Barclays Online Savings
APY Savings
Minimum Deposit
Our Rating
Fees
Barclays Online Savings
APY Savings
Minimum Deposit
Our Rating
Fees
The Barclays Online Savings account is a great choice for the tech savvy who are looking to get decent returns and are comfortable managing their account online or via an app.
While there are some restrictions, including not being able to deposit or withdraw cash, if this is not a problem for you, this account is a solid choice.
Interest on your funds is compounded daily and credited to your account monthly, and with no monthly fees to worry about, you can simply watch your savings grow.
Table Of Content
What Does The Barclays Online Savings Account Offer?
The Barclays savings account operates like an online savings account. Here are the main things to know if you consider it:
- High Yield APY: Barclays offers a highly competitive rate on its online savings account, that is currently five times the national average savings rate.
- No Account Minimums: There is no initial deposit requirement and you don’t need to have a minimum amount in the account to access this impressive rate.
- No Monthly Maintenance Fees: Unlike many bank accounts, Barclays does not impose a monthly maintenance fee on its online savings account, which makes it one of the best free savings accounts.
- Savings Tools: With this account, you can access the Barclays Savings Assistant. This innovative tool allows you to choose a savings goal and play around with how long it will take you to reach your goal by saving different amounts each month.
- Secure Online Account Management: You can access your account 24/7 via the secure Barclays platform, transferring money from or into other banks and other management tasks for the ultimate convenience.
- Highly Rated App: You can also manage your account via the highly rated Barclays app. This includes mobile check deposit and initiating electronic transfers.
- Direct Deposits Accepted: If you want to boost your savings, you can directly deposit salary payments into your account.
But, It Has Some Limitations
No financial product is perfect and there are some potential drawbacks which may mean that this account is not the right choice for you.
- Limit of Six Withdrawals Per Month: This is fairly standard with high yield savings accounts, but with the Online Savings Account, Barclays will impose a $5 fee if you exceed six withdrawals per statement cycle. This is one of the limitations of savings accounts.
- No ATM Access: While having a debit card with a savings account is very unusual, many savings accounts offer an ATM card. This is not the case with the Barclays Online Savings Account. If you need cash, you’ll need to transfer funds into another account and then withdraw cash from that account.
- No Branch Support: This is a wholly online account, so you won’t have access to in person support if you run into an issue or problem.
Find Out How Fast Your Savings Can Grow
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Barclays Online Savings vs Capital One 360 Performance Savings
The Barclays Online Savings account is not unique and one logical product for comparison is the Capital One 360 Performance Savings. This account has many similarities with the Barclays product, but there are also some key differences.
The Similarities | The Differences |
|---|---|
Mobile Check Deposit | Branch Access |
Similar Rates | Multiple Accounts |
No ATMs |
- Mobile Check Deposit
Both the Barclays and Capital One apps allow mobile check deposit for convenient depositing.
- Similar Rates
The accounts have similar APYs, so you can expect similar returns on your savings account.
- No ATMs
Neither bank provides an ATM card for these accounts, so if you need cash, you’ll need to transfer funds out.
- Branch Access
While the Barclays account is wholly online, there is no branch support, Capital One has some locations where you can withdraw funds or perform other transactions.
- Multiple Accounts
Capital One allows you to open multiple 360 Performance accounts, so you can separate your funds according to different savings goals.
Barclays Online Savings vs Amex Savings: Which Is Better?
Another product that is a good source for comparison is the American Express online savings account. There are very similar features between the two:
Barclays Online Savings | Amex Savings | |
|---|---|---|
APY | 4.10% | 4.00% |
Fees | $0 | $0 |
Minimum Deposit | $0 | $0 |
- No ATMs: Both accounts are not provided with ATM cards, so you cannot simply withdraw cash from your account.
- 24/7 Support: Both financial institutions offer 24/7 support, so if you run into a problem or issue outside of business hours, you can access help.
- No Monthly Fees: Neither account has monthly maintenance fees to worry about.
- No Minimums: Likewise, neither of the accounts has minimum initial deposit requirements.
- No Branches: Neither bank has physical locations, so you cannot access face-to-face customer support.
- APYs: Currently, Amex is offering a slightly lower APY on its online savings account. However, both accounts offer competitive rates and are considered one of the best banks for savings accounts.
How to Deposit and Withdraw Money From Barclays Online Savings
You can deposit funds into your account and withdraw in several ways:
Deposits | Withdrawals |
|---|---|
Mobile Deposit |
Electronic Transfer |
Direct Deposit | Mailed Check |
Electronic Funds Transfer | |
Mailed Check |
- Mobile Deposit
You can deposit checks into your account via the Barclays app
- Direct Deposit
You can arrange to have your salary or other automated payment direct deposited into your account.
- Electronic Funds Transfer
You can initiate a transfer into your Barclays account from a third party account.
- Mailed Check
Finally, you can mail a check to Barclays HQ and it will be applied to your account as soon as it is processed.
- Electronic Transfer
You can initiate a transfer out of your Barclays account to a third party account.
- Mailed Check
You can request a check from Barclays. This will usually take approximately three business days.
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Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
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