Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
See Insider's best high-yield savings accounts>>
Barclays Online Savings Pros and Cons
| Pros | Cons |
|
|
Compare savings accounts
Barclays Online Savings Account Review
The Barclays Online Savings Account is a great option if you're searching for an account with no monthly service fees and a low minimum opening deposit — you may open an account with $0 upfront.
Barclays pays a higher interest rate than the national average and is competitive with the best online banks like Ally and Discover.
About Barclays
Barclays is an online bank that has a high-yield savings account and CDs. Barclays doesn't have a checking account, so you'll need to transfer your money to an external bank account to access it.
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.
The Barclays mobile app has received 1.9 out of 5 stars in the Google Play store, and 3.4 out of 5 stars in the Apple store.
Your deposits are FDIC-insured for $250,000 for individual bank accounts or $500,000 for joint accounts.
Is Barclays Trustworthy?
The Better Business Bureau rates companies by seeing how it responds to customer complaints.
The BBB gave Barclays an A- rating because of the time it has taken to respond to a customer complaint. BBB scores don't guarantee your relationship with a bank will be smooth. You'll want to talk to current customers or read online customer reviews to see if Barclays might be a good fit for you.
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.
Barclays Online Savings FAQs
You may open Barclays Online Savings with $0.
You may like Barclays if you don't want to deal with monthly service fees or minimum balance requirements. It may not be the best option if you want quick access to your funds, because Barclays doesn't have a checking account or ATM access.
The Barclays Online Savings Account pays 4.35% APY, which is higher than what many traditional savings accounts pay right now.
You can deposit money into the Barclays Online Savings Account by making a remote deposit through online or mobile banking, setting up direct deposit, or transferring money from another bank.
Yes. Barclays is a federally insured bank. Deposits are FDIC-insured for $250,000 for individual bank accounts or $500,000 for joint accounts.
Methodology: How We Reviewed Barclays Online Savings
For our Barclays Online Savings 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. 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.
-
CloudBank 24/7 High Yield Savings Account
-
CIT Bank Savings Connect Account
-
UFB High Yield Savings
How Barclays Online Savings Compares
Barclays Online Savings vs. Marcus by Goldman Sachs High Yield Online Savings
Both offer an online high-yield savings account with no monthly service fees or minimum opening deposit, 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.
Barclays Online Savings vs. Discover Online Savings
Barclays and Discover pay similar rates. Both savings accounts also have a similar structure — no minimum opening deposit and no monthly service fees.
You might lean more toward Discover Bank 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.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of 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.
**Enrollment required.