Barclays Tiered Savings Review [2024]: High APY, but No ATM Access

Barclays Tiered Savings basics

What we like about Barclays Tiered Savings

• Up to 4.80% APY: Barclays offers a competitive interest rate that blows traditional banks out of the water. This high yield means your money will grow faster without any extra effort on your part.
• User-friendly online and mobile app experience: Managing your savings is easy with Barclays' intuitive online interface and mobile app. You can check your balance, make transfers, and deposit checks right from your phone. Unfortunately, the app doesn’t provide a live chat feature, but you can send a secure message if you have a question about your account via the desktop site.
• No minimum balance or direct deposit requirements: Some banks make you jump through hoops to avoid fees, but not Barclays. You can open an account with as little as $1 and you don't need to set up direct deposit either, which makes it perfect for savers of all levels.
• No monthly maintenance fee: No maintenance fees are pretty typical for high-yield online savings accounts. For me, this is one of the most important features since these fees can quickly wipe out interest earnings.
• FDIC insurance of up to $250,000 per depositor: With FDIC coverage, you have peace of mind knowing your hard-earned savings are protected even if the bank runs into trouble. It's a must-have in my book.
• Links easily to external bank accounts for transfers: Barclays makes it simple to link your other bank accounts for seamless transfers. You can even set up automatic transfers to boost your savings without thinking about it.

What Barclays Savings could improve

• No option to deposit cash without visiting another bank: If you deal with a lot of physical cash, Barclays isn’t a convenient choice since you can't deposit it directly. You'll need to put it in another bank account first and then transfer it over. It's an extra step that could be a pain if you make frequent cash deposits or want to keep your money in one place.
• $5 excess withdrawal fee after 6 transactions per cycle: This is likely not a deal-breaker, especially since this account has low fees compared to other accounts, but the fee for surpassing six withdrawals during a statement cycle is $5 per transaction.
  
  Most savings accounts are limited by federal regulation to six withdrawals each month, whether or not they charge account holders for overages. If you expect to make a lot of withdrawals, you may want to consider a checking account instead.
• No live chat option, and customer support isn't available 24/7: If you have a late-night banking emergency, you'll have to wait until morning to get help from Barclays. Their customer service is only available on weekdays from 8 AM to 8 PM Eastern. It's not the end of the world, but many banks offer live chat and/or longer hours.
• $5 million maximum balance across all Barclays accounts: Big savers might hit a snag with Barclays' $5 million total balance limit across all accounts. It's probably not an issue for most people, but it’s good to be aware that you’ll need to look elsewhere if you reach that threshold.

Who should open a Barclays Tiered Savings account?

The Barclays Tiered Savings account is a great high-yield savings option for anyone who:

• Wants to earn significantly more interest than a typical savings account
• Is comfortable banking online or through a mobile app
• Doesn't need to make frequent withdrawals or cash deposits
• Prioritizes low fees and no minimum balance requirements

Withdrawing money from a Barclays Tiered Savings account

Since there are no branches or ATMs, the only way to withdraw money from your Barclays Tiered Savings account is by electronic transfer to an external bank or by requesting a mailed check.

Transferring to an outside bank can be done online or through the app with just a few clicks. You can schedule one-time or recurring transfers at any frequency. The money typically takes 2-3 business days to move between accounts.

If you prefer, you can request that Barclays mail a check directly to you. I've read reports of users saying their checks arrived via standard mail in 5-7 business days.

Other account fees

Barclays Tiered Savings customer service

You can always check your balance or initiate a transfer yourself by logging in to your online banking account or using the Barclays US app, which is available for both iPhone and Android devices. You can also call 1-888-710-8756 for support, Monday through Friday, 8 a.m.to 8 p.m. Eastern.

If you have a quick question, you can also contact Barclays customer service via social media. You can tweet @AskBarclaysUS, but make sure you don’t include any private information like your account number, as your tweet will be publicly viewable.

Barclays also accepts mail correspondence, which might be best for logging a formal complaint or dispute. Its address is:

Barclays
P.O. Box 2460
Cranberry Twp., PA 16066

Alternatives to Barclays Tiered Savings account

While Barclays offers a competitive APY, there are other accounts that come with similar features and benefits and offer even higher APYs:

High Yield Savings Account from Customers Bank

The High Yield Savings Account from Customers Bank outperforms many of its competitors with a 4.76% APY². That’s higher than Barclays, and it has no monthly maintenance fees and only requires a $1 minimum deposit.

It also has physical locations in a few states. This is a better option if you prefer a bank you can visit and live near one of Customer Bank’s branches.

Visit Customers Bank

SoFi Checking and Savings

SoFi® provides both a savings account and a checking account with its offer, so it’s ideal if you need both. You can earn up to 4.60% APY³ on savings with qualifying direct deposits.

There’s no minimum balance requirement, and you don’t have to worry about monthly maintenance⁴ or overdraft fees⁵. It’s another online-only option, but it comes with features like early paycheck access.⁶

Visit SoFi® or learn more in our SoFi Checking and Savings review.

FAQs

Featured High Yield Savings Accounts

SoFi Checking & Savings - Earn Up to $300 When You Set Up Direct Deposit

Earn up to 4.60% APY⁷ and collect up to a $300 cash bonus with direct deposit or $5,000 or more in qualifying deposits.³ FDIC Insured.⁸

Open Account

Barclays Tiered Savings - 4.80% APY¹

High-yield savings account. Highest APY tier requires a minimum balance of $250,000 or more.

Open Account

Bottom line

If earning a high interest rate is your top priority for an online savings account, Barclays Tiered Savings offers up to 4.80% APY.

Combined with no monthly fees, easy online access, and the convenience of mobile apps, it’s a compelling choice for growing your long-term savings without fees eating into your earnings.

The biggest trade-off is the lack of branches or ATMs. As long as you're comfortable managing everything digitally and don't need to make frequent withdrawals or cash deposits, this account is a great choice.

Learn More

High 4.80% APY to earn more interest than traditional savings accounts

No minimum deposit required to open account

No monthly maintenance fees

FDIC insured up to $250,000