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Barclays Online Savings Review: No Fees and High APY

Review Updated
Kailey Hagen
Steven Porrello
By: Kailey Hagen and Steven Porrello

Our Banking Experts

Nathan Alderman
Check IconFact Checked Nathan Alderman
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. APY = Annual Percentage Yield

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.

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Ratings Methodology
Rates as of Mar 27, 2024
Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5 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, 4.00 out of 5 stars.
4.00/5 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
APY
4.35%
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.

Special offer: New customers can earn a $200 bonus by opening a new account, depositing $25,000 or more within 30 days, and maintaining a balance of $25,000 or greater for 120 days. Terms apply. Offer expires May 3, 2024.

To qualify for this $200 Bonus, you must be a new Barclays Savings customer, open an account March 4, 2024 – May 3, 2024, fund the account with at least $25,000 within the first 30 days of opening, and maintain the $25,000 balance for 120 consecutive days. After meeting these qualifications, the $200 bonus will be added to your account in approx. 60 days. Offer expires May 3, 2024. You may make multiple deposits from another financial institution to fund this account so long as at least $25,000 is deposited no later than 30 days from open date. Withdrawals which drop the balance below $25,000 could affect your bonus eligibility. The bonus will be treated as interest and Barclays could send you a Form 1099-INT for tax reporting. While there is no minimum deposit to open a Barclays Savings account, this bonus offer requires a $25,000 minimum deposit. Offer subject to change or cancellation without notice.

High-yield savings account comparison

We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.

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Account APY Promotion Next Steps
up to 4.60%
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
N/A
4.35%
Rate info Circle with letter I in it. 4.35% annual percentage yield as of March 27, 2024
Min. to earn: $1
N/A
5.05% APY for balances of $5,000 or more
Rate info Circle with letter I in it. 5.05% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
N/A

Barclays Online Savings interest rate

Account APY Minimum Deposit
Barclays Online Savings 4.35% $0
Data source: Barclays.

If you're just starting to save money (for an emergency fund, perhaps?), this Barclays Online Savings account could be a good fit. Its 4.35% APY lines up with some of our other favorite accounts, and best of all, there's no minimum deposit to open the account or earn interest.

Top perks

4.35% APY: Barclays Online Savings account delivers a competitively high APY applied 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.

Special offer: New customers can earn a $200 bonus by opening a new account, depositing $25,000 or more within 30 days, and maintaining a balance of $25,000 or greater for 120 days. Terms apply. Offer expires May 3, 2024.

$0 minimum deposit and no minimum balance requirement: With no minimum balance required, 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

FDIC insured: Finally, Barclays Online Savings 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.

No 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 is a British multinational bank and, as such, has only a handful of branches in the U.S. This means most customers are out of luck when it comes to taking care of transactions or getting support in person.

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 the following 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.

The Barclays Online Savings account is right for you if:

  • You want a high-yield savings account with few fees and no account minimums.
  • You prefer online banking over in-person banking.
  • You're okay withdrawing money by check or transferring it to an external account and don't need ATM access.

Keep reading about Barclays

Our savings account methodology

At The Ascent, a Motley Fool Service, we rate savings accounts on a five-star scale (1 = poor, 5 = best). Our criteria? We dive deep into factors like APY, account minimums and fees, along with features that really make a difference -- think ATM access, linked checking accounts, or even branch access. We blend this with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best. Our aim is to maintain a balanced best-of list featuring top-scoring products from reputable brands offering competitive APYs and standout features.

FAQs

  • The Barclays Online Savings account is worth it if you can do your banking online. Since it doesn't have many brick-and-mortar locations in the U.S., you won't likely get in-person support as you might from another bank.

  • No, Barclays does not impose a limit on the number of withdrawals you can make from its Online Savings account.

Our Banking Experts