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Barclays Savings Accounts Review

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Barclays plc is a London-based, multinational investment bank that provides both businesses and individuals with financial products and services. Barclays savings accounts in the US are managed by the Barclays Bank of Delaware, which offers credit cards, personal loans, savings accounts and certificates of deposit. Barclays savings accounts feature high-rate APYs, no maintenance fees, and secure, 24/7 online access.
 
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How is Barclays Bank Savings Account rated?

Breakdown

4.5/5
Rates and fees
4.0/5
Balance Requirements
0.0/5
Availability & Type of Financial Institution
4.5/5
Financial Stability & Ratings
0.0/5
Customer Support

Overall Rating: 4.2 / 5 (Excellent)

Barclays is a sound alternative for customers who just want simple savings at a high rate and the security of a strong company, financially speaking. The maximum balance for Barclays' savings accounts are higher than most and, although customer feedback online is mixed, its reputation is relatively good. However, consumers should consider that the division of Barclays that provides savings accounts in the US features no branch offices or ATMs, which means withdrawals are only possible through the use of a linked account.

Barclays Bank Savings Account Account Features

Balance Requirements - 4 / 5

Barclays offers a tiered APY range up to 4.35% APY (with $250,000 minimum balance), one of the highest among online savings accounts. Interest is credited in every monthly statement cycle and compounds daily. Customers can use the Barclays US Savings mobile app to deposit checks remotely and view their account information. Unfortunately, direct withdrawals are impossible with Barclays as it is an online bank only–customers need to transfer their funds into a linked account before being able to withdraw them.

APY (Annual Percentage Yield)

4.35%
Interest Compounded
Daily
Mobile App
Yes
Debit/ATM Card
No
Branch Offices
Barclays Bank has branch offices in New York (headquarters), Georgia, Illinois, Massachusetts, and Texas.

Barclays Bank Savings Account Fees and Restrictions

Rates and fees - 4.5 / 5

Barclays places a withdrawal and transfers limit of $250,000 per monthly statement cycle per account. Customers may make up to 6 withdrawals from their savings account per cycle as is standard under Federal regulation. This includes preauthorized, automatic, and telephone transfers. The maximum amount of funds that may be deposited in a Barclays savings account is $5,000,000. The company does not require a deposit to open its accounts, nor does it penalize customers based on their balances. However, in order to accrue interest, savings account customers must maintain a balance that would earn them at least $0.01. Barclays charges a $5 for insufficient funds (overdraft), which is lower than what other banks charge customers for.

Fees

Maintenence
Insufficient Balance Fee
Inactivity Fee
Passed Monthly Transaction Limit Fee
Returned Deposit Fee
Overdraft Fee
Out of Network ATM Fee
Minimum Opening Deposit
$0
Minimum Balance for Promotional APY
Customers must maintain a minimum balance that would earn them at least $0.01 in interest.
Minimum Balance to Avoid Penalty
$0
Withdrawal Limit
$250,000
Transfer Limit
$250,000
Maximum Balance
$5,000,000

Barclays Bank Savings Account Reputation & Financial Strength

Financial Stability & Ratings - 4.5 / 5

Barclays Bank has strong financial ratings, currently holding an A with S&P and an A2 with Moody's. Barclays Bank Delaware has a relatively strong reputation online–is accredited and rated A+ by the BBB. Customer service representatives are available seven days a week, from 8:00 am to 8:00 pm Eastern Time. Consumers may contact the company via phone call or email.
Year Founded
2000
Standard & Poor's Financial Rating
A
Moody's Financial Rating
A2
Consumer Financial Protection Board (CFPB) Complaints
5,963

Contact Methods

  • Phone
  • Email
BBB Rating
A+
BBB Total Complaints
1,147
BBB Resolved Complaints
163
Customer Support Hours
7 days a week, 8:00 am - 8:00 pm ET
Live Help 24/7
Yes

Company Profile

Full Name
Barclays Savings Accounts
Company Website
https://www.banking.barclaysus.com/index.html
Headquarters
125 South West Street, Wilmington, DE, 19801

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Top Rated
Our Partner

Earn 4.35% APY* with $0 balance

  • $200 Bonus with Qualifying Activities. Terms Apply.
  • $0 Min. Balance to Earn APY on Barclays' Tiered Savings
  • No Monthly Maintenance Fees
  • Deposits are FDIC Insured²

*Rate as of 12/16/2024

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