Another Savings Account Rate Increase at Barclays


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Deal Summary: Online Savings Account (1.20% APY); no minimum balance to open.

Availability: Nationwide (internet bank)

Barclays has just raised the rate on its Online Savings Account (1.20% APY). It was just over a month ago when Barclays increased the savings account APY to 1.15%, and two months ago when it increased the APY to 1.05%. Before the May rate increase, the previous APY had been 1.00% which had held since December 2014.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.20%--BarclaysOnline Savings Account
Accounts mentioned in this post. Rates as of September 24, 2017.

Competition is having an effect. It was just last week when Synchrony increased its savings account APY to 1.20%. Most of the large internet banks don’t seem intent on making any big increases. So we continue to see these small rate increases. With gradual Fed rate hikes, we probably won’t see many big rate hikes like we saw in 2005 and 2006 when rate hikes of 25 and 50 bps were common. Nevertheless, small rate hikes are better than no rate hikes.

Barclays’ Online Savings Account has several nice features such as no minimum balance requirement and no monthly fees. Below is a copy of my Barclays savings account review from last month.

  • The funding account link is maintained for future transfers so you don't need to re-verify the account after the account is opened
  • They allow up to 3 external account links per owner
  • After the account is opened, ACH transfers are limited to $250,000 per transaction. If you have a larger amount to transfer, they can process the transfer if you call.
  • Maximum balance allowed per social security number is $5 million
  • They allow up to 4 beneficiaries per account.
  • They do not allow accounts in the name of a trust. However, trusts can be named as a beneficiary.

Thanks to the DA reader buckeye61 who first mentioned the news of this rate increase in the DA Forum.

Barclays Dream Account

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.20%--BarclaysDream Account
Accounts mentioned in this post. Rates as of September 24, 2017.

Barclays also increased the rate of the Dream Account to 1.20% APY. When Barclays first introduced the Dream Account, it had a rate that was slightly above the Online Savings Account rate. Now that the Dream Account has the same rate, there isn’t much incentive to open this account. Currently, the primary advantage of the Dream Account over the Online Savings Account is the small bonuses that can be earned on the Dream Account. These include:

  • Every time you make consecutive deposits for six months, Barclays will give you a 2.5% bonus on the past six months of interest earned.
  • Make no withdrawals for six consecutive months and earn another 2.5% bonus on the past six months of interest earned

The added bonuses effectively add around 5 basis points to account’s yield. The main downside with this account is that there is a maximum monthly deposit of $1,000.

Barclays Online CDs

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.30%--Barclays60 Month Online CD
Accounts mentioned in this post. Rates as of September 24, 2017.

Two weeks ago, Barclays increased the rates on most of its CDs. Its 5-year CD is currently the most competitive rate. The rate isn’t the highest, but its early withdrawal penalty is only 180 days of interest. Please refer to this blog post for more details.

Availability

Barclays is an internet-only bank that is headquartered in Wilmington, Delaware. According to Barclays’ terms and conditions, “To open an account with us, you must be at least 18 years old, a U.S. citizen or a resident alien with a valid Social Security Number or other Taxpayer Identification Number, and have a residential address in the United States.” Opening an account, including CDs and Savings, must be done online.

Bank Overview

The Barclays internet bank is part of Barclays Bank Delaware which is a FDIC member (FDIC Certificate # 57203). The bank is best known in the U.S. for partnering with companies in offering co-branded credit cards. It's part of the U.S. division of Barclays, a British multinational megabank.

Barclays Bank Delaware has an overall health grade at EpBooks.us of A with a Texas ratio of 5.56% (excellent) based on March 31, 2017 data. Please refer to our financial overview of Barclays Bank Delaware for more details. The bank has been a FDIC member since 2001.

How the Savings Account Compares

When compared to the 207 Savings Acccounts tracked by EpBooks.us that are available nationally, seven savings accounts have higher rates. Barclays’ savings account rate is now tied with the savings account rates at Synchrony and GS Bank. Below is a sample of these seven accounts that have higher rates, showing how they compare with Barclays.

