Barclays Bank Online Savings Account Review

Features

In-depth review of Barclays Bank’s online savings account

If you are looking for a savings solution to help you meet your financial goals, the Barclays online savings account can be a great option.  

There are no monthly maintenance fees or minimum balance requirements. Plus, you can earn 0.55% APY on your savings from as little as $2. But, like many online accounts, there is no in-person branch support available for customers that prefer face-to-face interaction, and cash deposits are not accepted.  

Barclays has a reputation built over centuries. While in the United States it only offers savings products, its low fee – high-interest approach can make it a strong contender to park an emergency fund or short-term cash savings.  

Barclays Bank’s online savings account is best for

• Competitive interest rates: Annual percentage yields for the savings account are competitive. You can start earning interest as soon as you open the account and the 0.55% APY applies to all balances.  
• Online banking: Services are online-only, therefore it’s best suited to customers that prefer a digital banking experience.  
• Low fees: Fees can quickly offset the interest earned on a savings account. With Barclays, there are no monthly maintenance fees or annual fees charged.  
• No minimum balance requirements: You can open an account and start earning interest on as little as $2.

Barclays Bank’s online savings account benefits

• Tools to help you manage savings: The Barclays savings assistant calculator is an easy-to-use tool that can help savers plan how much they need to save to meet their savings goals.  
• Secure access 24/7: You’ll have 24/7 access to deposit funds and make withdrawals.  
• Electronic transfers: You can complete transfers to and from other banks. 
• No maximum balance: There’s no limit to how much you can save. Interest is earned on small and large balances.  
• Easy-to-use mobile app: The mobile app is available on both Android and iOS and provides a convenient way to manage your savings account.

Barclays Bank’s online savings account drawbacks

• Branch access not available: Customers that do not require in-person support are best suited to a Barclays online savings account.  
• Cash deposits not accepted: You cannot make cash deposits into your account. All deposits must be completed via electronic transfers, direct deposit, mail a check, or upload a check using a computer or mobile device.  
• Checking accounts not available: You cannot open a checking account with Barclays or access your funds using an ATM.

Account opening

You can apply for a savings account in a few minutes. To sign up, here are the steps you can follow: 

• Download the mobile app or head over to the website and click on “Open an Account”. 
• Provide personal information including name, social security number, date of birth, country of citizenship, email address, home address, and phone number. 
• Choose your account type and opening deposit.  
• Link an external funding account to your Barclays account.  
• Create your login information and choose whether or not you want to set up two-factor authentication. 
• Read and complete the terms and conditions.

Before you can fund your savings account, Barclays will carry out two small test deposits. For security reasons, Barclays will verify your external account with two deposits of less than $1. Your money is not used to make the test deposit. You have 99 days to verify the amount received, otherwise, your account could be restricted.  

To be eligible for a Barclays online savings account, you must satisfy the following criteria: 

• 18 years old 
• US citizen or resident 
• Residential address in the United States 
• Social security number

You may be required to verify your date of birth, home address, and provide a government-issued ID.  

Fees

Fees can quickly nibble away at any interest payments on your savings account. With Barclays, there is no monthly maintenance fee and no minimum balance required to waive monthly fees.  

Other fees you should consider when opening an online saving account with Barclays include: 

• Statement copy: $0.50 per item 
• Non-sufficient funds fee: $5 per item 
• Express mail/rush delivery charge: $25 
• Returned deposit Items: $5 per item or up to $50 a day 
• Official check: $5 
• Stop payment fee: $0

Fees will be highlighted in the terms and conditions when you sign up for an account with Barclays.  

Features

The Barclays online savings account comes with several features targeted toward savers looking to park their cash somewhere with a higher-than-average national savings rate. These features make it a great solution for those looking to make the most out of a high-yield savings account. Some of these features are given below: 

• No monthly fee: You will not be charged a maintenance fee for opening or using a savings account with Barclays.  
• No minimum balance requirement: There is no minimum balance required to keep your account open. You can start earning interest from as little as $2. 
• No maximum balance: There are no limits on the amount of cash you can hold in the account. 
• Online saving assistant tool: Keep track of your savings goals using online tools to help you better manage your money.  
• 24/7 online access to your funds: Access your money 24/7 using the web or mobile app. 
• Easy-to-use mobile app: The mobile app is available on Android and iOS. You can use the mobile app to deposit checks and manage your savings.  
• Other products and services: Barclays offer online CDs with a fixed annual percentage yield.

Deposits and withdrawals

Barclays offers several options for depositing and withdrawing funds to and from your account. You can deposit checks using your computer or smartphone, set up a direct deposit to your account, send funds electronically using ACH transfer, or mail a check. Barclays do not allow cash deposits or ATM withdrawals.  

For check or electronic deposits, Barclays advise that funds can be held for five business days from the day your account is credited. For deposits made using ACH transfer or from another account held at Barclays, funds will be available immediately.  

ACH withdrawals can take up to 3 business days to be processed. There are no limits on the number of withdrawals and transfers you can make each month.  

Customer service

You can get in touch with their customer representatives via telephone at 855-462-2652 at any time of the day. They are available 24 hours 7 days a week. You can also sign in to your account and send a secure email or get access to mobile banking at your convenience. 

Safe and secure

You can reach out to Barclays customer service 7 days a week from 8 am – 8 pm ET by phone or social media. They also have an extensive FAQ section on the website that may answer any lingering questions you have about opening an account.  

If you’d like to make a complaint, you can get in touch with Barclays by one of the following methods: 

Mail 

Barclays  

P.O. Box 70378  

Philadelphia, PA 19176 

Telephone 

888-710-8756 

Barclays advise that each complaint is reviewed and the aim is to come up with a swift resolution.  

Safe and secure 

Barclays Bank is a member of the FDIC, so deposits are insured up to the FDIC insured limits. In addition, Barclays uses industry-standard security features to keep your data and information safe and secure.  

Is the Barclays Bank online savings account right for you?

Barclays is a great option for you if you’re looking for an opportunity to grow your money in a high-yield savings account. Ideal for short- or long-term savings, it has no minimum balance and no monthly fee. This allows you to keep your cost of banking low while earning interest on your money. Plus, there is no limit on how much cash you can save, so you can earn interest on every dollar held in the account.  

The downside to Barclays is the lack of in-person support which may be appealing to savers looking to build a more personalized relationship with their bank. If you prefer account features such as cash deposits and ATM withdrawals, you might want to consider a traditional brick-and-mortar bank.  

When determining the best online savings account, it’s important to consider all the features offered plus the APY and fees, before you make a decision. While it may be tempting to choose a higher APY at first, accessibility and the cost of banking are equally important considerations.  

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