: The article suggests using a CD calculator to determine potential earnings based on the account balance and chosen CD term.
  6. Pros and Cons of Barclays CDs:

    • High APYs: Barclays CD rates are praised for being among the best on the market, compounded daily for faster growth.
    • Multiple Term Lengths: Barclays offers flexibility with CD terms ranging from 12 to 60 months.
    • No Minimum Deposit: No minimum deposit is required to open a Barclays CD.
    • Penalty-Free Interest Withdrawals: Account holders can withdraw interest without penalties.
  7. Barclays CDs Comparison:

    • Competitive Rates: The article compares Barclays CD rates with those of American Express and Discover, emphasizing Barclays' competitiveness.
  8. What Are Barclays CDs Best For?

    • Short-term Savings Goals: Barclays CDs are recommended for short-term savings goals due to competitive rates on 12-month and 18-month terms.
    • Low Risk: Barclays CDs are considered low-risk, providing a guaranteed return and FDIC insurance for up to $250,000.
  9. About Barclays Bank:

    • History: Barclays Bank is highlighted as the U.S. division of the global financial services company Barclays, tracing its roots back to the 1600s in London.
    • Online-Only Model: Barclays operates as an online-only bank with no physical branches in the U.S., offering various banking products through its mobile app and online platform.
  10. Frequently Asked Questions (FAQs):

    • FDIC Insurance: Barclays Bank is confirmed to be FDIC-insured, protecting deposits up to $250,000 per depositor, per account ownership category.
    • Fees and Penalties: Information is provided about Barclays not charging monthly maintenance fees on CDs but imposing early withdrawal penalties.

In summary, the article provides a detailed overview of Barclays Bank's CDs, offering potential investors valuable information to make informed decisions about their savings and investments.

Barclays Bank CD Rates January 2024 (2024)

FAQs

Barclays Bank CD Rates January 2024? ›

Some banks have raised rates during this period of uncertainty to incentivize existing customers and attract new ones. In January 2022, the typical APY, or annual percentage yield, for a one-year CD sat at a mere 0.13%—a pandemic low, according to FDIC data. As of April 2024, average one-year CD rates are at 1.81%.

What will CD rates be in 2024? ›

Some banks have raised rates during this period of uncertainty to incentivize existing customers and attract new ones. In January 2022, the typical APY, or annual percentage yield, for a one-year CD sat at a mere 0.13%—a pandemic low, according to FDIC data. As of April 2024, average one-year CD rates are at 1.81%.

What is the current CD rates at Barclays bank? ›

CD Rates
TermInterest RateAPY
6 Month CD4.88%5.00%
12 Month CD4.88%5.00%
18 Month CD4.40%4.50%
24 Month CD3.92%4.00%
3 more rows

Can you get 6% on a CD? ›

You can find 6% CD rates at a few financial institutions, but chances are those rates are only available on CDs with maturities of 12 months or less. Financial institutions offer high rates to compete for business, but they don't want to pay customers ultra-high rates over many years.

Should I lock in a CD now or wait? ›

Waiting to open a CD could mean missing out on some stellar rates. Now, you can lock in high rates on both short-term and long-term CDs and, you can score some serious interest just by opting to deposit a larger lump sum into your CD.

How high will interest rates go in 2024? ›

Mortgage rates are likely to trend down in 2024. Depending on which forecast you look at for housing market predictions in 2024, 30-year mortgage rates could end up somewhere between 6.1% and 6.4% by the end of the year.

What will interest rates drop to in 2024? ›

Interest rates have held steady since July 2023.

The Fed raised the rate 11 times between March 2022 and July 2023 to combat ongoing inflation. After its December 2023 meeting, the Federal Open Market Committee (FOMC) predicted making three quarter-point cuts by the end of 2024 to lower the federal funds rate to 4.6%.

Is Barclays a good bank for CD? ›

Barclays offers decently competitive interest rates on certificates of deposit (CDs). Rates vary from 5.00% APY for a 6 month CD to 3.75% APY on a 60-month CD. Furthermore, the bank compounds interest daily and credits it monthly.

Are Barclays CDs good? ›

If you're looking for a place to store your cash for a longer period of time and want to earn some extra interest, Barclays CDs are also a solid option. APYs for all terms are competitive with the current best CD rates, and there's also no minimum deposit—a rarity in the banking world.

Who has the highest 12 month CD rate today? ›

Best 1-Year CD Rates
  • Northern Bank Direct – 5.60% APY.
  • Apple Federal Credit Union – 5.40% APY.
  • Expedition Credit Union – 5.40% APY.
  • NexBank – 5.40% APY.
  • CIBC Agility – 5.36% APY.
  • TotalDirectBank – 5.35% APY.
  • CFG Bank – 5.31% APY.
  • Rising Bank – 5.31% APY.

Why you should put $15,000 into a 1 year CD now? ›

Unlike traditional or high-yield savings accounts, which have variable APYs, most CDs lock your money into a fixed interest rate the day you open the account. That's why if you suspect that interest rates will soon drop, it can be a good idea to put money in a CD to preserve the high APY you would earn.

Will CD rates go down in 2024? ›

CD rate forecast: 2024

The Fed kept its rate the same after its second meeting of 2024 on March 19-20. Projections suggest that we may see no rate increases in 2024, and that the Fed might start dropping its rate later this year, according to the CME FedWatch Tool on March 19.

Where can I earn 5% on a CD? ›

Featured Nationally Available Deposit Rates
Account NameAPY (Annual Percentage Yield) Accurate as of 4/22/2024Minimum Account Opening Balance
Alliant 1 Year CD5.15%$1,000
Western Alliance Bank 3 Month CD5.26%$1
Barclays 6 Month Online CD5.00%$0
SkyOne Federal Credit Union 1 Year No Penalty CD4.75%$1
6 more rows
4 days ago

Why you should put $5,000 in a 6 month CD now? ›

While longer-term CDs may tie up your funds for years, a 6-month CD allows you to access your money relatively quickly. If you suddenly need your $5,000 for an emergency or a more lucrative investment opportunity arises, you won't have to wait years to access your funds without incurring hefty penalties.

What is the biggest negative of putting your money in a CD? ›

Banks and credit unions often charge an early withdrawal penalty for taking funds from a CD ahead of its maturity date. This penalty can be a flat fee or a percentage of the interest earned. In some cases, it could even be all the interest earned, negating your efforts to use a CD for savings.

What will CD rates be in 2025? ›

"Shorter CD rates won't collapse and will still offer far higher yields than the ones we experienced in 2021 and prior years," Krumpelman says. "Even in 2025, we expect short CDs to pay more than 3%."

Are CDs a good investment for 2024? ›

The bottom line

Overall, long-term CDs could be a good investment for those who want to lock in guaranteed returns at a relatively high rate in early 2024. But as the year progresses, if interest rates fall as expected, then long-term CDs could lose some of their appeal.

Will savings rates go up or down in 2024? ›

We asked savings experts what they think will happen to savings rates in 2024. The jury is unanimous that savings rates will fall, but certain accounts will fall more than others. Sarah Coles, head of personal finance at Hargreaves Lansdown, believes that interest rates will fall in 2024, but slowly.

What is the best CD rate for $100000? ›

Compare the Best Jumbo CD Rates
InstitutionRate (APY)Minimum Deposit
Quorum Federal Credit Union5.35%$100,000
Credit One Bank5.35%$100,000
Third Federal Savings & Loan5.25%$100,000
CD Bank5.25%$100,000
15 more rows

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