If you’re looking to increase your savings rate or even start your first savings account, there are many options to consider. Perhaps you’re a veteran of the savings account world and now you are searching for the best bank at which to buy certificates of deposit (CDs). Again, there are a plethora of options available. Barclays Online Bank is a good choice to consider when looking for these types of bank products. With relatively high interest rates and low fees, Barclays Online Bank is certainly worth a good look.
Barclays Bank has been around for centuries, and has a long, establish history in the financial world. Founded in London, England over 300 years ago, the bank has grown to one of the largest banks in the world. Through the years it has developed alongside the rest of the banking industry, and also as an innovator in the banking world. Barclays Bank funded the world’s first industrial steam railway and also introduced the first ATM. It now offers its own suite of online banking products.
About Barclays Online Bank
Barclays Online Bank brings an accessible, easy-to-use and secure banking platform to customers, and it’s continuously expanding and innovating. The online business in the United States is relatively new, however it offers some of the highest rates around, which has brought the attention of consumers. Coupled with low fees, its online bank options have a lot to offer.
Online Bank Products
If you are interested in exploring the ways to earn interest on your savings with Barclays Bank, you have two options. Barclays Online Bank offers a savings account option and an online CD product. Barclays Bank is a member of the FDIC, so deposit accounts with the bank are insured up to the maximum amount allowed by law. For more information about FDIC insurance limits, you can visit the site www.fdic.gov.
Barclays Online Savings Account
As of July the Barclays Online Savings Account interest rate is 2.10% and that is 21 times more than the national average, according to the FDIC Weekly National Rates and Rate Caps data. There are a couple more important aspects of this savings product that make it attractive. First, you can open an account without having to meet a minimum balance requirement. Second, there is no monthly maintenance fee.
The bank offers multiple ways to make deposits. A direct deposit can be set up to automatically transfer in funds according to a schedule. If you want to use your smartphone of computer, there is a Remote Deposit application for convenience and speed. Funds can also be transferred into your account electronically though an ACH transaction from a linked, external account. An external account is a bank account held at another U.S. financial institution. That account is linked to your Barclays account so that you can transfer money. The external account that is linked to your Barclays account must be in the account holder’s name and options include payment processing companies such as PayPal, Venmo and Square.
Lastly, you can mail a check to the bank’s designated post office box. Typically an electronic deposit will take 2 to 3 days to post to an account after the initial transaction. Once the deposit is posted the funds will start earning interest.
When you want to take money out of the account just log into your account and select the option to transfer funds using ACH transfer. Transfer the desired amount to your external account. It may take 2 to 3 business days for the funds to settle at your external bank. There is also an option to call Barclays customer service 7 days a week to request that a check be mailed directly to you. One point to remember though, is that you’re only allowed to withdraw funds up to 6 times in each statement cycle without being charged a fee.
It’s worth noting that the mobile app, which can be found by searching for “Barclays US Savings” at either the Apple App or Google Play app stores, adds great convenience. To deposit a check via the app you just need to sign the check, take a picture of the check with your phone and follow a couple other simple steps to submit the deposit. You will then get an email confirmation. You can also transfer money to and from external linked accounts using the mobile app.
Savings Account Fees
Any fees incurred through a savings account are going to indirectly affect the dollars in interest that you earn through the year, so it is important to have a good grasp on fees. As noted earlier, the Barclays Online Savings Account does not have any monthly maintenance fees, however there are some fees associated with an account.
A customer is allowed 6 free transactions per month, then it costs $5 for each withdrawal or transfer above the limit for that month.
This transaction is commonly knows as a Cashier’s Check and the fee is $5.
Charges assessed for ACH or checks deposited to your account that are returned by the paying bank are $5 per item, but not more than $50 per business day.
Charges assessed for rejected and/or paid ACH withdrawals for an account with non-sufficient funds are $5 per item.
The charge assessed for paper copies of statements mailed to customer is $.50 per item.
The charge assessed for sending documentation to customer via Express Mail or through rush delivery is $25.
