Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate banking products to write unbiased product reviews.
Barclays is an online bank that has a high-yield savings account and CDs.
If you're looking to open a high-yield savings account, Barclays could be worthwhile. Here's everything you need to know about the Barclay Online Savings Account.
What is the Barclays Online Savings Account?
The Barclays Online Savings Account is an online high-yield savings account. If you are unfamiliar with what a high-yield savings account is, it's similar to a regular savings account from a brick-and-mortar bank. The only difference is that it offers a higher interest rate than a traditional bank account account.
Barclays is an online-only bank, which means you can't visit any physical branches to get customer support. Barclays also doesn't have a checking account, so you'll need to transfer your money to an external bank account to access it.
Your deposits are FDIC-insured for $250,000 for individual bank accounts or $500,000 for joint accounts.
Barclays Online Savings Account Review
The Barclays Online Savings Account is a great option if you're searching for an account with no monthly service fees and a low minimum opening deposit — you may open an account with $0 upfront.
Barclays pays a higher interest rate than the national average and is competitive with the best online banks like Ally and Discover®.
Barclays Online Savings Account Key Features and Benefits
Current Barclays Savings Rate and How It Compares
The Barclays Online Savings Account pays 4.35% APY, which is significantly higher than the average savings account interest rate.
You can find other high-yield savings accounts with even higher rates, though. There are several banks and credit unions with 5% interest savings accounts.
Barclays Monthly Maintenance Fees
Barclays is a good option if you're looking for a straightforward savings account that helps you avoid common bank fees. Its savings account has no monthly service fee and no minimum balance requirements.
Barclays Online and Mobile Banking Access
The Barclays mobile app has received 1.9 out of 5 stars in the Google Play store based on less than 650 reviews, and 3.2 out of 5 stars in the Apple store based on 1,000 ratings.
If you are an avid mobile app user, other banks will likely be more suitable. Barclays has lackluster ratings overall, and the best mobile banking apps have significantly more ratings.
Barclays Customer Service and Support
Customer service is available by phone or live chat seven days per week. Contact a representative anytime from 8 a.m. to 8 p.m. ET.
We also use the ratings from the Better Business Bureau to help determine our overall rating for a savings account. The BBB rates companies by seeing how it responds to customer complaints.
The BBB gave Barclays an A+ rating. Barclays has been involved in a recent public controversy. In 2022, the Securities and Exchange Commission required Barclays to pay $361 million in a settlement that accused the bank of having unregistered sales of securities.
Opening a Barclays Savings Account
Barclays Eligibility Requirements
You're eligible to open the Barclays Online Savings Account if you are at least 18 years old and live in the U.S.
Step-by-Step Guide for Barclays Savings
You can open a Barclays individual or joint savings account online. When you're filling out the application, you must provide a Social Security number or taxpayer identification number. You will also need to have an external bank account routing number and account number to add money to your account.
Making Deposits for Barclays Savings
You can deposit money into the Barclays Online Savings Account by making a remote deposit through online or mobile banking, setting up direct deposit, or transferring money from another bank.
Managing Your Barclays Savings Account
Tips for Maximizing Savings at Barclays
Interest on the Barclays Online Savings Account is compounded daily. You can use a compound interest calculator to estimate potential earnings on your savings account.
However, keep in mind that the Barclays Online Savings Account has a variable interest rate. Barclays can change the savings account interest rate at any time while the account is open. If you would prefer to earn a fixed interest rate, you might prefer a Barclays CD. However, Barclays CDs have early withdrawal penalties to consider.
Understanding Barclays Fees and Charges
Barclays does not charge monthly services fees, non-sufficient funds fees, or statement fees.
If you'd like to get a paper bank statement mailed to you, there's a $0.50 fee. There's also a $5 cashier's check fee.
Barclays Online Savings Pros and Cons
| Pros | Cons |
|
|
Barclays Online Savings FAQs
What types of savings accounts does Barclays offer?
Barclays offers a high-yield savings account and CDs. It doesn't have a money market account.
Are there any fees associated with the Barclays online savings accounts?