The above rates are accurate as of 7/25/2017.

To look for the best Savings Account rates, both nationwide and state specific, please refer to our Savings Account rates table or our new Rates Map page.

Related Pages: Philadelphia savings accounts, savings accounts, nationwide deals, Internet banks

Comments
Vic
Vic | | Comment #1
APY is still 1.15% in my Savings account, just 30 mins ago. I then called Barclays Customer service and was told that the 1.20% APY will take effect today, 7/25/2017, while the Barclays Savings website is saying 7/24/2017 as the effective date. Customer service then asked me to send them a screenshot of the Barclays Savings webpage. Something is shady here.
buckeye61
buckeye61 | | Comment #2
It will update overnight, this happens every time there is a rate change.
Martin
Martin | | Comment #3
It happened before, the Barclays web site update once a day around midnight.
Att
Att | | Comment #4
No one's matched dollar with no minimum.
Barclays Increases Online CD Rates

Deal Summary: Rate increases on CDs with terms from 12-month (1.45% APY) to 60-month (2.30% APY).

Availability: Nationwide

Barclays increased the rates today on its Online CDs with terms from 12 months to 60 months. The largest rate increases were on the CDs with terms of 36- and 48-months. Rates on both went up by 30 basis points. Below is a list of the new CD rates showing how much they have increased:

  • 1.45% APY 12-month CD (was 1.40%)
  • 1.50% APY 18-month CD...

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Barclays Increases Online Savings Account Rate
Deal Summary: Online Savings Account (1.15% APY); no minimum balance to open.

Availability: Nationwide (internet bank)

Barclays has just raised the rate on its Online Savings Account (1.15% APY). It was just over a month ago when Barclays increased the savings account APY to 1.05%. Before that change, the previous APY had been 1.00% which had held since December 2014.

Barclays’ Online Savings Account is still not a rate leader, but it’s nice to see yet another savings account rate increase from a major internet bank. The Fed rate...

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Barclays Increases 1-Year and 2-Year Online CD Rates

Deal Summary: 12-month CD (1.40% APY) and 24-month CD (1.60% APY)

Availability: Nationwide

Barclays increased the rates on two of its Online CDs today. The 12-month CD rate increased 10 bps to 1.40% APY, and the 24-month CD rate increased 5 bps to 1.60% APY. These new rates aren’t high enough to be top rates for these terms, but it’s another sign that rates continue to rise. It’s also a sign that short-term CD rates are rising more than longer terms. Barclays long-term CD rates remained the same...

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Barclays Increases Rates on Most of Its CDs

Deal Summary: Several CD rate increases including the 60-month CD (2.25% APY), 24-month CD (1.55% APY) and 12-month CD (1.30% APY).

Availability: Nationwide

Barclays increased the rates on most of its CDs yesterday. The 5-year CD had the largest increase with the rate rising by 25 basis points to 2.25% APY. The new rates don’t make Barclays a rate leader, but it’s nice to see yet another major internet bank increase many of its CD rates to competitive levels. The full list of rate increases are shown below:

  • 1.30% APY 12-month CD...
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Barclays CD Rate Changes: 5-Year Falls But Shorter Terms Rise
Availability: Nationwide

Barclays made several CD rate changes late last week. The 5-year CD rate had a large decline falling 30 basis points to 1.75% APY. However, the shorter terms had rate increases. Barclays’ 1-year CD rate is now quite competitive at 1.25% APY. The full list of rate changes are shown below:

  • 1.25% APY 12-month CD (was 0.80%)
  • 1.30% APY 18-month CD (was 0.85%)
  • 1.45% APY 24-month CD (was 1.20%)
  • 1.55% APY 36-month CD (was 1.45%)
  • 1.65% APY 48-month CD (no change)
  • 1.75% APY 60-month CD (was 2.05%)

Thanks to DA reader, MidAtlantic, for the Forum...

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