Brief Look at Barclays
Barclays is an international digital bank (Barclays) with headquarters in London. It offers one of the highest deposit interest rates. Deposits in the U.S. are insured by the FDIC, and funds can be withdrawn at any time. Additional charges are sometimes collected for early withdrawal. There are standard savings deposits and certificates of deposit. A client can link up to 25 accounts at other banks to his Barclays user account and make free money transfers between them through the mobile app or use them for online and offline payments. The app has a set of functions for the control of finances. Overdrafts and other features of online banking are available.
- A simple and convenient app with free service, and the absence of surplus charges.
- Online savings accounts and certificates of deposit at up to 2.90% per annum.
- Clients can link up to 25 accounts, make quick transfers, and track their income and expenses.
- Depositors’ funds at the American branch are insured by the FDIC.
- There are all options for mobile banking, including international bank accounts and international debit cards.
- Debit cards are welcome wherever Visa cards are applicable. Payments can be made online.
- Tech support works 24/7 through a multichannel call center.
- Verification can take a lot of time.
- All transfers are made through an intermediary.
- High charges for depositing funds to international accounts.
TU Expert Verdict
Chief Analytics Officer
Barclays offers personal and business digital banking with international accounts, savings and certificates of deposit up to 2.90% interest per annum, and full-featured online money management. Deposits in the U.S. are FDIC insured, and the bank supports linking as many as 25 external accounts for free transfers and payments through its mobile app. Standard and Premier account types are available without ongoing service fees, and customers can use international debit cards accepted wherever Visa is welcome. Overdrafts are free up to 15 GBP, and the platform provides extensive functionality, such as online mortgages, analytics, and cashback.
A few disadvantages are the slow verification process, reliance on intermediaries for all transfers, high fees for funding international accounts, and expensive foreign currency conversions except between euros and U.S. dollars. These drawbacks mean Barclays may not be suitable for users seeking low-cost international transfers or those who require fast account setup, but it remains a strong option for clients looking for comprehensive digital banking and insured savings.
Barclays Summary
| 💼 Main types of accounts: | Standard and Premier |
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| 💱 Multi-currency account: | Yes |
| 💵 Deposit terms and conditions: | Up to 2.90% interest per annum |
| 💳 Loan terms and conditions: | From 23.9% to 72.4% interest depending on the loan type; also, the rates can be reduced |
| ☂ Deposit insurance: | By the FDIC, for 100,000 EUR |
| 👛️ Savings options: | Account statistics and analytics, limits, notifications, and cashback |
| 📋 Types of payment: | Most methods of online and offline payments |
| ➕ Additional features: | Savings and CD accounts, online mortgages, smart investments, children’s savings accounts, and automation of taxation |
Barclays digital bank is registered in the U.K., and its American branch has a license from the FDIC. This organization provides services in over 50 countries, and its clients don’t have to be residents of the U.K. or U.S., although there are special conditions for residents of these countries. The company's head offices are in Philadelphia and London. Barclays cards are accepted wherever Visa cards are welcome. Barclays has all the functions of neobanks, including international transfers and online payments via the app. The bank’s basic conditions are in the table below.
Barclays Commissions & Fees
Accounts are opened and serviced free of charge. The Travel Pack costs 12.50 EUR or 18 EUR (extended version) per month. The Tech Pack with additional functions costs 9 EUR or 14.50 EUR (extended version) per month. There is also a pack of options for emergencies, which costs 9 EUR per month. All the packs can be set up for at least 6 months.
Personal debit cards of this neobank cost 10 EUR, and temporary cards cost 12 EUR. The cards are delivered free but clients can order a quick delivery for 1.99 EUR. The replacement of lost or damaged cards costs 5 EUR. The annual interest rate on an arranged overdraft of up to 1,200 GBP is 35%, which can be reduced to 19.5% in Premier accounts.
Online payments are free of charge. Payments made at the bank’s branches or by phone cost 25 EUR, and canceled payments are charged at 20 EUR. SEPA credit transfers in amounts up to 100,000 EUR are free of charge, and for larger amounts, the charges start at 6 EUR. All online transactions through SEPA are free but if an international transfer is made at a branch or by phone, then a client pays 25 EUR. There are additional services such as payment tracking, which have fixed costs. For example, the special service of document safekeeping costs 10 EUR upon activation and then 3 EUR per month.
| Broker | Overdraft fee | ATM Withdrawal Fee | International transfer fee | International exchange fee |
| Chime Bank | No | No | No | 3% (max.$5) |
| Revolut | No | Up to $350 - free - beyond $350 - 2% | 0.3% (min. $0.30, max. $6) | From 0% to 1% |
| Barclays | Up to 15 GBP free, and then 35% per annum (can be reduced to 19.5%) | 45 pence (there may be additional charges) | 25 EUR (online transfers are free) | 2.99% per conversion, except EUR/USD conversions |
Account Types
Note that to open an account in the U.K., you have to be a resident, whereas the American branch works with different countries. To open a Premier account, you need to earn 75,000 GBP or more yearly or at least 100,000 GBP if you want to participate in special investment programs.
