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
|APY (Annual Percentage Yield)||4.20% – 4.80%|
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.
- 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