Barclays Online Savings Review
Barclays Online Savings checks many of the boxes for what's essential for a savings account, including a high annual percentage yield (APY), a focus on cutting fees, and exceptional convenience. This is why we picked it as one of our favorites. Let's dive in so you can learn whether Barclays Online Savings checks all the boxes for you.
| Offer | APY | Best For… | Next Steps |
|---|---|---|---|
5.0 stars
We want your money to work harder for you. Which is why our card ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor
Barclays Online Savings
Member, FDIC
|
APY: 1.85% | Best For: High APY and low fees | Apply Now |
What I like about Barclays Online Savings
High APY -- Barclays Online Savings Account delivers at a competitively high rate of 1.85%. It's worth mentioning that the stated rate applies to all balances, whereas some competitors offer tiered rates that decline as balances increase or they offer a promotional rate that expires after a set period of time.
$0 minimum deposit -- Waiving the minimum deposit adds convenience that customers may find valuable.
$0 monthly maintenance fee -- Low to no fees are the norm for high-yield online savings accounts. We believe this is one of the most important features for a prospective savings account, given that fees can quickly wipe out interest earnings.
Mobile convenience -- Mobile convenience is a must-have for an online savings account, and savers will likely value making mobile check deposits and free electronic transfers. The app receives high marks from users as well: The iOS version has 4.5 out of 5 stars, while the Android app has 4.4 out of 5 stars.
What could be improved
Withdrawal limit fees -- The fee for surpassing six withdrawals during a statement cycle is $5 per transaction. If you expect to make a lot of withdrawals, consider an alternative savings account with no withdrawal fees (though you may also want to consider a different kind of account altogether, given that all savings accounts are limited to six withdrawals each month, whether or not they charge account holders for overages).
Funding options
Customers can fund their accounts via the standard means, including free electronic transfer from an external account, mobile check deposit, payroll or Social Security direct deposit, and mailing a physical check.
Withdrawal options
Funds can be withdrawn via electronic transfers to an external account or by mailing a physical check.
Online savings account comparison
| Offer |
Barclays Online Savings
Member, FDIC |
Marcus Savings by Goldman Sachs
Goldman Sachs Bank USA
Member, FDIC |
Synchrony Bank High-Yield Savings
Member, FDIC |
| Rating |
5.0 stars
We want your money to work harder for you. Which is why our card ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
5.0 stars
We want your money to work harder for you. Which is why our card ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
5.0 stars
We want your money to work harder for you. Which is why our card ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
| APY |
APY: 1.85% |
APY: 1.85% |
APY: 1.85% |
| Best For… |
Best For: High APY and low fees |
Best For: High APY and low fees |
Best For: High APY |
| Min. for APY |
Min. for APY: $0 |
Min. for APY: $1 |
Min. for APY: $0 |
| Next Steps | Apply Now Barclays Online Savings Review | Apply Now Marcus Savings by Goldman Sachs Review | Apply Now Synchrony Bank High-Yield Savings Review |
Final take
A high yield and low fees are savings account essentials, and the online savings account market is too competitive to waver on either. The Motley Fool has long advocated for cutting fees, be it when investing or when banking. This mantra is perhaps even more important for a savings account, where fees can quickly wipe out interest earned. Barclays Online Savings fits the bill, which is why we're enthusiastic about it as a high-yield online savings account.
