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Barclays Review

Sunday, October 1st

2023 Online Savings Account Reviews

Barclays Review 2 Star Rating


2 Star Rating
  • 4% APY for savings
  • 4.30% to 4.90% APYs for CD
  • Mobile app available
  • Limited ATM network
  • "A" rating from the BBB

Barclays Bank is a multinational financial services company that offers a limited selection of deposit products online in the United States. If you're looking for high-yield savings or CD rates, Barclays could be a good option for you. The bank offers two options for savings accounts and certificates of deposit with no minimum deposit requirements and a high annual percentage yield (APY). The online savings account is especially appealing with an APY of 4%.

Getting started

If you're interested in opening an account with Barclays, neither the savings account nor the CDs require a minimum balance or monthly service fees. To open an account, you can easily do so online, and the bank provides excellent customer service seven days a week, from 8 a.m. to 8 p.m. Eastern time.

Account options are limited but straightforward

For the savings account at Barclays, you get a guaranteed 4% APY no matter your account balance. There is no requirement for a minimum opening balance or deposit. However, in order for interest to be credited to the account, the account holder must maintain a minimum balance that would earn at least $0.01 from the APY interest. In terms of the CD account, Barclays offers a fixed-rate APY, and you can benefit from interest that compounds daily, without worrying about hidden fees or minimum balances. Plus, it's easy to transfer funds in and out of the account, making it a convenient option for those seeking low-risk investments. The APYs range from 4.30% to 4.90% depending on which commitment length you choose. The highest APY is on a 12-month commitment.

Some access drawbacks

It's important to note that the bank does have some drawbacks. For example, the bank offers a limited selection of deposit products. Additionally, the Barclays Online Savings Account doesn't have ATM access, and other online banks offer a higher yield. On the other hand, if these factors are not a concern for you, then Barclays may still be a suitable choice.

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Mobile access is just average for iOS, poor for Android

When it comes to Barclays' mobile experience, the bank's app scored 3.5 on iOS and 1.8 on Android users. While the bank has a limited branch and ATM network, it does offer the ability to make mobile deposits, which is a plus. However, with the low mobile app ratings, especially for Android, this bank may not be ideal. Especially since this bank is 100% online, it's fairly disappointing to see a poorly-made mobile app.

Bare bones website

Another concern we have about Barclays is how minimal the website is. While it's easy enough to navigate, there just isn't as much information on the pages as we've seen at other banks in our review. This comes across as not offering customers enough information and could cause prospective clients to feel less confident about using Barclays for their online savings.

Not a top choice with reviewers

In order to get a good idea of where Barclays stands with customers, we checked out the reviews and rankings for the bank. Barclays has an "A" rating with the BBB, but only a 2.7-star average out of 5 stars across review sites. On the BBB site itself, Barclay has only 1 star for customer satisfaction out of hundreds of reviews. Customers are complaining about "glitches" in the website as well as difficulty getting in touch with customer service. Clients were especially frustrated by using a credit card through Barclays as well as transferring payments. On the other hand, the few customers who did like Barclays appreciated the high APYs and competitive interest rates.

Better choices available

While Barclays Bank may offer competitive interest rates for its online savings and CD accounts, there are several drawbacks that should affect customers' desires to open an account here. With low mobile app ratings and user ratings, a bare-bones website, and negative feedback on customer service, Barclays doesn't stand out as a top example of online banking. Given these concerns and the low ratings from customers, it may be wise to explore other options before opening an account with Barclays.

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Where is the Best Place to Open an Online Savings Account?

Feeling let down by your current bank and looking to spruce up your finances? Or maybe you're about to open your very first savings account and want to make sure you're getting all the bells and whistles? Deciding who to trust with your savings is a big deal and it's crucial for your financial wellbeing. With so many banks and online institutions, it can be overwhelming to hunt for the best interest options or rewards. Switching banks, or opening a new savings account, can feel like a lot.

But first, some background: a savings account is a type of bank account that is specifically designed for saving money. It's an account that you can deposit money into and earn interest on the balance. Unlike a checking account, which is used for everyday transactions like paying bills or buying groceries, a savings account is intended for long-term saving.

