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Barclays is an online bank that has two high-yield savings accounts and various CDs.
Business Insider's personal finance team compared Barclays Tiered Savings and the Barclays Online Savings Account to the best high-yield savings accounts and found them to be a standard offerings.
Barclays Savings Account Overviews
Barclays Tiered Savings and the Barclays Online Savings Account are online high-yield savings accounts. If you are unfamiliar with what a high-yield savings account is, it's similar to a regular savings account from a brick-and-mortar bank. The only difference is that it offers a higher interest rate than a traditional bank account.
Barclays accounts are online-only, which means you can't visit any physical branches to get customer support. Barclays also doesn't have a checking account, so you'll need to transfer your money to an external bank account to access it.
Your deposits are FDIC-insured for $250,000 for individual bank accounts or $500,000 for joint accounts. Keep in mind that, if you're not opening a joint account, you won't be able to earn the best interest rate without putting more money in the account than the FDIC covers.
Barclays Tiered Savings Account
no monthly maintenance fee
up to 4.80%
$0
- No monthly maintenance fees
- No minimum opening deposit required
- High APY at the highest tiers
- Interest compounds daily
- Requires a lot of money to earn highest tier of interest
This account could be a good option for you if you're searching for an account with no monthly service fees but you can't earn the best rate unless you put more than $250,000 in. This account also doesn't quite stack up to the top high-yield savings accounts offerings.
- Online-only bank for U.S. customers
- Customer service available over the phone from 8:00 am ET to 8:00 pm ET every day of the week
- Accounts with less than $250,000 will earn 4.50% APY, and accounts with over $250,000 will earn 4.80% APY
- Interest compounds daily and deposits monthly
- Member FDIC
This account could be a good option for you if you're searching for an account with no monthly service fees and you're prepared to put a good amount of money in the account; you can't earn the best rate unless you put more than $250,000 in.
This account also doesn't quite stack up to the top offerings. Some financial institutions pay 5% APY or more on savings accounts right now.
Barclays Online Savings Account
no monthly service fee
4.20%
$0
- High APY
- No minimum opening deposit
- No monthly service fees
- Must transfer money to external bank to access it
- Low mobile app ratings in the Apple store
The Barclays Online Savings Account is a solid free savings account and is a worthwhile choice if you'd like to open an account with Barclays and a competitive interest rate. However, Barclays doesn't offer a checking account, so you'll have to transfer money to an external bank account to access your money.
- No checking account or debit card, so you must transfer funds to an external bank account to access your money
- Compounds interest daily to maximize earnings
- Interest compounded daily, deposited monthly
- FDIC insured
The Barclays Online Savings Account is an overall solid saving account for a $0 initial deposit and no monthly service fee.
It's annual percentage yield is on par with the savings rates of other national brands, but not among the highest rates overall.
Barclays Savings Accounts Key Features and Benefits
Current Barclays Savings Rate and How It Compares
Barclays Tiered Savings pays up to 4.80% APY, but you must maintain a high account balance to get the best APY. Meanwhile, the Barclays Online Savings Account is more straightforward, and pays 4.20% APY as long your account keeps a positive balance.
You can find other high-yield savings accounts with even higher rates, though. There are several banks and credit unions with 5% interest savings accounts that don't require you to have a certain amount of money in your account to earn that rate.
Barclays Monthly Maintenance Fees
Barclays is a good option if you're looking for a savings account that helps you avoid common bank fees. Its savings accounts have no monthly maintenance fees and no minimum balance requirements.
Barclays Online and Mobile Banking Access
The Barclays mobile app has received 1.9 out of 5 stars in the Google Play store based on less than 650 reviews, and 3.2 out of 5 stars in the Apple store based on 1,000 ratings.
If you are an avid mobile app user, other banks will likely be more suitable. Barclays has lackluster ratings overall, and the best mobile banking apps have significantly more ratings.
Barclays Customer Service and Support
Customer service is available by phone or live chat seven days per week. Contact a representative anytime from 8 a.m. to 8 p.m. ET.
We also use the ratings from the Better Business Bureau to help determine our overall rating for a savings account. The BBB rates companies by seeing how it responds to customer complaints.
The BBB gave Barclays an A+ rating. Barclays has been involved in a recent public controversy. In 2022, the Securities and Exchange Commission required Barclays to pay $361 million in a settlement that accused the bank of having unregistered sales of securities.
Opening a Barclays Savings Account
Barclays Eligibility Requirements
You're eligible to open the Barclays Tiered Savings and the Barclays Online Savings Account if you are at least 18 years old and live in the U.S.
