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Barclays online savings account offers an online-only service with above-average interest rates and low fees. It allows savers to manage their money using a simple savings assistant tool.
Headquartered in London, and founded in 1690, Barclays Bank is respected by over 48 million customers worldwide and is recognized as a trustworthy global brand.
Summary: Barclays Bank Online Savings comes with a competitive APY, while being completely online.
Account Opening
Fees
Deposits & Withdrawals
Features
Customer Service
Safe & Secure
| HQ | London, United Kingdom |
| Deposit Insurance | FDIC insured, Up to $250,000 |
| Monthly Fee | $0 |
| Min. To Open | $0 |
| Min. Deposit For No Fee | $0 |
| Min. Balance For APY | $0 |
| Transactions | No limits |
| Interest Compounded | Daily |
| State Restrictions | Available in all US states |
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.
You can apply for a savings account in a few minutes. To sign up, here are the steps you can follow:
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:
You may be required to verify your date of birth, home address, and provide a government-issued ID.
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:
Fees will be highlighted in the terms and conditions when you sign up for an account with Barclays.
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:
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.
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.
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:
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.
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.
