High returns, low fees, and convenient account administration features are critical features of the greatest savings accounts. If you are looking for a competitive APY and prefer to do your banking online, the Barclays Online Savings account is an excellent option. In this review, we will take a close look at the Barclays Online Savings account and all the benefits it provides.
List of Contents
Barclays Online Savings Account’s Overview: Website
Barclays online savings is one of the largest and one of the oldest banks in the United Kingdom. It has been around since the 1600s. Barclays credit cards have been around for more than 50 years. Significantly, their popularity shows no signs of slowing. Moreover, it is one of the most popular options for online banking right now, even though its name is less well-known in the United States than in other areas of the world. In addition, the savings account yields and CD rates offered by Barclays U.S. are among the highest currently available, and the bank does not impose any minimum balance requirements.
Deposit & Withdrawal Options
There are several ways to deposit and withdraw funds from your Barclays Online Savings account, as follows:
Deposit Options
There are four methods to deposit funds into your Barclays Online Savings account:
- Mobile deposit
- Direct deposit
- Electronic money transfer
- Cashier’s check
Barclays does not accept money orders, cash deposits, wire transfers, or checks handed over to a third party that is not mentioned in the check.
Withdrawal Options
When you withdraw funds from your Barclays Online Savings account, you can submit the following withdrawal requests:
- Electronic money transfer
- A cheque mailed from Barclays
The online transfer of funds from your Barclays account to your external bank account might take up to three working days.
Benefits and Drawbacks of Barclays Online Savings Account
Benefits
✔ $0 per month maintenance cost
✔ 3.00% APY
✔ $0 minimum deposit and no minimum balance requirement
✔ Highly rated mobile app
✔ FDIC coverage
Drawbacks
✘ Branch accessibility
✘ Cash-withdrawal ATMs
✘ Limited accessible accounts
Benefits
- $0 per month maintenance cost
The standard for high-yield online savings accounts is little or no fees. Given that costs may quickly negate interest profits, this is one of the most significant characteristics of a potential savings account.
- 3.00% APY
The Barclays Online Savings account offers a comparably high APY of 3.00%, which is applicable to all balances. Considering that some rivals provide tiered rates that grow as balances climb or a special rate that expires after a certain length, this is a wonderful perk.
- $0 minimum deposit and no minimum balance requirement
No minimum amount is necessary to open or maintain a Barclays account, making it a perfect option for people just beginning to save. Even avid savers will welcome that you won’t be punished for withdrawing funds from your savings account and leaving it with a low level.
- Highly rated mobile app
Mobile convenience is a must-have for online savings accounts with a highly-rated mobile app. Barclays Online Savings account holders are able to make mobile check deposits and free electronic transfers. Users have also been awarded good ratings for both the iOS and Android applications.
- FDIC coverage
Finally, Barclays Online accounts are FDIC-insured in the same manner as regular bank savings accounts. In the case of a bank failure, you are protected for up to $250,000 per depositor per institution.
Drawbacks
- Branch accessibility
Barclays has only a few locations in a few U.S. states. This means most consumers are out of luck when receiving local in-person service or taking care of transactions at a nearby branch. This is a typical disadvantage of internet savings accounts.
- Cash-withdrawal ATMs
Withdrawals may only be made through cheque or wire transfer to an external bank. This makes withdrawing funds from your Barclays Online Savings account time-consuming and takes several days.
- Limited accessible accounts
Barclays focuses on online savings, and the types of accounts you can open are limited. For instance, you cannot open a checking account with Barclays now. You must look elsewhere if you prefer to do all of your banking at a single location.
Is Barclays a Worth Savings Account to Get?
You should consider the Barclays Online Savings account if you value a high yield and low fees over in-branch assistance and ATM access. Those with large balances have the greatest earning potential with this account. However, no minimum balance requirements exist, so anyone can benefit from its high APY.
FAQs
Barclays Online Savings Account is a type of savings account offered by Barclays Bank that allows customers to manage their savings online, including making deposits and withdrawals, setting up automatic transfers, and checking their account balance.
To open a Barclays Online Savings Account, you can visit the Barclays website, select the Online Savings Account option, and follow the instructions to open an account online. You will need to provide some personal information and verify your identity to complete the process.
The interest rate for Barclays Online Savings Account is variable and subject to change. However, as of my knowledge cutoff date of September 2021, the interest rate was 0.40% APY.
Barclays Online Savings Account does not charge any monthly maintenance fees or account opening fees. However, there may be fees for certain services, such as outgoing wire transfers or excessive withdrawals.
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