If you're on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience.
The best savings accounts offer high yields, few fees, and strong account management tools. The Barclays Online Savings account checks all these boxes, making it a great fit for those who seek a competitive APY and are comfortable banking online.
In this review, we'll look at all the perks the Barclays Online Savings account has to offer, including its strong mobile apps, branch locations, and more.
Show Best Offers Available in
Barclays Online Savings
Offer alert
The Barclays Online Savings account is backed by one of the oldest and largest financial institutions in the world. It has a competitive APY, has no monthly fees, and doesn't have a minimum deposit requirement. Unlike many savings accounts, Barclays doesn't limit the number of withdrawals that can be made from its savings accounts.
Special offer: New customers can earn a $200 bonus by opening a new account. Terms apply.
To qualify for this $200 Bonus, you must be a new Barclays Savings customer, open an account March 4, 2024 – May 3, 2024, fund the account with at least $25,000 within the first 30 days of opening, and maintain the $25,000 balance for 120 consecutive days. After meeting these qualifications, the $200 bonus will be added to your account in approx. 60 days. Offer expires May 3, 2024. You may make multiple deposits from another financial institution to fund this account so long as at least $25,000 is deposited no later than 30 days from open date. Withdrawals which drop the balance below $25,000 could affect your bonus eligibility. The bonus will be treated as interest and Barclays could send you a Form 1099-INT for tax reporting. While there is no minimum deposit to open a Barclays Savings account, this bonus offer requires a $25,000 minimum deposit. Offer subject to change or cancellation without notice.
We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
Show Best Offers Available in
Account | APY | Minimum Deposit |
---|---|---|
Barclays Online Savings | 4.35% | $0 |
If you're just starting to save money (for an emergency fund, perhaps?), this Barclays Online Savings account could be a good fit. Its 4.35% APY lines up with some of our other favorite accounts, and best of all, there's no minimum deposit to open the account or earn interest.
4.35% APY: Barclays Online Savings account delivers a competitively high APY applied to all balances. This is a nice bonus, considering that some competitors offer tiered rates that go up as balances increase or a promotional rate that expires after a set period of time.
Special offer: New customers can earn a $200 bonus by opening a new account, depositing $25,000 or more within 30 days, and maintaining a balance of $25,000 or greater for 120 days. Terms apply. Offer expires May 3, 2024.
$0 minimum deposit and no minimum balance requirement: With no minimum balance required, Barclays is an ideal choice for those who are beginning to build savings. Even super savers will appreciate the fact that you won't be penalized if you have to pull money from savings and leave your account with a low balance.
$0 monthly maintenance fee: Low or no fees are the norm for high-yield online savings accounts. This is one of the most important features for a prospective savings account, given that fees can quickly wipe out interest earnings
FDIC insured: Finally, Barclays Online Savings accounts are covered by the same FDIC insurance as traditional bank savings accounts. You're covered for as much as $250,000 per depositor, per institution, in the event of a bank failure.
Available accounts: Barclays is focused on online savings, and you're limited in the types of accounts you can open. For example, you currently can't open a checking account with Barclays. If you'd prefer to do all of your banking in one place, you'll need to look elsewhere.
No ATMs for withdrawals: Money can be withdrawn only by check or transfer to an external bank. This makes the process of getting your money from your Barclays Online Savings account a slow process that takes several days.
Branch availability: Barclays is a British multinational bank and, as such, has only a handful of branches in the U.S. This means most customers are out of luck when it comes to taking care of transactions or getting support in person.
You have several options for depositing and withdrawing money from your Barclays Online Savings account. Here's a closer look at all of them.
Funds can be deposited into your Barclays Online Savings account in the following four ways:
Barclays doesn't accept money orders, cash deposits, wire transfers, or third-party checks that are signed over to a person who isn't named on the front of the check.
When you want to withdraw money from your Barclays Online Savings account, you can request:
It can take two to three business days for money from your Barclays account to get to your external bank account via online transfer.
At The Motley Fool Ascent, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.
Our scores are weighted as:
Learn more about how The Motley Fool Ascent rates bank accounts.
The Barclays Online Savings account is worth it if you can do your banking online. Since it doesn't have many brick-and-mortar locations in the U.S., you won't likely get in-person support as you might from another bank.
No, Barclays does not impose a limit on the number of withdrawals you can make from its Online Savings account.
Our Banking Experts
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.