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Barclays Online Savings Account review

Earn a competitive interest rate with no fees or minimums.

finder.com’s rating: 4.6 / 5.0

★★★★★

The Barclays Savings account hooks savers in with a competitive 3.40% APY and no monthly fees or minimum balance requirements. But as with most online accounts, it doesn’t accept cash deposits and the only way to withdraw money is with an electronic transfer.

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3.40%

APY

$0

Fee

$0

Minimum deposit to open

Details

Annual percentage yield (APY)3.40%
Fee$0
Minimum deposit to open$0
Minimum balance to earn interest$0
Interest compoundingDaily
Fee per transaction over the limit$4
More infoGo to site

Review by


Kelly Waggoner is US editor-in-chief at Finder. She works with a talented team of expert writers and editors focused on helping readers to save money, earn money and grow their wealth. She joined Finder in 2016 as an editor, germinating the site from money transfers to include the wide scope of personal finance. She's worked with publishers, magazines and nonprofits throughout New York City to develop best practices around editorial, SEO, plain language and accessibility. She also ghostwrote a how-to on copyediting for the Dummies series. Between projects, she toys with words, flips through style guides and fantasizes about the serial comma’s world domination.

Expert review

The Barclays Savings account is best for those looking for a no-frills savings account that earns a competitive 3.40% APY and has no monthly maintenance fees or minimum deposits.

To note, the account made it on two Finder best lists. It was named “Best online savings account for no minimum balance requirements” and it’s also one of the top 15 high-interest savings accounts for its low fees and competitive interest rate.

But it doesn’t come with any fancy features and as with most online savings accounts, it lacks cash deposits, so you’re limited to electronic fund transfers among linked accounts.

How do I open a Barclays Online Savings account?

Open a Barclays Savings account in six simple steps:

  1. Select Apply now.
  2. Select the Savings & CDs tab on Barclays’ website, then Start saving.
  3. Choose Open an account.
  4. Enter your full name, Social Security number, date of birth, email address and home address to set up your account.
  5. Choose an opening deposit.
  6. Link your bank account and provide the required information to complete your signup.

Eligibility

To qualify for the Barclays Online Savings Account, you must meet these eligibility requirements:

  • US citizen
  • At least 18 years old
  • US residential address
  • Social Security number
  • Valid bank account

Required information

You’ll need to provide this information when you open this account:

  • Social Security number
  • Date of birth
  • Valid email address
  • Primary home address
  • Valid phone number
  • Routing and account number for linked bank account

What are the benefits of a savings account with Barclays?

The Barclays Online Savings Account offers a handful of key features that can help you save:

  • Competitive 3.40% APY. The annual percentage yield on the Barclays Online Savings Account is much higher than the current national average, which is 0.21%. But it’s not quite as high as other high-yield accounts.
  • No maintenance fees. You’ll pay no monthly fees for your Barclays Savings account, and you can open an account with any amount.
  • No maximum balance. Hold as much as you can save in your Barclays account because there’s no limit.
  • No monthly transaction limit. While most savings accounts cap you at six transactions a month, the Barclays Online Savings account has no limit on any type of withdrawal or transfer to or from your savings account.

What should I look out for?

The Barclays Savings account has several benefits. But like most savings accounts, it doesn’t come with an ATM card for cash withdrawals. Keep these other factors in mind:

  • No cash deposits. You must electronically deposit funds into your Barclays Online Savings Account.
  • Five-day hold on deposits. All deposited funds are held for five business days between the day you make the deposit and your account is credited. But funds deposited from other Barclays Bank accounts are available immediately.
  • No email or live chat. Despite its prestigious status as a multinational bank, Barclays’ customer service is limited to phone and snail-mail. There’s no option to email or chat with a representative online.

If you make a lot of cash deposits, keep looking. Consider some of the best high-interest banking options when choosing a savings account.

Case study: Michael’s experience – April 2019

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Michael Koh
Data Analyst

One of the first things I looked into when I started my career was a high-interest savings account. I ended up going with Barclays because of name recognition and mostly glowing reviews on Reddit. I’ve had to call them a couple of times and found their customer service to be helpful and courteous.

Security is extremely important to me, and Barclays does a thorough job with that, offering two-factor authentication and Touch ID on their mobile app. Speaking of the app, it makes transferring money between accounts a breeze, and you can set up multiple savings accounts under your primary Barclays account. The fact that their APY has doubled in the past year doesn’t hurt either.

Compare Barclays savings to other accounts

See how Barclays Savings account compares to the competition. Sort the table by key features and enter a deposit amount to calculate potential interest earnings.

$
Name Product Annual Percentage Yield (APY) Minimum balance to earn interest Minimum deposit to open Offer Estimated total balance
CIT Savings Connect
Finder Rating: 5 / 5: ★★★★★
CIT Savings Connect

4.05%

$0
$100
$1,041.33
Secure a 4.05% APY, 16x the national average. Pay $0 in monthly fees and no account opening fee.
Barclays Online Savings
Finder Rating: 4.6 / 5: ★★★★★
Barclays Online Savings

3.40%

$0
$0
$1,034.58
Earn 3.4% APY, 5X higher than the national average with no minimum balance requirements. Get unlimited transactions and tools that help you save. Pay $0 monthly fees.
Bread CD
Finder Rating: 3.8 / 5: ★★★★★
CD
Bread CD

4.50%

$0
$1,500
$1,046.02
Earn an impressive 4.5% APY with this FDIC insured CD. Available in 1-, 2-, 3-, 4- and 5-year terms. No monthly fees and no hidden fees.
American Express® High Yield Savings Account
Finder Rating: 4.6 / 5: ★★★★★
American Express® High Yield Savings Account

3.30%

$1
$0
Earn a referral bonus, No matter which card your friend gets.
Your friend can receive a welcome offer after they apply through the referral link and are approved and get their new card.
$1,033.55
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
UFB Best Savings
Finder Rating: 5 / 5: ★★★★★
UFB Best Savings

4.21%

$0
$0
$1,043
Score an impressive 4.21% APY, and pay $0 in monthly fees. No minimum deposit requirement.
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Compare up to 4 providers

How do I deposit or withdraw my money?

The Barclays Online Savings account offers several deposit and withdrawal options:

  • ACH transfers. Transfer funds to and from an external account for free up to six times monthly. Simply log in to your online account from your computer or smartphone and select Transfer Funds to get started.
  • Direct deposit. Set up direct deposit from an externally linked account using your account number and Barclay’s routing number, 031101321.
  • Remote check deposit. Take a picture of your check and deposit it through the Barclays mobile app.
  • Mail a check. Deposit a check to your Barclays Online Savings Account by mailing your check to Barclays, PO Box 4538, Carol Stream, IL 60197.

How can I get in touch with Barclay’s customer service?

There are two ways you can get in touch with Barclays customer service:

  • Phone. Call 888-710-8756 every day from 8 a.m. to 8 p.m. ET to chat with a Barclays Bank customer service rep.
  • Mail. 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.

Savings account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

Read the full methodology of how we rate savings accounts.

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