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Barclays Online Savings Review: No Fees and High APY

Review Updated
Kailey Hagen
Kailey Hagen
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Steven Porrello
Steven Porrello
Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
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Nathan Alderman has been a full-time Motley Fool employee since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As Motley Fool Money's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. APY = Annual Percentage Yield.

The Barclays Online Savings account might be right for you if: You're looking for a no-frills savings account that pays a competitive APY and has no withdrawal restrictions. The account also offers surprisingly few fees, even compared to its online competitors.

Barclays Online Savings
Open Account for Barclays Online Savings

On Barclays' Secure Website.

Member FDIC.

Ratings Methodology
Rates as of May 15, 2025

Barclays Online Savings

Open Account for Barclays Online Savings

On Barclays' Secure Website.

Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Open Account for Barclays Online Savings

On Barclays' Secure Website.

APY
3.80%
Min. To Earn APY
$0.01
  • Competitive APY
  • No monthly account fee
  • Comfort of a well-known brand and reputation
  • Unlimited number of external transfers (up to daily transaction limits)
  • FDIC insured
  • No ATM access
  • No branch access; online only

The Barclays Online Savings account is backed by one of the oldest and largest financial institutions in the world. It has a competitive APY, 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. It's perfect for those who are accustomed to online banking, as you'll need to link an external bank account to access your money.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
up to 3.80%
Rate info Circle with letter I in it. SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!
3.60%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 8, 2025. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A
4.00%
Rate info Circle with letter I in it. Balances less than $250,000 earn 4.00%, and balances greater than $250,000 earn 4.20%.
Min. to earn: $0
N/A
Open Account for Barclays Tiered Savings

On Barclays' Secure Website.

Disclaimers


TIP

Check out the new Barclays Tiered Savings account

Barclays Tiered Savings offers a higher APY (4.00% APY) than Barclays Online Savings. It may be a better option for you.

Read our full Barclays Tiered Savings review

Full Barclays Online Savings account review

Here's a closer look at what the Barclays Online Savings account has to offer.

Barclays Online Savings interest rate

Account APY Minimum Deposit
Barclays Online Savings 3.80% $0
Data source: Barclays.

If you're just starting to save money (for an emergency fund, perhaps?), this Barclays Online Savings account could be a good fit. Its 3.80% 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.

Fees

The Barclays Online Savings account's only fee is a $0.50 paper statement fee for those who opt for these instead of electronic statements.

This is even fewer fees than you see with most other online banks. But part of the reason for this is that Barclays doesn't permit certain actions, like wire transfers, that many other online banks offer at a fee.

Minimum balance

The Barclays Online Savings account doesn't have a minimum initial deposit requirement nor does it have minimum ongoing balance requirements. However, if you maintain a balance of less than $1 for 180 days or more, Barclays reserves the right to close the account.

Withdrawal limit

Barclays doesn't limit the number of withdrawals you're allowed to make per statement cycle. However, the maximum withdrawal you can make at one time is $250,000. This limit also applies to deposits.

Mobile app

The Barclays U.S. Savings app is available for iOS and Android devices. But consumers aren't very impressed by their capabilities. Many have criticized the app on both platforms for being glitchy and preventing consumers from viewing their account balance or transferring funds.

How to access your money

You have several options for depositing and withdrawing money from your Barclays Online Savings account. Here's a closer look at all of them.

Deposit options

Funds can be deposited into your Barclays Online Savings account in the following four ways:

  • Mobile deposit
  • Direct deposit
  • Electronic funds transfer
  • Mailed check

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.

Withdrawal options

When you want to withdraw money from your Barclays Online Savings account, you can request:

  • Electronic funds transfer
  • A mailed check from Barclays

It can take two to three business days for money from your Barclays account to get to your external bank account via online transfer.

Online user reviews

Barclays' customer reviews are largely negative. It currently has a 1.4 out of 5 rating on Trustpilot from over 10,000 customers. It has several negative reviews with the Better Business Bureau as well, but it maintains an A+ rating here, indicating that it responds to most complaints promptly.

Top perks

3.80% 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.

$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 ownership category, per institution, in the event of a bank failure.

What could be improved

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.

Is the Barclays Online Savings account FDIC insured?

Yes, the Barclays Online Savings account is insured up to $250,000 per person ($500,000 for joint accounts). This is the standard for all banks in the U.S., whether they have physical branches or operate online.

The Barclays Online Savings account is right for you if:

  • You want a high-yield savings account with few fees and no account minimums.
  • You prefer online banking over in-person banking.
  • You're okay withdrawing money by check or transferring it to an external account and don't need ATM access.

Keep reading about Barclays

Our savings account methodology

At Motley Fool Money, 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:

  • APY: 50%
  • Brand and reputation: 20%
  • Fees and minimums: 15%
  • Other perks: 15%

Learn more about how Motley Fool Money rates bank accounts.

FAQs

  • 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 Barclays Online Savings account. However, it's best not to withdraw cash too frequently if you hope to grow your savings.

  • The Barclays Online Savings account currently has a 3.80% APY. But like all savings accounts, this rate is subject to change over time.