Barclays Online CDs
Barclays has relatively high APY rates for its online CD options. As of July the 6-month CD has a rate of 0.65%, the 12-month CD has a rate of 2.45%, and the 60-month CD has a rate of 2.75%. Like the online savings accounts, these accounts are FDIC-insured. The accounts compound interest daily, and offer fixed interest rates with no minimum balances and no monthly maintenance fees.
Rates are always subject to change, but the current rate on the 60 month CD offered by Barclays is one of the highest-yielding 60-month CDs around. The shorter term CDs offer relatively competitive rates, too. Read more about high return short term investments in our other article.
Barclays Online CD Features
Multiple Term Options:
You can currently get a CD for a term from 3 months to 60 months.
When a CD matures, you can automatically renew the CD or roll it into a different maturity. Beginning on the date of maturity, you’ll have a 14-day grace period in which you can withdraw funds from your CD without penalties. Barclays will send you an email alert approximately 30 days before your CD matures.
Unlike some other banks, the Barclays Bank Online CD has no minimum deposit to open a CD or maintain your account.
CD laddering is a method of using CDs of various maturities to access higher rates, usually utilizing long-term CDs, while still allowing some of your money to be available at short-term intervals. Barclays has an easy to use online calculator tool for creating a CD ladder. This lets you move try various scenarios of setting up CD maturities to see what interest rates you will get and when your cash will be available if you need it. If you’re wondering about how to best build a CD ladder to meet your specific needs, give the Barclays online tool a try.
The fees for Barclays Online CDs are similar to most fees of CD programs out there.
There is a fee for taking money out of your account before a CD matures. Barclays charges 90 days simple interest on the amount withdrawn for CD accounts with terms of 24 months or less. For CD accounts with terms greater than 24 months, the bank charges 180 days simple interest on the amount withdrawn. This fee reflects and important point about using CDs to invest your money. You should only put money into a CD if you don’t need that money until the maturity date of the CD. If you need to access the money before that date you will pay a fee that will come out of the interest you have earned to that point.
Similar to the Barclays Online Savings Account, this charge is assessed for paper copies of statements sent to the customer.
As with the savings account, a charge of $25 is assessed for sending documentation to customer via Express Mail.
Barclays Bank uses the latest in online security measures to protect your information. This includes a 128-bit secure link between your browser and the bank. A Global Digital certificate signed by VeriSign will also ensure you are communicating with Barclay Bank and not another website. The site also uses a time-out to logon sessions and firewalls to block unauthorized traffic to their site.
Getting An Account
If you are interested in opening an account, you can apply right from the Barclays Online Bank website. Make sure you have your existing bank routing number and account number you’ll use to fund your Barclays Bank account. Like other financial institutions, Barclays Bank will require information to verify your identity when opening an account. You will need to provide name, address, date of birth, and other information that will allow them to identify you. To open an account, you must be at least 18 years old, a U.S. citizen or a resident alien with a valid Social Security Number, with a U.S. address. Federal law requires Barclays Bank to have a Social Security Number (SSN) on every account.
Customer Service and Support
Aside from online customer service tools, where you can submit questions or requests, Barclays Bank also has a phone line called Customer Care. The toll-free line is open 7 days a week, from 8:00 AM to 8:00 PM EST.
The Barclays Bank Online products are a great option when compared to similar products at other banks. If you determine that you don’t necessarily need your savings account directly attached to your checking account, then the online high-yield savings account at Barclays Bank offers a good rate with no monthly maintenance fees. The CDs also come in at competitive rates, and the longer-dated maturities are some of the best rates you will find. Barclays Bank itself has been around for centuries and has a solid reputation. Its foray into the online banking market is a recent endeavor, but it has stepped into the arena with products that are certainly worth a look.
Other Banks to Consider
General Questions about Barclays
This section answers your general questions about Barclays bank. Use this information to get a better understanding of the bank and its offerings.
Is Barclays a good savings bank?
Yes, Barclays is an excellent option for a savings bank. They have high-interest savings accounts that do better than comparable bank accounts.
