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Barclays Online Savings Review: No Fees and High APY

Refreshed Review Updated Dec. 16, 2022
Kailey Hagen
By: Kailey Hagen

Our Banking Expert

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 our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

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.

Rates as of Feb. 3, 2023
Member FDIC.
Rating image, 4.50 out of 5 stars.
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
4.50/5
APY
3.40%
Min. To Earn APY
$0
  • Competitive APY
  • No maintenance fees
  • No minimum deposit or balance requirements
  • No ATM access

The Barclays Online Savings account packs in the essentials we covet, including a high APY, no monthly maintenance fees, and no minimum balance to open an account.

Top perks

3.40% APY: Barclays Online Savings account delivers a competitively high APY, and that APY applies 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 to get started or maintain your account, 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.

Highly rated mobile app: Mobile convenience is a must-have for an online savings account. You can make mobile check deposits and free electronic transfers to your Barclays Online Savings account. Both the iOS and Android apps have received high marks from users as well.

FDIC insured: Finally, Barclays Online 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.

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.

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 has just a handful of branches in a few U.S. states. This means most customers are out of luck when it comes to getting local in-person support or taking care of transactions at a branch in their area. This is a common drawback we see with most online savings accounts.

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 one of 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 savings account comparison

While Barclays Online Savings account is a good option for many, it's not right for everyone. Here are a couple of other online savings account options to consider.

Rates as of Feb. 3, 2023
Offer
 
 
 
Account
Rating
Rating image, 4.50 out of 5 stars.
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
4.50/5
Rating image, 4.00 out of 5 stars.
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
4.00/5
Rating image, 4.25 out of 5 stars.
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
4.25/5
APY 3.40% 3.30% 3.50%
Min. to earn APY $0 $1 $100
Next Steps

The Barclays Online Savings account is right for you if:

The Barclays Online Savings account is a good fit for you if you value a high yield and low fees over in-person assistance at branch locations or ATM access. Those with high balances have the potential to earn the most with this account, although the lack of minimum balance requirements means anyone can reap the rewards of its high APY.

Our Banking Expert