Barclays Bank
Fees
Minimum Deposit
Current Promotion
APY Savings
- Overview
- Pros & Cons
- FAQ
The Barclays Bank is great for building your long term savings. There are no checking account services, but the savings and CDs help you earn compound interest rates when you avoid withdrawing money regularly.
Barclays Bank is a great place to plan savings for long-term goals because of its high-interest savings accounts and certificate of deposits. Barclays does not have any physical branches in the U.S., which may limit your access to your funds.
Because Barclays focusing exclusively on savings accounts and CDs, you help you organize and develop long term and short term savings goals. All of Barclay's banking products perform best when they are left untouched, especially you're CDs, which have steep penalties for customers who withdraw money before the end of the CD term.
Even though there is no physical ATM or branch accessibility this will not be a problem in the long run because your money remains in one place for you to save.
Barclays Bank US can be a perfect fit if:
- You want access to high interest rates on your savings
- You don’t need a checking account
- Variety of banking products
- Access to physical branches
- Decent digital experience
- Fees
- Lower Rates on Savings
- Low transfer limits
What is required to open a Bank of America account?
You must supply some personal information and prove your identification in order to open a Bank of America account, whether in person or online. Your Social Security number, current mailing address, email address, and phone number must be provided in this.
You must also supply the account number if you already have a Bank of America account.
State-issued photo ID, a driver's license, a passport, a military photo ID, or a Bank of America photo debit or credit card are all accepted forms of identification.
Why are Bank of America's rates so low in general?
You can observe that the savings and CD rates appear to be very low when compared to those offered by certain other banks.
The main cause of this is because internet banks, who don't have to spend to operate a physical branch network, offer many of the higher savings rates.
Can I open a Bank of America checking account online?
One of various checking accounts offered by Bank of America can be opened online. You must verify your identity and personal information.
The online application is on a secure site, though, and once you've finished it, you should hear back in one or two days.
Does Bank of America offer a free checking account?
Although Bank of America checking accounts typically carry a monthly maintenance fee, there are circumstances under which you may be exempt. The requirements for a waiver are simple.
For instance, you must achieve a minimum deposit requirement or minimum balance. The Safebalance checking account doesn't charge overdraft fees either.
Can you invest in cryptocurrency through Bank of America?
While Bank of America's connection with Merrill Edge makes it feasible to access various products, it is currently not possible to purchase or invest in cryptocurrencies with this bank.
You will require a brokerage account with a compatible platform if you decide to purchase cryptocurrency.
Barclays Bank Review
Banking Services | Credit Options | ||
---|---|---|---|
Savings Accounts | Mortgage | ||
Checking Accounts | Government Mortgage | ||
CDs | Credit Cards | ||
Money Market Account | Debit Card | ||
Investing Capabilities | Personal Loans |
Customer Experience
Barclays has a customer service department that is open 24 hours a day, seven days a week. For simple inquiries such as balance checks or ACH transfers, you can call in and speak with an agent or use the self-service line. The Barclays app has a rating of 4.6/5 in the Apple App Store and 4.1/5 in Google Play.
A great feature for Barclays customers is the ability to access their accounts through the Barclays U.S. Savings mobile app. This is available for most users and features a mobile check deposit feature. You can make deposits with pictures and then uploading them onto the mobile app.
You can also access your account balance and make one-time transfers using the Barclays app. This is a great tool for managing your finances with unlimited accessibility.
The Barclays website makes it simple to search for banking products. This is especially noticeable when looking into credit card options. It allows you to narrow your search by category or even credit score. You can also choose and compare multiple credit cards to help you decide which one is best for you.
Barclays Bank | |
---|---|
App Rating (iOS)
| 4.8 |
App Rating (Android) | 4.6 |
BBB Rating (A-F) | A+ |
Contect Options | phone |
Availability | 24/7 |
Barclays Savings
APY Savings
Minimum Deposit
Promotion
Fees
Barclays Savings
APY Savings
Minimum Deposit
Promotion
Fees
Barclays offers high-interest rates that apply to all of its products that provide a great advantage compared to other competitive online banks. Barclays offers two different savings account options. The two options are the Barclays Online Savings Account and the Barclays Dream Account. Both earn 4.00% APY with no fees or minimum deposit.
The Dream account earns more interest over time. You can potentially earn a 5% bonus on earn interest every six months so long as you avoid any withdrawals and make one deposit a month. This is a great option for anyone that is smart with the savings and can keep themselves engaged with the overall process of long-term savings.
There is no other bonus offered to other savings accounts to any other online banking institution. The Dream Account does put a limit on your monthly deposits. You can only deposit $1,000 a month. If you make zero withdrawals and deposit the maximum $1,000 every month you still need to keep the same pattern for a full year for the benefits to kick into effect.
This maintaining of your savings is a significant commitment to many customers and requires a great deal of organization to maintain its full effect. If you are saving more than $1,000 a month you should add a second high-yield option like Barclay’s. Lastly, opening a savings account online should be quick and easy.
Barclays CDs
APY Range
Minimum Deposit
$0}
Savings Account Alternatives
APY Savings
The annual percentage yield (APY) is a percentage that represents the amount of money or interest earned on your savings account over the course of a year. The APY factored in compound interest. A savings calculator can help you quickly determine how much you'll earn with a given APY.
| 3.85%
| 4.00%
| 4.15% |
Checking Account Fee
The monthly fee on checking account
| $0 | $0 | Not Available |
Checking Minimum Deposit | $0 | $0 | Not Available |
Mobile App Rating | 4.7/5 on iOS, 4.1/5 on Android | 4.9/5 on iOS, 4.2/5 on Android | 4.9/5 on iOS, 4.3/5 on Android |
BBB Rating | C | A+ | A+
|
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