Barclays has increased the maximum APY for its CD accounts to 4.90% APY.
The latest Fed rate increase has nudged financial institutions, such as Barclays US, to increase the interest rates they pay savers on deposit accounts, which includes its certificates of deposit and savings accounts.
Barclays offers competitive CD rates
Barclays provides a wide selection of CD accounts, which offer a maximum APY of 4.90% (12-month term CDs) this is an increase of 40 percentage points from the previous maximum APY (4.50%).
|APY (Annual Percentage Yield)||0.10% – 4.50%|
Barclays Bank offers 3.80% APY to savers
Barclays also increased the APY on its high-yield savings account to 3.80% earlier this month — an increase of 0.20 percentage points from the previous 3.60% APY. Barclays US Online Savings Account is a high-yield savings account that offers a competitive annual percentage yield (APY) and allows customers to earn more than with most checking and savings accounts. In addition to a high APY, Barclays does not charge monthly or transfer fees.
Note that the Annual Percentage Yield (APY) for the Barclays US Online Savings account is variable and may change at any time. However, Bask Barclays does not require a minimum balance to earn APY. So, you will start earning interest even if you have a modest balance.
A 3.80% APY is very high compared to the average rate on savings accounts (0.33% APY as of January 17, 2023). However, there are other savings accounts with similar (and even higher) rates.
- The February federal funds rate increase is providing savers with a higher return on their money.
- Barclays Bank increased its rates on its CD accounts to 4.90% APY.
- Barclays also offers competitive APYs for savings accounts (max. APY of 3.80%).
About Barclays US Bank
Barclays’s story begins in 1690 when John Freame and Thomas Gould started trading as goldsmith bankers on Lombard Street, London. In 1736 John’s son-in-law, James Barclay, joined the business giving it the name we know today. Since then, Barclays funded the world’s first industrial steam railway, named the UK’s first female branch manager, and introduced the world’s first ATM machine. And those are just a few highlights from our first 300 years.
Today, Barclays is a major global financial services provider engaged in retail banking, credit cards, corporate and investment banking and wealth management. Barclays moves, lends, invests, and protects money for 48 million customers and clients worldwide.
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