You Can Get a $200 Bonus if You Deposit $25K Into This Bank Account Now

If you have a good amount of money in savings and you're shopping around for a new bank, Barclays has a pretty good offer for you right now.

If you are a new customer -- which means you haven't had a Barclays savings account or CD before -- you can get a $200 bonus if you deposit at least $25,000 into a Barclays Online Savings account.

Should you take advantage of this offer? Read on to find out.

A $25,000 deposit leads to a $200 bonus -- but there are terms and conditions

If you're hoping to claim your $200, here are a few things you should know about the offer first:

• You must open your Barclays Online Savings account between March 4, 2024 and May 3, 2024.
• You'll need to deposit at least $25,000 within the first 30 days of opening the account. You can deposit this money in multiple deposits as long as you hit the $25,000 minimum.
• You must maintain the $25,000 minimum balance for 120 consecutive days. The 120 days doesn't start until the full $25,000 balance is deposited.

You will get your $200 bonus approximately 60 days after fulfilling these requirements. The bonus will be deposited into your Barclays account.

Is the Barclays Online Savings account a good one?

Now that you know the details of the offer, the next big question is whether this account is one that deserves your money. Here's what you need to know to decide:

• Barclays is paying a 4.35% APY as of April 11, 2024. Like with all savings accounts, the annual percentage yield (APY) is a variable rate that could change at any time. This isn't the highest rate out there, either. Some of the accounts on The Ascent's list of best savings accounts offer rates above 5.00% with no minimum balance requirements. But it is still a competitive yield, especially when you take the bonus into account.
• There's no minimum balance required on the account. Of course, you need to deposit the $25,000 to earn the bonus. But the account itself doesn't require a minimum balance to avoid fees. So if you do need to withdraw your funds at some point, you won't be charged for having a low balance. You will not earn the bonus if your balance falls back below $25,000 before 120 consecutive days have passed, however.
• You get secure 24/7 online access to your funds. You can make online transfers to and from other banks online at any time, and can set up direct deposit to make saving simple.
• You can manage your money from a top-rated mobile app. Barclays app receives 4.8 stars in the App Store and one customer review described it as "flawless."
• There's no monthly limit on the number of withdrawals. While some banks limit the number of times you can withdraw funds, Barclays does not.

Still, the Barclays account is lacking some features offered by competitors. The Synchrony Bank High Yield Savings account, for example, offers 4.75% APY and provides ATM access as well as $5 in reimbursement for out-of-network ATM fees. Barclays doesn't offer ATM access for its savings account. Synchrony isn't currently offering a bonus, though.

So, what should you do?

Ultimately, the Barclays account is a reasonably good option, with its flexible withdrawal rules, top-rated app, APY that's about on par with many competitors, and $200 bonus offer. It's absolutely worth considering if you have $25,000 or more to open a new account.

On the other hand, if you're looking for a bonus offer that doesn't require such a high balance, you may want to check out the SoFi Checking and Savings account. It's currently offering a $300 bonus with a deposit of $5,000 or more. See our full list of bank bonuses and promotions for even more accounts currently offering customers incentives to join.

There are plenty of other great savings accounts out there as well, so if these options don't work for you, check out some others to find the features you're hoping for.