Barclays does not offer a traditional savings account in the United States
Barclays Bank operates in the US through Barclays US Consumer Bank, which focuses on credit cards and personal loans — not deposit accounts like savings or checking. If you are looking for a savings account with a competitive interest rate, you will need to look at other banks.
This matters because many people know Barclays as a large international bank and assume they can open a savings account there. In reality, Barclays exited the US consumer deposit business years ago and has not returned. Your options for high-yield savings are with other institutions entirely.
Key Takeaways
- Barclays US Consumer Bank does not offer savings accounts, checking accounts, or money market accounts to US customers.
- Barclays does offer credit cards and personal loans in the US, but these are not deposit products.
- If you want a high-yield savings account, you will need to look at online banks, credit unions, or traditional banks that still offer deposit accounts.
- Banks that do offer high-yield savings accounts include online-only institutions and some brick-and-mortar banks with competitive rates.
What Barclays actually offers in the United States
Barclays US Consumer Bank operates two main product lines: credit cards and personal loans. Their credit card offerings include cash-back cards and travel rewards cards. Their personal loans are unsecured loans you can borrow against for various purposes.
Neither of these is a deposit account. A deposit account — like a savings account or checking account — is where you put your own money and earn interest on it. A credit card or personal loan is the opposite: you are borrowing money from the bank and paying interest to them.
If you already have a Barclays credit card or personal loan, that relationship does not give you access to savings accounts through them. You would need to open a deposit account elsewhere.
Where Barclays used to offer savings accounts
Barclays did operate a US online savings bank called Barclays Bank Delaware. It offered high-yield savings accounts and CDs (certificates of deposit) with competitive rates. The bank closed to new customers in 2020 and wound down its operations.
If you had an account with Barclays Bank Delaware before it closed, your money was transferred to another institution or you received instructions on how to move it. If you are trying to find an old Barclays savings account, contact Barclays customer service to learn what happened to your account.
How to find a high-yield savings account now
Since Barclays does not offer savings accounts in the US, you will need to look at other banks. The main types of institutions that offer high-yield savings accounts are online banks, credit unions, and some traditional banks.
Online banks typically offer the highest interest rates because they have lower overhead costs than banks with physical branches. Credit unions may offer competitive rates to their members. Traditional banks with branches usually offer lower rates but give you the option to visit a physical location.
When comparing accounts, look at the annual percentage yield (APY), any monthly fees, the minimum deposit required, and how straightforward it is to move money in and out. Some accounts have no minimum deposit and no monthly fees, while others require you to keep a certain balance.
What to check before opening a savings account anywhere
Before you open a savings account at any bank, confirm that your deposits are insured by the Federal Deposit Insurance Corporation (FDIC). FDIC insurance protects your money up to $250,000 per account owner, per bank, if the bank fails. Most banks display their FDIC status clearly on their website.
Also check whether the bank charges a monthly maintenance fee and what the minimum opening deposit is. Some banks waive fees if you keep a certain balance or set up direct deposit. Read the account terms to understand how often interest is compounded and when it is paid — usually monthly or daily.
Finally, test the bank's customer service before you move a large amount of money. Call or email with a question and see how quickly they respond. Look at online reviews from current customers about deposit speed, withdrawal speed, and how straightforward the website or app is to use.
Why Barclays left the US savings account market
Barclays closed Barclays Bank Delaware as part of a broader strategy to focus on credit cards and loans rather than deposit accounts. Large international banks sometimes decide that certain markets or products are not profitable enough to continue, and they exit those businesses.
This is not unusual. Other large banks have also closed or sold their online savings divisions over the years. When a bank exits a market, it is usually because they can make more money or operate more efficiently by focusing on other products.
Frequently Asked Questions
Can I open a Barclays savings account online?
No. Barclays does not offer savings accounts, checking accounts, or money market accounts to US customers through any channel — online, by phone, or in person. Their US operations are limited to credit cards and personal loans.
What happened to my old Barclays savings account?
If you had an account with Barclays Bank Delaware before it closed, your money was either transferred to another bank or you received instructions to move it yourself. Contact Barclays customer service with your old account number to find out where your funds went.
Does Barclays offer savings accounts in other countries?
Yes, Barclays operates savings accounts and other deposit products in the United Kingdom and other countries. However, those accounts are not available to US residents. This article covers only what Barclays offers in the United States.
Are there other large banks that still offer high-yield savings?
Some traditional banks with physical branches offer savings accounts, though their rates are usually lower than online banks. Many online-only banks and credit unions offer competitive high-yield savings rates. Compare rates and fees across several institutions before deciding.