Barclays Increases Interest Rates For Its Savings Account To 3.60% APY (February 2023)

Last updated 04/09/2024 by

Summary:

Barclays has increased the maximum APY for its US Online Savings account to 3.60% APY.

The latest increase in the Fed’s rate is great news for savers (not so much for borrowers, but that’s another story). 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.

Compare CD Accounts

Compare certificates of deposit. Discover your best option.

Compare Options

Barclays Bank offers 3.60% APY to savers

Barclays increased the APY on its high-yield savings account to 3.60% — 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.

Barclays also offers competitive CD rates

Savings accounts are not the only deposit account in Barclays’s wheelhouse. Barclays also provides a wide selection of CD accounts, which offer a maximum APY of 4.35% (2-year terms).

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 savings accounts to 3.60% APY.
Barclays offers both savings and CD accounts (max. APY of 4.35%).

About Barclays US Bank

Share this post: