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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
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.
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 |
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Open Account for American Express® High Yield Savings
On American Express's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
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 |
4.00%
Rate info
4.00% annual percentage yield as of November 11, 2024
Min. to earn: $0
|
N/A
|
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
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 |
up to 4.20%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
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 |
4.00%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Oct. 23, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
|
N/A
|
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website. |
TIP
Barclays Tiered Savings offers a higher APY (up to 4.80% APY) than Barclays Online Savings. It may be a better option for you.
Here's a closer look at what the Barclays Online Savings account has to offer.
Account | APY | Minimum Deposit |
---|---|---|
Barclays Online Savings | 4.20% | $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 4.20% 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.
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.
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.
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.
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.
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.
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.
4.20% 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.
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.
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.
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:
Learn more about how Motley Fool Money 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 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 4.20% APY. But like all savings accounts, this rate is subject to change over time.
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. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.