Barclays Online Savings Review

High APY -- Barclays Online Savings Account delivers at a competitively high rate of 2.05%, which competes among the highest-yielding savings accounts. 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.

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).

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.

Funds can be withdrawn via electronic transfers to an external account or by mailing a physical check.

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.