Barclays Bank Online Savings and CDs

Not quite a year ago, Barclays entered the online banking space. They launched an online savings account with a 1% APY as well as a series of CDs of varying terms with competitive rates.

Since that time, they’ve increased the rate steadily to 1.65% APY and now find themselves near the top of the heap among the major online banks. Granted, it’s not a very tall heap. But still… When it comes to interest earned, more is better than less.

As for CDs, their rates are solidly higher than those at Ally Bank, which has been my favorite bank for CDs over the past few years. In fact, their 5 year rate of 2.85% is, once again, near the top of the heap.

Of course, Ally wins on the early withdrawal penalty (60 days interest) but Barclays isn’t far behind at 90 days. Note that some banks have penalties six months or even a full year of interest for early withdrawals depending on the time commitment.

I’m not sure that the slim interest rate lead over the likes of Capital One 360, Ally Bank, and Discover Bank (my three currently active online banks) is enough to get me to add another to the fold, but Barclays is definitely worth keeping an eye on.

2 Responses to “Barclays Bank Online Savings and CDs”

  1. Anonymous

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  2. Anonymous

    I switched to Barclay’s online bank at the end of 2012 in response to Capital One’s take over of ING Direct. I have been satisfied with my experience and the steady 1% interest rate.

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