The Best Online Savings Accounts Compare Online Savings Accounts Compare Online Savings Account Reviews What are the best Online Savings Accounts Best Online Savings Account Reviews

Online Savings Account FAQ

An online savings account is a type of bank account that is managed entirely online through an institution's website or mobile app. With an online savings account, customers can deposit and withdraw money, check their account balance, view transaction history, and manage their savings goals entirely through an online interface. Online savings accounts typically offer higher interest rates and lower fees than traditional brick-and-mortar banks due to the lower overhead costs associated with online-only banking.
An online savings account offers several benefits over traditional savings accounts. First, online savings accounts typically offer higher interest rates than brick-and-mortar banks. They also usually have no fees - or, at least, lower fees than traditional banks. Finally, online savings accounts are accessible 24/7, providing customers with convenient and flexible access to their funds.
Managing your savings online is generally safe if you take the necessary precautions, such as using strong passwords and regularly monitoring your account. Many online banks are insured by the FDIC, so the funds in your savings account will be insured up to the maximum amount allowed by law, which adds an extra layer of protection. Additionally, online banks use advanced security measures such as encryption to protect your personal information and transactions.
Generally, online savings accounts offer higher APYs compared to traditional brick-and-mortar banks due to lower overhead costs. Some online savings accounts may offer tiered APYs based on the account balance, while others may offer a fixed APY for all account balances. It's important to compare APYs across different online savings accounts to find the one that best suits your needs.
Yes, you can use an online savings account for bill payments and direct deposit in many cases. While savings accounts are typically meant for saving money and not for everyday transactions, most online banks offer features that allow you to easily transfer money between your savings and checking accounts. However, it's important to note that there may be some restrictions or fees associated with using a savings account for these types of transactions, so it's always a good idea to check with your bank to make sure you understand their policies and any potential fees.
Yes, you can deposit checks into an online savings account. Most online banks offer remote deposits through their mobile banking apps. You simply take a photo of the check with your smartphone and submit it through the app. Some banks may also offer other options for depositing checks, such as mailing them in or depositing them at a partner ATM.
While the short answer is usually "yes" , it depends on the online savings account and the bank's policies. Most online banks do not have physical branches or ATMs, so it may not be possible to deposit cash directly into the account. However, you can deposit using a third-party payment service, or depositing cash at a network ATM. It is best to check with your specific online bank to see what options are available for depositing cash.
The minimum balance required for an online savings account varies by bank. Some banks don't require a minimum balance at all, while others require a certain amount to avoid fees or earn higher interest rates.
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Continued from above...

Many people use savings accounts to set aside money for things like a down payment on a house, a new car, or an emergency fund. One of the biggest benefits of a savings account is that it can help you build wealth over time. As you continue to save money, the interest earned on your balance can compound, meaning you earn interest on both the money you deposit and the interest you earn. Over time, this can add up significantly and help you achieve your financial goals. Additionally, savings accounts are generally considered to be low-risk investments, making them a great option for people who are risk-averse or new to investing.

Banks and financial institutions offer various types of savings accounts that cater to different needs and goals. Some common types of savings accounts include a basic savings account, which is a standard account that usually has a low minimum balance requirement and earns interest on the balance. High-yield savings accounts are another option. These typically offer a higher interest rate than basic savings accounts but may require a higher minimum balance in the account.

Money market accounts are similar to savings accounts but often offer higher interest rates and allow you to write a limited number of checks per month. Certificates of deposit (CDs) are time-bound accounts that require you to leave your money in the account for a fixed period in exchange for a higher interest rate. Individual Retirement Accounts (IRAs) are specialized accounts designed for retirement savings and offering tax benefits.

So, how do you find the best savings account for your needs? There are a lot of factors to consider for account types and which institution can offer you the best service overall. If you're not sure where to start, you can check out this list that should help you narrow down your options:

  • Fees: While many online savings accounts offer accounts for no fees, there are just as many that do require minimums, or at least that customers meet a daily balance minimum to avoid fees. Keep in mind how much you're willing to pay each month (and what you need to do to keep an account free of charge) as you look over savings account options.
  • Customer Service: Customer service is key, especially when your money is involved. Looking at feedback for customer service at different banks may help determine who you want to support your financial security.
  • APYs: One of the biggest differences in savings account options is how much you'll make in APYs. Some APYs are fixed, while others depend on your account balance. Keep an eye on how much you'll be earning for your money when you choose your next savings account.
  • Savings Options: General savings accounts aren't the only options to increase your savings. With CDs and Money Market accounts, many banks offer a variety of places to improve your savings. Knowing what kind of account you want will help you decide where to start banking next. Not all banks offer the same benefits or account types.

To make opening your next savings account as easy as 1, 2, 3, Top Consumer Reviews has evaluated and ranked the most popular options on the market. We hope this will help you decide which financial institution is the best place to keep track of your savings.

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