Barclays Online Savings Account Review
Barclays Online Savings isn't available on Finder right now.
- Annual Percentage Yield (APY)
-
3.80%
- Fee
- $0
- Minimum deposit to open
- $0
Our verdict
A free online savings account with a competitive 3.8% APY.
The Barclays Savings account hooks savers in with a competitive 3.8% APY and no monthly fees or minimum balance requirements. It’s best for those looking for a no-frills savings account. But it doesn’t have anything fancy, such as round-up features or overdraft protection that come with paired checking accounts — because Barclays doesn’t offer any checking accounts in the US. And like most other online savings accounts, there’s no in-person support. You’re limited to a phone line during regular business hours, snail mail or secured email.
Best for: Those in need of simple online savings with a competitive APY.
Pros
-
Competitive 3.8% APY
-
No monthly fees
-
No opening deposit requirements
Cons
-
Limited customer service options
-
No physical branches
-
No checking accounts to pair with
What we like about Barclays
The Barclays Savings Account offers a simple way to save money with a competitive APY that’s over nine times the national average of 0.41%.(1) In addition to the high APY, there are no monthly fees to chip away at your balance, and there are no opening deposit or tiered balance requirements.
For an easy way to save, you can link three external bank accounts to your Barclays savings account through Barclays’ app for deposits. You can also set up direct deposit, transfer funds through ACH and mail checks to Barclays.
No transaction limits
While some banks continue to impose a six-monthly transaction limit even after the indefinite suspension of Regulation D, Barclays’ online savings account currently remains free of any monthly transaction restrictions. This means you can withdraw or move around funds as much as you want without getting hit with excessive transaction fees.
Where it falls short
If you want to keep your checking and savings in one bank, this account isn’t for you. Barclays only offers certificates of deposit, savings accounts, credit cards and personal loans in the US, so you’ll need a separate checking account from another bank if you want to set up automatic transfers.
Also, while Barclays offers high rates and few fees due to low overhead costs as an online bank, there are no physical branches for in-person withdrawals or deposits.
There’s also a five-day hold on deposited funds. But funds deposited from other Barclays savings accounts are available immediately. ACH transfers typically take around two to three business days.
Limited customer support
Despite its prestigious status as a multinational bank, Barclays’ customer service is limited to phone, a secured messaging option and snail mail. There’s no option to email or a 24/7 chat feature. This isn’t typical, as most online banks offer multiple ways to get in touch with a representative to make up for the lack of branches.
The three ways to contact Barclays are:
- Call 888-710-8756 every day from 8 a.m. to 8 p.m. ET to chat with a Barclays Bank customer service rep.
- Send a secured message through your online banking platform.
- Mail a letter to Barclays, PO Box 70378, Philadelphia, PA 19176. Barclays doesn’t mention how long it will take to receive a reply, but at least one week is typical.
Compare Barclays Online Savings to other accounts
Narrow down top savings accounts by fees, opening deposits, APYs and more. To view accounts side by side, tick the Compare box on up to four providers.
What is the Finder Score?
The Finder Score crunches over 250 savings accounts from hundreds of financial institutions. It takes into account the product's interest rate, fees, opening deposit and features - this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of savings accounts against FDIC-reported national averages as a baseline. Accounts with rates well over the national average are scored the highest, while accounts with rates well below are scored low.
Customer experience
Barclays is a well-known institution and earns a high Better Business Bureau (BBB) rating of A+, but it has over 3,000 customer complaints in the last few years, and reviews aren’t great. Most complaints have to do with credit cards, problems with fraudulent withdrawals on accounts and difficulties contacting a customer service rep — all pretty typical complaints for banks in general.
Most negative reviews about Barclays’ savings accounts revolve around limited access to funds, disappointment with the inability to do direct cash deposits and withdrawals, and frustrations with the long five-day hold on deposited funds.
Barclays also has a Trustpilot profile with over 12,000 reviews and a poor 1.9-star rating. The feedback is overwhelmingly negative, with many complaints about problems contacting a real person, no branches, a mediocre banking app, poor customer service and issues with their accounts being frozen after a large deposit.
Finder Scores: What they mean
If you want peace of mind, this rating will give it to you. These products offer the best value and outcomes considering various product features, terms, conditions and price.
Well-balanced products that provide what you need, offering a healthy mix of competitive features at a good price. However, they're not quite the best in class.
Bottom line: You can find better, but these products still offer reasonable value and have the basics sorted.
These products may not offer much value in the long run, and there are better options available.
Barclays Online Savings is not currently available on Finder
Have you considered SoFi Checking and Savings?
Earn up to 3.80% APY on savings by meeting deposit requirements or by paying the SoFi Plus subscription fee every 30 days, and 0.50% APY on checking balances. Members without deposit requirements will earn 0.50% APY on savings. Turn on automatic savings or use the Roundups feature to help you reach your savings goals faster. Get up to $2M of additional FDIC insurance through a network of participating banks.
- Up to 3.80% APY on savings by meeting deposit requirements or by paying the SoFi Plus subscription fee every 30 days
- $0 monthly or overdraft fees
- Get up to a $300 bonus with direct deposits of $5,000 or more
- Member FDIC
Your reviews
Bethany Finder
Banking editor
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