Barclays Online Savings Account 2024 Review
Barclays Bank Online Savings Account
Barclays Bank is a online bank that is less likely to be known by most people. It is the banking counterpart to the Barclaycard division that issues many popular credit cards.
The Barclays Online Savings Account is the bank's savings account offered to consumers and it offers a very attractive interest with no monthly fees or minimum balance requirements. So, it is certainly capable of competing with some of the most popular high-yield savings options available today.
The Barclays Online Savings Account is a great online savings account for anyone looking for a high-yield savings option. It is a clear winner over any traditional savings account, which typically pays almost no interest on balances.
With no monthly fees or minimum balance requirements, Barclays Online Savings is extremely easy and low-cost for individuals to open and maintain, whether the account is used for short- or long-term savings.
Barclays also allows savers to deposit checks remotely via its mobile apps.
One possible downside is that the account doesn't come with an ATM card for cash withdrawals. Depending on the saver, it may be a good thing--minimizing the likelihood of withdrawals to focus on growing savings.
Barclays Online Savings Account Pros & Cons
Compared to Other Savings Accounts
Ally Bank Online Savings
Ally Bank's online savings account provides a similarly competitive savings rate with no monthly fees or minimum balance requirements.
However, it comes with an optional ATM card and the ability to set savings goals and subaccount.
Read our full Ally Bank Online Savings Account review.
American Express® Personal Savings
The American Express Personal Savings account also offers a comparable savings APY with no monthly fees or minimums. The account also keeps the experience rather barebones and focused on savings--no ATM access is available.
Read our full review of American Express Personal Savings.
Capital One 360 Performance Savings
The Capital One 360 Performance Savings Account is another high-yield savings account with no monthly fees and a consistently-high savings rate. Moreover, the account has no fees--though some banking transactions may not be available.
Read our full review of Capital One 360 Performance Savings.
Interest Rates
The Barclays Bank Online Savings Account offers a strong interest rate that keeps up with some of the largest and most popular online savings accounts.
While it may not be the market-leading rate, the APY has been very consistent historically. Some other savings accounts may attract new customers with super-high APYs and then drop the rate significantly lower.
With the Barclays Online Savings Account, this won't be as much of a concern.
The advertised APY applies as long as you have at least $0.01 in your account with no limits.
Fees
The Barclays online savings account has no monthly fee. Nor is there a minimum balance requirement. To open an account, your initial deposit can be as little as $1.
Other Account Fees - Barclays Savings Account
| Type | Fee |
|---|---|
| Monthly Maintenance Fee | $0 |
| Stop Payment Fee | $0 |
| Official Check | $5 |
| Returned Deposit Items | $0 |
| Non-Sufficient Funds (NSF) Fee | $0 |
| Statement Copy | $0.50 |
| Express Mail/Rush Delivery Charge | $0 |
| Legal Documents | $0 |
| Account Research | $0 |
For savers who've had a savings account with a big bank, the costs will come as a major surprise.
You don’t have to worry about your balance being dwindled (and APY canceled out) by high monthly fees.
Typical savings account from a large bank will charge a monthly service that requires a certain balance or activity to avoid.
Barclays doesn’t include an ATM card, meaning there are no ATM fees. There are also no withdrawal fees for online withdrawals or transfers to other banks.
Account Access and Management
Barclays Bank offers a no-frills experience when it comes online and mobile banking.
Both platforms allow customers to check account balances, view account history, make funds transfers, and deposit checks remotely.
Online customer service is available on the Barclays website 24/7, though phone customer service is limited to 8AM to 8PM Eastern time.
The company doesn’t have a customer service email, but it does have a presence on Facebook and Twitter, allowing you to contact them through these platforms.
Withdrawals
If you want to withdraw money, you'll need to transfer funds to another account at a different bank. If you need to deposit money, you have a few more options:
- Direct deposit
- Mobile check deposit
- ACH transfer
- Mail in a paper check
Those options are great, but again, you can't withdraw cash from savings directly.
You'd still need to transfer money out to a checking account or savings account that includes ATM access.
Remote and online deposits
Since Barclays is an online savings account, it has options for remote deposits through its website and mobile apps.
The online and mobile check deposit process is simple and fast, though deposits made after 3PM Eastern won’t be available until the next day.
Note that there are limits when using remote deposit capture:
Barclays Remote Deposit Capture Limits
| Limit rule | Limit amount |
|---|---|
| Maximum individual check amount | $5,000 |
| Maximum daily amount | $10,000 |
| Maximum daily number of checks permitted | 10 |
| Maximum 10-day amount | $50,000 |
| Maximum 10-day number of checks permitted | 20 |
Direct deposit
The Barclays Online Savings Account do allow direct deposit. After logging in to your account, select Direct Deposit to view your routing and account number and print a direct deposit form for your employer.
You can also have your tax refund direct deposited into your Barclays savings account. There is no fee for direct deposit, and it’s not required to avoid monthly fees.
FDIC Insurance
Barclays Bank is a global financial brand and it's no surprise that it is an FDIC member.
Therefore, depositor funds in the Barclays Online Savings Account are FDIC-insured up to the applicable limits. So, if Barclays Bank fails, your deposits are guaranteed up to $250,000 per account owner, per account ownership type.
