From our Bloggers

Barclays: What all do they offer?

Barclays: What all do they offer?
By Karan Kapoor

 

Key Points 
What Barclays offers 
For whom the service suits the most 

 

Barclays, the iconic London-based financial institution, it is a network of transatlantic financial institutions serving customers in fifty-five countries. They have a total of 4750 branches in 55 countries. Their commercial banking operation is entirely digital and is solely focused on people who want to save. The bank offers hundreds of credit cards that are co-branded by airlines, hotels, and other companies. 
 
Wondering if you have enough for Barclays? This detailed analysis might help you decide.
 
To whom does Barclays fit?
Barclays will be a perfect choice for savers who want fast, affordable online banking and rates. If you are, considering opening an account if you come under these conditions: 
  • Only continue with saving and want to escape a minimum prerequisite for balance
  • Paying accounts and Deposit Certificates (CDs) in one location
  • Interested in bringing together a CD ladder
  • If you do not want annual maintenance charges
 
What do they offer? 
The bank offers a variety of accounts and services. 
Accounts
Checking account (Not in the USA)
Savings accounts for high returns
Certificate of Deposits 
Credit cards
Services 
Online and telephone banking
 
Offline Savings Account
This is a savings account with high yields. Here are the essential features:
  • A 1.00 % sustainable APY on all accounts as of 16 June 2020
  • No minimum balance costs or maintenance costs per month
  • No minimum fee required to open an account  
  • Add funds by direct deposit, mobile check deposit, ACH transfers or a physical check by fax
The APY for this account ranks it among the better savings accounts with high yields. The lack of minimum balance or deposit conditions also makes it a good deal, particularly if you are just starting with saving and do not have a lot of cash to deposit.
As downsides go, access is an important element. For this deposit, you do not get an ATM or debit card. Barclays limit the ACH withdrawal transfers to a connected external bank account, or a paper check. If you need to add money, though, you will have more options.
 
Online Certificate of Deposits
Certificate of Deposits are less convenient when it comes to withdrawals than savings accounts, but in return, they can give savers even better rates. Barclays has electronic CD plans covering periods from 3 to 60 months. Here are the main points:
  • A quite favourable tariff on CDs over 12 months and 18 months
  • No minimum balance needed to open an account
  • No monthly maintenance costs
  • The interest which compounds every day
  • Specific CD words to build a ladder
 
Credit Cards 
Here are a few of Bank's cards you can find:
  • Balance transfer credit cards 
  • Credit building credit cards 
  • Purchase credit cards
  • Rewards Credit Cards 
Barclays issues lots of co-branded credit cards, especially with travel partners, in the USA. 
Their other services include 
Personal Loans (Only through Invitation)
 
Customer Service of Barclays 
Barclays offers the standard benefits of customer service you would expect from a bank of this size. This includes the online or mobile banking option to manage your account.
For more information, you can check their customer reviews from around the globe at BankQuality
 
Bottom Line 
Why are they good?
Among new savers, Barclays can be a perfect choice, with attractive APYs on all high-yield savings accounts and CDs, even for the smallest number. The rates not only will help you build your income, but Barclays does not charge monthly maintenance fees or demand minimum deposit.
Their down parts 
Barclays is not a one-stop shopping centre, one would still not have the ease of reaching ATM for your accounts, so you have to be careful handling your money online because of there fewer branches. (in the UK they have almost 1200 branches)

For more info: 
Barclays