Barclays Bank started in 1690 when John Freame and Thomas Gould began trading as goldsmith bankers in London. The name Barclays comes from James Barclays, the John Freame’s son-in-law, who joined the business in 1736. Although its headquarters are still in London, Barclays has offices in over 50 countries and 48 million customers worldwide. In the United States, Barclays’s US division operates as Barclays Bank Delaware and has its headquarters in Wilmington, Delaware. Barclays Bank Delaware only has one branch in the US, but, as of September 2015, it employed 2,935 workers.
As of December 2015, Barclays Bank Delaware has $26.6 billion in assets and $23.1 billion in deposits. In 2004, Barclays purchased Juniper Financial Corporation, which started Barclays involvement in the credit card business. In 2015, Barclays was the 9th largest issuer of credit cards based on outstanding balances, according to a December 2015 report by Nilson. Bauer Financial gives Barclays Bank Delaware a four-star rating and it has an A+ rating with the BBB.
What Are Barclays Bank’s Checking and Savings Accounts Like?
Barclays Bank Delaware only offers savings accounts and high-yield CDs, no checking accounts. The two savings accounts Barclays provides are Barclays Online Savings Account and Barclays Dream Account: both online-only accounts.
The Barclays Online Savings offers a 1.00% APY. The account has no monthly service fee, no minimum deposit to open, and no maximum monthly deposit. It allows for direct deposit and online transfers to and from other banks.
The Barclays Dream Account offers a 1.05% APY and has no minimum deposit to open an account and no monthly fee. There is no minimum balance either. However, interest will only post if the account holder maintains a balance that will earn at least $0.01.
The central feature of the Barclays Dream Account is that it rewards customers for saving. For instance, clients who make consecutive deposits for six months receive a 2.5% bonus on the previous six months of interest they earned. Customers who don’t make withdrawals for six months receive an additional 2.5% bonus. Any one individual can open a maximum of three Dream Accounts.
What Are the Advantages and Disadvantages of Barclays Bank’s Checking and Savings Accounts?
We love this about Barclays Bank:
High interest rates
Fixed rate on all balances
No minimum opening deposit
No minimum balance
Offers rewards that encourage good saving habits
We don’t like this about Barclays Bank:
Does not offer checking accounts
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