Where is Barclays bank located?
Barclays is headquartered in London, England, but they have branches all over the world.
How big is Barclays bank?
Barclays is one of the 4 major UK banks that service 77% of UK customers. It has more than $23 billion in revenue in 2018.
Does Barclays run credit checks for savings account?
No information offered by Barclays or other parties indicates that they run a credit check for a savings account. If you’re concerned about something showing up on your credit report its a good idea to have alerts set up with credit monitoring. We recently reviewed Lifelock vs Identity Guard as such services.
Is Charter Savings Bank part of Barclays?
No, Charter Savings Bank is not part of Barclays.
Do Barclays do save the change?
Barclays does not offer a save the change program at this time.
Barclays Savings Accounts Online
We’ll answer questions about Barclays savings accounts and online functions in this section.
Can I open a Barclays savings account online?
Yes, you can open a Barclays savings account online through their website.
Can you get checks from Barclays online savings?
Barclays savings account doesn’t give you checks to withdraw money from the account, but you can deposit checks into your savings account.
Can I use my Barclays savings card online?
Barclays savings accounts do not have cards. You cannot spend directly from your account. You’ll need to transfer your money to another account to spend it.
Did Barclays online savings offer any sign-up bonus?
As of this writing there are no sign-up bonuses for Barclays online savings accounts.
Does Barclays online saving ever offer bonus?
As of this writing there aren’t any instances of Barclays offering a bonus for online savings accounts.
Can I check my Barclays savings account online?
Yes, you can check your Barclays savings account online by logging into your Barclays account. Your balance will be displayed upon successful log in. Also check out CD rates 1 year options next time you login. This can be a great way to save.
Can I close my Barclays savings account online?
No, you can’t close your Barclays savings account online. This is a security feature to protect your account. You’ll need to call the appropriate customer service number for your account.
Does Barclays online savings have an app?
Yes. You can get the Barclays US Savings mobile app from the App store or from Google Play.
Is Barclays online savings safe?
Yes, Barclays is one of the biggest and oldest banks in the world. Moreover, your savings accounts are insured by the FDIC. If you’re comparison shopping for bank then also read our Discover savings account review.
How to open a savings account online Barclays?
You can open a Barclays online savings account by going to their US website. You’ll see the option for Barclays US savings on the front page. You can also open an investing account with them and some consider them to be one of the best online broker options.
Does Barclay savings charge online transfer fee?
The only fee we could find regarding transfers is a $5 insufficient funds fee if an online transfer would overdraw your account.
Does Barclays online savings work with my bank?
Almost certainly – it’s easy to link accounts to deposit directly to and transfer directly from your Barclays Savings account.
Barclays Savings Accounts
This section covers the basic questions you have about Barclays savings accounts.
Is Barclays savings account good?
Yes. Barclays offers an APY of 2.10% That’s much higher than the interest rate you get from savings accounts at most major banks.
Is Barclays savings account FDIC insured?
Yes, Barclays Bank Delaware is a member of the FDIC.
How to make a savings account Barclays?
You can make a Barclays savings account by going online to their website and following the instructions. The site will walk you through the steps and there’s no minimum deposit. Also, while you’re at it, take a look at the best money market accounts 2020 has to offer.
How does Barclays savings account work?
A Barclays savings account works like other savings accounts, with the exception that it pays much better than most other accounts because of its 2.10% APY.
How much can I withdraw from my Barclays savings account?
There’s no limit to the amount of money you can withdraw from your Barclays savings account. However, there is a limit on how many times per month you can withdraw money.
How to withdraw money from Barclays savings account?
The only way to get money out of your Barclays savings account is to transfer that money to another linked account, like a checking account.
How to access savings account Barclays?
You can access your Barclays savings account by logging into your account online. From there you can manage your account and see your balance and statements.
Can I have sub savings accounts at Barclays?
Barclays doesn’t offer sub savings accounts but they do have tools to help you save that you can use to manage your savings for different projects or goals.
