Barclays Will Lower Interest Rates For Its CD Accounts To 4.80% APY (June 2023)


Barclays announced today that it is lowering the maximum APY for its CD accounts to 4.80% APY on June 1st. This is part of a broader trend among some banks and credit unions responding to forecasts of a Federal Reserve rate cut later in the year.

Barclays US announced today that it would lower its highest interest rate on certificates of deposit to 4.80% APY. This may surprise some after the latest Fed rate hike in May, but it aligns with some forecasts (such as Morningstar’s economic forecast) that predict a drop in the federal funds rate around the end of 2023.

Barclays offers competitive CD rates

Barclays provides a wide selection of CD accounts, which offer a maximum APY of 4.80% (12- and 18-month terms).

APY (Annual Percentage Yield) 4.20% – 4.80%
12-Month APY 4.80%
18-Month APY 4.80%
2-Year APY 4.40%
3-Year APY 4.30%
4-Year APY 4.25%
5-Year APY 4.20%

These are competitive rates but you can get higher rates at other banks and credit unions, such as CIT Bank’s No-Penalty CD (4.90% APY) and its 6-month term CD.

Barclays Bank offers 4.00% APY to savers

Barclays also offers a 4.00% APY on its high-yield savings account. 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 anytime. However, Barclays does not require a minimum balance to earn APY. So, you will start earning interest even if you have a modest balance.

A 4.00% APY is very high compared to the average rate on savings accounts. However, other savings accounts have similar (and even higher) rates.

Key takeaways

  • Barclays Bank lowers its maximum rates on CD accounts to 4.80% APY.
  • Barclays also offers competitive savings accounts (max. APY of 4.00%).
  • It is worth comparing multiple financial institutions before choosing a CD or savings account.

About Barclays US Bank


Barclays’ story began 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. 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 worldwide for 48 million customers and clients.

Pro Tip

A good saving account provides competitive annual percentage yields (APYs) and doesn't charge fees. SuperMoney reviewed hundreds of savings accounts and these are our top picks of the best savings accounts on the market