Step-by-Step Guide for Barclays Savings
You can open a Barclays individual or joint savings account online. When you're filling out the application, you must provide a Social Security number or taxpayer identification number. You will also need to have an external bank account routing number and account number to add money to your account.
Making Deposits for Barclays Savings
You can deposit money into the Barclays Tiered Savings and Barclays Online Savings Account by making a remote deposit through online or mobile banking, setting up direct deposit, or transferring money from another bank.
Managing Your Barclays Savings Account
Tips for Maximizing Savings at Barclays
Interest on the Barclays Tiered Savings and Barclays Online Savings Account is compounded daily. You can use a compound interest calculator to estimate potential earnings on your savings account.
However, keep in mind that the Barclays Online Savings Account and Barclays Tiered Savings have variable interest rates. Barclays can change the savings account interest rates at any time while the account is open. If you would prefer to earn a fixed interest rate, you might prefer a Barclays CD. However, Barclays CDs have early withdrawal penalties to consider.
Understanding Barclays Fees and Charges
Barclays does not charge monthly services fees, non-sufficient funds fees, or statement fees.
If you'd like to get a paper bank statement mailed to you, there's a $0.50 fee. There's also a $5 cashier's check fee.
Barclays Savings Account Pros and Cons
Barclays Savings Account Pros
- Interest rates that are significantly higher than the average savings account interest rate
- No monthly service fees
- $0 minimum opening deposits
Barclays Savings Account Cons
- Need to put a lot of money in the account to earn best rates
- Lackluster mobile app ratings
Is a Barclays Savings Account Right For You?
Barclays savings accounts are overall good options for low bank fees and easy minimum opening requirements. However, Barclays doesn't offer a checking account, so you'll have to transfer money to an external bank account to access your money. You can also find higher savings rates elsewhere.
Barclays Savings Account Alternatives
Barclays Savings vs. Marcus by Goldman Sachs High Yield Online Savings
Both offer online high-yield savings accounts with no monthly service fees or minimum opening deposits, so it could be a bit of a toss-up.
The two institutions also share a similar disadvantage in their savings account — limited access to your funds. If you'd like to take out money from your account, you'll need to link an external bank account and transfer funds.
One small distinction that may help you decide between accounts is each bank's mobile app ratings. If you're an avid user of banking apps, Marcus may be more appealing. It has higher ratings in both the Apple and Google Play Store. However, Barclays has two savings account options, so you do have more variety. You could also more interest with Barclays Tiered Savings than the Marcus High Yield Online Savings Account if you maintain a high account balance.
Barclays Savings vs. Discover Online Savings
Barclays and Discover pay similar rates. Both savings accounts charge similar fees — no minimum opening deposit and no monthly service fees.
You might lean more toward Discover Bank (FDIC Insured) if you'd prefer opening multiple bank accounts or having quick access to funds.
Discover offers a checking account. If you open both bank accounts, you'll be able to link your debit card to your savings account and access funds quickly. The Discover® Cashback Debit Account is also a rewards checking account. You can earn 1% cash back on up to $3,000 of purchases per month (see website for details).
Barclays has two savings account to choose from, so you may lean more toward Barclays if you're interested in a tiered savings account.
Why You Should Trust Us: How We Reviewed Barclays Tiered Savings
For our Barclays savings accounts review, we rated bank products and services using our savings account methodology. We review the minimum opening deposit, monthly service fees, interest rate, customer support, mobile app ratings, and ethics for both savings accounts. Each category has equal weight in our rating, and we use a scale of zero to five stars to determine the overall rating of a product.
Barclays Savings FAQs
Barclays offers two high-yield savings accounts and several traditional CDs. It doesn't have a money market account.
The Barclays Online Savings Account and Barclays Tiered Savings have no monthly service fees or non-sufficient funds fees. If you would like to get a physical copy of your bank statement by mail, there's a $0.50 fee. There's also a $5 fee for cashier's checks.
Barclays's savings account interest rates are more competitive than the rate of average savings accounts. However, you can also find smaller institutions with even higher savings rates right now.
Anyone in the U.S. who is at least 18 years old is eligible to open a Barclays Tiered Savings and the Barclays Online Savings Account. To apply online, you'll need a Social Security number or taxpayer identification number to verify your identity and external bank account information to link a checking account.
Setting up automatic transfers can help you maximize your savings with a Barclays savings account. You'll also need to put at more $250,000 in the account to earn the highest interest tier. A high-yield savings account can also be beneficial for growing an emergency fund.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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