Barclays Increases Interest Rates For Its CD Accounts To 4.50% APY (February 2023)
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Summary:
Barclays has increased the maximum APY for its CD accounts to 4.50% APY.
The Federal Reserve officials raised the federal funds rate again in February 2023, which 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.
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Barclays also offers competitive CD rates
Barclays provides a wide selection of CD accounts, which offer a maximum APY of 4.50% (12- and 18-month terms) this is an increase of 15 percentage points from the previous maximum APY (4.35%).
APY (Annual Percentage Yield) | 0.10% – 4.50% |
---|---|
3-Month APY | 0.10% |
6-Month APY | 0.10% |
9-Month APY | 0.10% |
12-Month APY | 4.50% |
18-Month APY | 4.50% |
2-Year APY | 4.35% |
3-Year APY | 4.30% |
4-Year APY | 4.30% |
5-Year APY | 4.30% |
Barclays Bank offers 3.60% APY to savers
Barclays increased the APY on its high-yield savings account to 3.60% earlier this month — an increase of 0.20 percentage points from the previous 3.40% 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 3.60% 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.
Key takeaways
- 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 4.50% APY.
- Barclays offers both savings and CD accounts (max. APY of 4.35%).
About Barclays US Bank
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