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

Barclays Tiered Savings basics

What we like about Barclays Tiered Savings

• Up to 4.65% 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 4.16% APY² <p>APY means Annual Percentage Yield. APY is accurate as of November 8, 2024. This is a variable rate account, Interest rate and APY may change after initial deposit. Minimum initial deposit to open account and earn interest is $1.00.</p> . 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 4.00% APY³ <p>SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Dec. 3, 2024. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a></p> on savings with qualifying direct deposits.

There’s no minimum balance requirement, and you don’t have to worry about monthly maintenance⁴ <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p> or overdraft fees⁵ <p>Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.</p> . It’s another online-only option, but it comes with features like early paycheck access.⁶ <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>

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

FAQs

Featured High Yield Savings Accounts

4.8

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

Earn up to 4.75% APY

Earn up to 4.75% APY⁷ <p>LevelUp Rate of 4.75% Annual Percentage Yield (“APY”) is applied to the full balance of LevelUp Savings accounts that receive a total of at least $250 in deposits during the Evaluation Period. Otherwise, accounts will earn the Standard Rate of 3.75% APY. Interest payments, account bonuses, account credits and reversals or refunds from the bank are not considered deposits for rate evaluation purposes. All LevelUp Savings accounts earn the LevelUp Rate at account opening and continue to earn the LevelUp Rate until the First Evaluation Period, to provide an opportunity to set up deposits. </p> <p>An Evaluation Period is a statement cycle. The First Evaluation Period will be the third statement cycle after you open your account, with any rate change becoming effective the next statement cycle. For example, if you open in August, the first Evaluation Period would be October with any rate change effective in November. Any rate changes will take place on the second business day and will be based on deposits in the previous statement cycle. </p> <p>APY accurate as of 11/25/2024. Rates are variable and subject to change at any time without notice, at the sole discretion of the bank. Fees may reduce earnings. $0 minimum opening deposit.</p> when you open a new LevelUp Savings account and deposit $250+ per month. Member FDIC.

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5.0

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

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

Earn up to 4.00% APY⁸ <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) <b>OR</b> $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at <a href="http://sofi.com/banking">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p> <p>SoFi members with Direct Deposit can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.00% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of Dec. 3, 2024. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a></p> and collect up to a $300 cash bonus with direct deposit or $5,000 or more in qualifying deposits.³ <p>SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Dec. 3, 2024. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a></p> FDIC Insured.⁹ <p><b>SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/terms">SoFi.com/banking/fdic/terms</a> See list of participating banks at <a href="http://sofi.com/banking/fdic/receivingbanks">SoFi.com/banking/fdic/receivingbanks</a></b></p>

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Bottom line

If earning a high interest rate is your top priority for an online savings account, Barclays Tiered Savings offers up to 4.65% 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

4.5

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

High up to 4.65% 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