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Barclays Online Savings Account review

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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 0.5% 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.

0.50%

APY

$0

Fee

$0

Minimum deposit to open

Details

APY0.50%
Fee$0
Minimum deposit to open$0
Minimum balance to earn interest$0
Interest compoundingDaily
Monthly transaction limit6
Fee per transaction over the limit$5
More Info

Expert review

Kelly Waggoner

Review by


Kelly Waggoner is the US editor-in-chief at Finder. She's worked with publishers, magazines and nonprofits throughout New York City, including ghostwriting 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 0.5% 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.

Best of 2020
Finder experts pick Barclays Online Savings as a 2020 best product for savings accounts.

How do I open a Barclays Savings account?

Open a Barclays Savings account in six simple steps:

  1. Go to the provider’s site and follow the steps to apply.
  2. From Barclays’ website, click on the Savings & CDs tab, then Start saving.
  3. Click 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

Can I open this as a joint savings account?

Yes, you can open a Barclays Savings account jointly when you apply online or in person at a local branch. Be sure to have each account holder’s name, date of birth and Social Security number on hand when you apply.

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 0.5% APY. The annual percentage yield on the Barclays Online Savings Account is much higher than the current national average, which is 0.05%. 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.

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 and you’ll want to keep these factors in mind:

  • Excessive transaction fee. Like all savings accounts, you’re limited to six withdrawal transactions monthly. But with Barclay savings, you’ll pay $5 for each transaction that exceeds six in the same month.
  • 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 from the day you make the deposit and your account is credited.

If you make a lot of cash deposits, you’ll want to 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 their 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.

$
$
months
Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned
American Express® High Yield Savings
0.60%
$0
$0
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Axos Bank High Yield Savings
0.61%
$0
$250
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
Aspiration Spend & Save Account

1.00% on $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
$0 per month or $7 per month for Aspiration Plus ($5.75 per month if you pay annually)
$10
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
CIT Bank Money Market
0.50%
$0
$100
A savings account with a higher-than-average rate and minimal fees.
Continental Bank High Yield Savings
0.45%
$0
$1
Continental Bank High Yield Savings account, offered through SaveBetter, has a $1 opening deposit and earns 0.45% APY.
SoFi Money
0.25%
$0
$0
SoFi Money® is a cash management account that charges no account fees to save, spend, and earn cash back rewards when you spend on brands you love.
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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.

Are there any other Barclays savings accounts?

There used to be a Barclays Dream Savings account, but the bank discontinued it in October 2017. In addition to its high-yield savings account, Barclays has online CDs with terms ranging from three to 60 months and APYs of 0.1% to 0.3%.

Barclays Savings account reviews and complaints

Barclays earns an A+ rating from the Better Business Bureau for its financial stability and willingness to resolve customer complaints. However, its rating on Trustpilot tells a different story. The company has a 1.4 out of 5-star Trustpilot rating based on 4,000+ customer reviews as of November 2020. The biggest complaint is regarding long customer service wait times. Some users report spending one or two hours on hold only to get in touch with an agent who couldn’t help them resolve their issue.

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 Monday through Sunday 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 2460, Cranberry Twp., PA 16066. Barclays doesn’t mention how long it will take to receive a reply, but at least one week is typical.

Frequently asked questions

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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