Investment Options
Barclays offers its private clients two options for passive earnings: standard online savings accounts and certificates of deposit (CDs). The annual percentage yield (APY) rates on savings accounts are 1.09% and 1.10%. The APY rates on CDs depend on deposit terms and don’t depend on amounts. For example, deposits for 12 months have APY rates of 1.88% and 1.90%, and deposits for 60 months have APY rates of 2.86% and 2.90%.
On the bank’s website and in its mobile app, there is a calculator that determines the profits on investments. At Barclays, the APY rates on CDs are the highest in the U.K. and among the highest in the world. Besides that, there is no minimum deposit. Interest is accrued daily and not at the end of the deposit term. The funds are not frozen, so a client can withdraw part of his deposit or the whole deposit at any time. But in the latter case, an additional fee is charged.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Overdrafts, loans, and flexes
Accounts at Barclays are opened and serviced free of charge. There is no payment for overdrafts of up to 15 GBP or equivalents in other currencies. And if an overdraft is higher, the payment depends on the amount and term.
For instance, if the overdraft is 500 GBP, then in 7 days a client will pay 2.88 GBP; in 30 days the payment will be 12.45 GBP; and in 60 days it will be 25.21 GBP. Thus, the annual interest rate is 35%, which is average in this segment. But if a client selects an overdraft limit in the app in advance, he can reduce the interest rate.
Regarding credit cards, Barclays grants loans of four types at the interest rates of 0%, 72.4%, 23.9%, and 33.9% The rates are flexible and can be reduced. Cashback depends on the card type and the total amount of expenses in the reference period.
Contacts
| Foundation date | 2060 |
|---|
Detailed review of Barclays Bank
It’s important to understand that Barclays digital bank is an enterprise of Barclays Bank Plc. This is one of the most influential financial conglomerates in the United Kingdom with a vast network of offices in Europe, Asia, and the U.S., which explains the abundance, high quality, and flawless technical optimization of the services offered by the digital bank. Its app has the highest level of security. Personal data and funds of its clients are insured. All transactions are made as fast as technically possible. Like most neobanks, Barclays issues debit and credit cards for its clients.
Barclays by the numbers
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48 million clients;
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0 EUR payment for account service;
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Up to 2.90% interest on CD accounts;
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Up to 25 accounts linked to a user account;
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100,000 EUR insurance.
Barclays is a digital bank, which means you don’t have to visit an office to create a user account and link your accounts at other banks to it. All transactions are made in the app that can be installed on any iOS or Android mobile gadget. Also, a client of this neobank can manage his finances through his user account on the website. This requires a device – not necessarily a PC, it can be a tablet – with an internet connection and a browser.
Barclays’ useful functions:
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Control of finances. In his user account and app, a client sees all his transfers and expenses in each account. He can aggregate and assort data and set up limits for expenses in separate accounts. There is also a function of notifications that warn the user when he reaches a set mark or limit, or when an important event takes place.
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International bank account. A client of this neobank can open an IBAN account. This is an international account that allows one to make and receive transfers to and from all banks in the world. Also, a client can get an international bank card that is linked to his international account.
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International online transfers. Clients of this digital bank can transfer any amount of money to other private individuals online without limits or fees. A payment of 25 EUR is charged only in the case when a client makes a transfer not online but at a branch of the bank, by phone, or by mail.
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Savings and CD accounts. Clients can make deposits to their online savings or CD accounts in any amount and at any time to earn passive income. The annual interest rate varies from 1.09% to 2.90% depending on the deposit term. Deposits are not blocked and can be withdrawn. Interest accrues daily.
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International reserve account. This is a savings account accessed by a client with just one tap on his smartphone screen. This account is available in three currencies. It differs from ordinary savings accounts in that withdrawal of all funds before the term expires is free of charge. The cost of opening this account is 1 GBP.
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Smart investments. This service is integrated into the Barclays app. It allows a client to collect all data on all of his investments and analyze his current portfolio. The portfolio can be adjusted. The analytical system offers the best option but the choice is made by the client.
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Online mortgages. Barclays offers several mortgage programs for private individuals. There are programs with fixed, flexible, and hybrid rates. Mortgage conditions can always be made more favorable due to access to the best offers in the international mortgaging market.
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Overdrafts. If a client accidentally overdraws his account, Barclays will give him a free overdraft of up to 15 GBP. The overdraft limit is 1,200 GBP. If a client agrees with the bank on overdrafts in advance, the standard rate of 35% can be reduced.
Advantages:
Barclays’ advantages:
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This neobank is a subsidiary of one of the largest financial holding companies in the U.K.
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The bank has a high trust rating. It’s perfectly protected and has never been hacked.
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Its mobile app has an intuitive interface. It’s convenient and reliable.
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All transactions are made in minimum time without any delays or additional reviews.
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Clients can make international transfers in major currencies without limits.
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Funds can be withdrawn free of charge from 60 thousand ATMs of Barclays’ partner banks.
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With the bank’s Visa debit and credit cards, one can pay online and offline.
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Barclays offers control of finances, notifications, an overdraft system, and loans; i.e., all the features for the effective management of your finances.
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The highest interest rate on CD accounts allows clients to earn considerable passive income.
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