Can I have two savings accounts Barclays?
Yes, you can open multiple savings accounts at Barclays.
Can I increase my interest rate Barclays savings?
You don’t have much control over the interest rate you get with Barclays savings. If you have a substantial account, then you can work out a deal with the bank directly. Other than that there are other ways you can invest your money for higher interest. Read more: Where can I invest my money?
Can I transfer money from Barclays savings account?
Yes, you can transfer money from your Barclays savings account to another linked account.
Can you pay direct debits from a savings account Barclays?
Yes, you can use your Barclays savings account to make direct debit online transfers.
Do Barclays do a joint savings account?
Yes, Barclays does offer joint savings accounts.
Do you get a card with a Barclays savings account?
No, you don’t get a debit card of any kind with a Barclays savings account. Taked a look at prepaid cards with no fees offered by other financial institutions.
Does Barclays online saving automatically deposit my initial amount?
Barclays online savings will automatically deposit your initial amount when you provide the information needed to transfer the funds.
How many compounding periods in year Barclays savings account?
The interest rate in your account will be compounded daily using the Actual/365 (31/365) method.
What is a Barclays flexible savings account?
Barclays flexible savings account is a specialized product for UK customers that has tiered interest rates.
What is an ISA savings account Barclays?
An ISA is an individualized savings account that’s designed to help UK customers save money in a tax-efficient way.
Is Barclays good for investing?
Barclays has a service called Smart Investor which helps with direct investing. They may even have a buy stocks app but if not then we have reviewed some as well. You may also want to check out Ally Invest reviews which is known to be very competitive in the investing arena. Also compare this to our recent Acorns Investing app review.
Barclays Account Services
We’ll answer questions about account services issues for Barclays savings accounts in this section.
How to close a Barclays savings account?
You’ll need to call Barclays to close a savings account. This is to protect your account from fraud and attacks.
Can I link Barclays online saving account to my Venmo?
No, you cannot link savings accounts to Venmo.
Can I move money from PayPal to Barclays savings?
In some cases, yes. However, you’ll need to call your Barclays customer service number to get your account and routing information to do so.
Where can I use my Barclays savings card?
You should be able to use a Barclays savings card anywhere that accepts the card logo on your card, like MasterCard, Visa, etc.
How many withdrawals from Barclays savings?
US law limits savings accounts to 6 withdrawals per statement cycle.
Does Barclays savings have a debit card?
No, you don’t get a debit card with Barclays savings accounts.
How can I find my Barclays savings account number?
You’ll need to log into your account online to get the customer service phone number you need. You’ll need to call customer service to get your account number.
How fast to transfer money out of Barclays savings?
ACH transfers using Barclays savings usually take 2-3 days to complete.
How to change Barclays dream account to regular savings account?
The best way to change your Barclays dream account is to go to your local branch, as Barclays no longer offers this product.
Other Barclays Questions
This section contains questions that don’t fit into our other categories. Check here if you can’t find your question elsewhere.
Does Barclays savings account send mail?
Barclays savings accounts will send emails whenever you make a transaction to confirm that transaction with you.
Does Barclays savings do credit check?
No information indicates that Barclays does a credit check for their savings accounts. Savings accounts do not usually require a credit check. If you’re concerned about your credit it may be a good idea to have some credit fraud protection in place as an extra layer of safety.
How do I sell my Barclays shares through share save?
You need to contact share save customer service to get the answer to your question regarding Barclays shares.
How long does ACH hold clear on Barclays saving?
ACH transfers using Barclays savings accounts usually take between 2-3 days to clear.
How soon does money transfer from Barclays savings to bank?
Transferring money from your Barclays savings to your bank account will usually take between 2-3 business days.
Does Barclays refinance home loans?
We couldn’t find information about this or even refinance home rates on their site. So you may need to call them to talk about this.
Can you do debt consolidation with Barclays?
If you’re trying to do consolidate debt with a personal loan then yes. These can best debt consolidation loans sometimes because of lower interest than credit cards.