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Barclays Tiered Savings Review: Unlock Top APYs With No Fees and Unlimited Withdrawals

Review Updated
Brendan Byrnes
Author: Brendan Byrnes
Brendan Byrnes
Brendan Byrnes

Currently Managing Director of Motley Fool Money, Brendan has worked full-time for The Motley Fool since 2011. He has written hundreds of articles for The Motley Fool and provided analysis on TV outlets including CNBC and Fox. He holds a degree in finance from Virginia Tech.

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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.

For savers who keep higher balances and prefer online banking, Barclays Tiered Savings offers a killer APY, no fees, and unlimited withdrawals -- a rare combo in today's market. In this review, we'll dive into the perks, potential drawbacks, and everything you need to know before deciding if this account deserves a spot in your savings strategy.

Barclays Tiered Savings
Open Account for Barclays Tiered Savings

On Barclays' Secure Website.

Member FDIC.

Ratings Methodology
Rates as of May 19, 2025

Barclays Tiered Savings

Open Account for Barclays Tiered Savings

On Barclays' Secure Website.

Member FDIC.
Rating image, 5.00 out of 5 stars.
5.00/5 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, 5.00 out of 5 stars.
5.00/5 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 Tiered Savings

On Barclays' Secure Website.

APY
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 APY
$0
  • Competitive APY
  • No monthly account fee
  • No minimum deposit to open an account
  • Unlimited number of external transfers
  • FDIC insured
  • Balance requirement for maximum APY
  • No ATM access
  • No wire transfers (inbound or outbound)
  • No branch access; online only

Though top rates are reserved for high balances, Barclay Tiered Savings account's APYs are competitive no matter how much savings you have. Not only does it offer a strong APY, but it also has no monthly fees, no minimum amount to open an account, and no withdrawal limits.

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%

Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering competitive APYs and standout features. Learn more about how Motley Fool Money rates bank accounts.

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%

Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering competitive APYs and standout features. Learn more about how Motley Fool Money rates bank accounts.

What I like about the Barclays Tiered Savings account

Sky-high APY

These days, anything over 4.00% APY is a win, so Barclays' APY at the highest tier is seriously impressive. Thanks to its tiered interest system, the more you save, the better your rate -- hit a $250,000-plus balance, and you unlock Barclays' best offer.

Even if you don't reach that tier, you'll still earn a strong return at 4.00% APY, with this account automatically beating the Barclays Online Savings account's 3.80% APY. No matter your balance, you're getting a competitive rate.

No fees or minimum deposit

Barclays keeps it refreshingly simple -- no monthly fees, no minimum deposit, no surprises. The only charge? A $0.50 fee for a paper statement (but who even uses those anymore?). Every dollar you save goes toward growing your balance, not paying off hidden fees. With nothing nibbling away at your earnings, your money is free to do what it does best -- grow.

No withdrawal limitations

Unlike some savings accounts that cap you at six withdrawals per month, Barclays lets you move your money as often as you want -- no daily limits, no restrictions. Whether you're shifting funds for bills, investments, or just peace of mind, you get total flexibility without penalties. Because it's your money -- you should control it.

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.

Downsides you should consider

Balance tier is steep

To score the highest APY, you'll need to keep $250,000 or more in your account. If that's out of reach, you'll still earn a super competitive rate at 4.00%, but not the highest one available.

Limited withdrawal options

While you can withdraw funds as often as you like, it's electronic transfers only -- no ATMs, no branch access, and no linked checking account for easy cash access. If you need instant withdrawals, this could be a hassle.

Mobile app has low ratings

Barclays' U.S. Savings app gets somewhat low ratings from iOS and Android users. Complaints include login issues, no fingerprint authentication, and update glitches. If you rely on mobile banking, the experience might be frustrating.

Customer service

Since Barclays is online-only, you won't find a local branch for in-person help. But you can still reach support via phone or online chat at 888-710-8756 -- just keep in mind the 8:00 a.m. - 8:00 p.m. ET hours.

While that's solid coverage, it falls short compared to 24/7 service offered by competitors like Capital One and American Express National Bank (Member FDIC). If you like knowing help is available anytime, day or night, this could be a downside.

Accessing your money

Depositing money

To fund your Barclays Tiered Savings account, you'll need to make electronic deposits. You can do this via ACH transfers or by depositing checks through the mobile app. You can also send a physical check to Barclays, but note that some check types, like starter and third-party checks, aren't accepted. Cash, wire transfers, and money orders can't be used to fund your account.

For mobile check deposits, here are the limits:

  • Individual check maximum: $5,000 per day
  • Amount maximum: $10,000 per day
  • Maximum number of checks: 10 per day
  • 10 business day maximum: $50,000 / 20 checks

Withdrawing money

Since Barclays operates as an online-only bank, there are no physical branches or ATMs where you can withdraw cash in person. Your options to withdraw money are limited to electronic transfers between your Barclays Tiered Savings account and another bank account.

Security and reliability

Barclays is a leading financial institution in the U.K., known for its stability and long-standing reputation. While its U.S. operations are online-only, it still delivers reliable and secure banking backed by centuries of expertise.

Most importantly, your deposits are FDIC insured up to $250,000, so your money is protected even in the unlikely event of a bank failure. With the strength of a global banking giant behind it, Barclays offers peace of mind alongside competitive savings.

Who will benefit from the Barclays Tiered Savings account?

  • High-balance savers: The more you save, the more you earn with Barclays' tiered interest rates. If you can keep a sizable balance, this account rewards you with a competitive APY.
  • Fee-averse individuals: No monthly maintenance fees mean your savings grow without unnecessary deductions.
  • Online banking enthusiasts: If you're comfortable managing your money digitally, this online-only account offers convenience without the hassle of branch visits.
  • Frequent electronic movers: Unlimited electronic withdrawals make it easy to move money when needed -- just don't expect to grab cash from a branch.
  • Interest maximizers: Those who can maintain higher balances will unlock the best rates, making this a smart pick for disciplined savers.

If you're ready to maximize your savings with a hassle-free, high-earning account, sign up for the Barclays Tiered Savings account today and start growing your money faster!

Keep reading about Barclays:

FAQs

  • Barclays Online Savings offers the same APY (3.80%) regardless of your balance. The APY for Barclays Tiered Savings can change depending on your balance. It's worth noting that the APY for the lowest tier on the Barclays Tiered Savings account is higher than the APY on the Barclays Online Savings account.

  • Each customer can only have a maximum of three open Barclays Tiered Savings accounts.