The Barclays online savings account doesn't have monthly service fees or non-sufficient funds fees. If you would like to get a physical copy of your bank statement by mail, there's a $0.50 fee. There's also a $5 fee for cashier's checks.
How competitive are Barclays' online savings account interest rates?
Barclay's online savings account interest rate is more competitive than the rate of average savings accounts. It's comparable to other national brands, like Ally and Marcus, but you can also find smaller institutions with even higher savings rates right now.
Who is eligible to open a Barclays online savings account?
Anyone in the U.S. who is at least 18 years old is eligible to open a Barclays online savings account. To apply online, you'll need a Social Security number or taxpayer identification number to verify your identity and external bank account information to link a checking account.
How can I maximize my savings with a Barclays online savings account?
Setting up automatic transfers can help you maximize your savings with a Barclays online savings account. A high-yield savings account can also be beneficial for growing an emergency fund.
How Barclays Online Savings Compares
Barclays Online Savings vs. Marcus by Goldman Sachs High Yield Online Savings
Both offer an online high-yield savings account with no monthly service fees or minimum opening deposit, so it could be a bit of a toss-up.
The two institutions also share a similar disadvantage in their savings account — limited access to your funds. If you'd like to take out money from your account, you'll need to link an external bank account and transfer funds.
One small distinction that may help you decide between accounts is each bank's mobile app ratings. If you're an avid user of banking apps, Marcus may be more appealing. It has higher ratings in both the Apple and Google Play Store.
Marcus Bank Review
Barclays Online Savings vs. Discover Online Savings
Barclays and Discover pay similar rates. Both savings accounts also have a similar structure — no minimum opening deposit and no monthly service fees.
You might lean more toward Discover Bank (FDIC Insured) if you'd prefer opening multiple bank accounts or having quick access to funds.
Discover offers a checking account. If you open both bank accounts, you'll be able to link your debit card to your savings account and access funds quickly. The Discover® Cashback Debit Account is also a rewards checking account. You can earn 1% cash back on up to $3,000 of purchases per month (see website for details).
Discover Bank Review
Is the Barclays Online Savings Account Right For You?
The Barclays Online Savings Account is a solid free savings account and is a worthwhile choice if you'd like to open an account with Barclays and a competitive interest rate. However, Barclays doesn't offer a checking account, so you'll have to transfer money to an external bank account to access your money.
Why You Should Trust Us: How We Reviewed Barclays Online Savings
For our Barclays Online Savings review, we rated bank products and services using our savings account methodology. We review the minimum opening deposit, monthly service fees, interest rate, customer support, mobile app ratings, and ethics. Each category has equal weight in our rating, and we use a scale of zero to five stars to determine the overall rating of a product.
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics.ExperienceSophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, and budgeting and saving. She is highly knowledgeable about long-term trends in rates and offers at banks across the U.S.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circ*mstances and overcoming their fears around money.ExpertiseSophia's expertise includes:
- Bank accounts
- Savings and CD rate trends
- Budgeting
- Saving
- How banks operate
EducationSophia graduated from California State University Fullerton with a degree in journalism and a minor in political science.She is an avid reader across a variety of genres, and she started running in 2021. She ran in the 2024 Los Angeles Marathon.
Compliance and Operations Associate
Evelyn He is a Compliance and Operations Associate on the Personal Finance team to ensure content accuracy and editorial independence so readers get up-to-date and objective financial advice.The compliance team's mission is to provide readers with fact-checked and current stories so they can make informed financial decisions. The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.
Top Offers From Our Partners
SoFi Checking and Savings Earn up to 4.60% APY on savings balances and up to a $300 bonus with qualifying direct deposit. FDIC Insured. There is no minimum direct deposit amount required to qualify for the 4.60% APY for savings. Members without direct deposit will earn up to 1.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. To earn the $300 bonus, the customer must complete a direct deposit with a minimum initial deposit of $250 in a new SoFi Checking and Savings account within 45 days of clicking to qualify (offer expires 12/31/24).
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
**Enrollment required.
