Barclays Online Savings Review 2018: Excellent Interest Rates on Savings

3 minute read | 10/30/18Oct. 30, 2018

Why Barclays Online Savings Account

☑️ Barclays Online Savings boasts a consistently higher interest rate than traditional banks

☑️ No minimum opening deposit and no minimum monthly balance required

☑️ 24/7 online access to your funds and account

If you’re looking to boost savings, the Barclays Online Savings Account checks many of the boxes for what’s essential to look for in a savings account, including a high interest rate, a focus on cutting fees, and exceptional convenience.

Nearly 50 million people around the world entrust their money to Barclays – one of the largest and oldest banks in the world. And, while it’s still headquartered in the UK (where it was founded), they’ve branched out to over 50 countries and have a respected global brand.

At a Glance: Barclays Online Savings

  • No minimum opening deposit
  • No minimum monthly balance
  • Low fees: 6 free withdrawals or transfers per statement, then $5 thereafter; 4% NSF fee, $0.50 paper statement fee
  • 24/7 online access to your funds
  • Easy online transfers to other bank accounts
  • Direct deposit capabilities

Who It’s Best For

  • If you’re looking for an online savings account with consistently high interest rates
  • If you have more than $10,000 in deposits to take full advantage of the high APY
  • If you typically prefer online banking as a whole, including online deposits
  • If you’re interested in CD investments at the same banking institution to keep things simplified

Why We Like it

High APY

Barclays Online Savings Account delivers a competitively high rate of 2.05%. It’s worth mentioning that the stated rate applies to all balances, whereas some competitors offer tiered rates that decline as balances increase or they offer a promotional rate that expires after a set period of time.

No Minimum Deposit

Waiving the minimum deposit adds convenience that customers may find valuable.

No Monthly Maintenance Fee

Low to no fees are the norm for high-yield online savings accounts, like the Barclays Online Savings Account. For us, this is one of the most important features for a prospective savings account, given that fees can quickly wipe out interest earnings.

Convenient Mobile App

Having 24/7 access to your account through a convenient mobile app is a must-have for an online savings account, and savers will likely value making mobile check deposits and free electronic transfers. Customers have reportedly high satisfaction rates using the app, with special mention of speedy check deposit processing.

What Could Be Improved

Withdrawal Limit

Likely not a deal-breaker – especially since this account has exceptionally low fees compare to other accounts – but the fee for surpassing 6 withdrawals during a statement cycle is $5 per transaction. If you expect to make a lot of withdrawals, you may want to consider an alternative savings account with no withdrawal fees (though you may also want to consider a different kind of account altogether, given that most savings accounts are limited to 6 withdrawals each month, whether or not they charge account holders for overages).

ATM Withdrawals

Unlike a checking account, you won’t be able to access your funds at an ATM. This may be a big deal, depending on your personal situation, but it may be a good way to separate yourself from the temptation of spending money from your savings accounts while out and about. The only way to move your money from the account is by electronic transfer or requesting a physical check to be mailed to you.

How to Sign Up

Opening an account is easy and can be done in a matter of minutes. To sign up, follow these 4 simple steps.

1. Head to Barclays website and click on “Open an Account.”

2. Provide your name and email to open your account. You’ll also be asked to provide your Social Security Number, banking details of the account you want to use to fund your new Barclays account, and information about your joint account holder (if you have one).

3. Choose an opening deposit (there’s no minimum and you can always deposit more funds later).

4. Link your bank account and provide the required information to complete your signup.

Sign-up for Barclays Online Savings and start earning higher interest rates.

Funding Your Account

Your account can be funded via the standard means, including free electronic transfer from an external account, mobile check deposit, payroll or Social Security direct deposit, and mailing a physical check.

Withdrawing From Your Account

You can make standard withdrawals from your account via electronic transfers to an external account or by mailing a physical check.

Disclaimer: This content and the opinions expressed here are the author’s alone and have not been provided, commissioned, or endorsed by any financial institution. All information was accurate at the time of publication but terms and conditions may change at any time.


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