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 0.4% 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.
Minimum deposit to open
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.
The Barclays Savings account is best for those looking for a no-frills savings account that earns a competitive 0.4% 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 Savings account?
Open a Barclays Savings account in six simple steps:
- Go to the provider’s site and follow the steps to apply.
- From Barclays’ website, click on the Savings & CDs tab, then Start saving.
- Click Open an account.
- Enter your full name, Social Security number, date of birth, email address and home address to set up your account.
- Choose an opening deposit.
- Link your bank account and provide the required information to complete your signup.
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
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 0.4% 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
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.
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.
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