at Barclays,

Member, FDIC

Pros

1.90% APY on savings, among the best you'll find
$5 nonsufficient funds fee; many banks charge $30 or more for similar fees

Cons

No ATM network or branch locations for U.S. customers
No checking account
No cash deposits or withdrawals from ATMs

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Overall

4.0

London-based Barclays provides services to 48 million people worldwide. Its U.S. banking operation, which is only online, offers excellent annual percentage yields on savings accounts and certificates of deposit — but it doesn’t offer a checking account.

 

Barclays also lacks a branch network, so it’s best suited for consumers who prefer a hands-off approach to saving money. But if you value high savings rates, you might be able to overlook these limitations.

 

Ratings methodology | Updated May 31, 2018

Savings

5.0

With low fees and some of the highest interest rates around, Barclays is the bank to boost your savings. The Online Savings account pays 1.90% APY and has a tool for setting savings goals. There are no monthly fees or minimum balance requirements.

 

Most banks charge $30 or more for overdraft fees, but Barclays has only a $5 nonsufficient funds fee, charged if an online transfer would overdraw your account.

 

Want to see more options? Check out NerdWallet’s best high-yield online savings accounts

Online Savings Account
APY
1.90%
Min. balance for APY
$1

at Barclays,

Member, FDIC

Online CD
APY
3.10%
Min. balance for APY
$1
Length of term
5 years

at Barclays,

Member, FDIC

How does Barclays compare?

Barclays

Online Savings Account

NerdWallet Rating

at Barclays,

Member, FDIC

APY

1.90%

Monthly Fees

$0

Bonus features

No Monthly Fee

Competitive APY

Goldman Sachs Bank USA

Online Savings

NerdWallet Rating

at Goldman Sachs Bank USA,

Member, FDIC

APY

1.95%

Monthly Fees

$0

Bonus features

No Monthly Fee

Competitive APY

American Express National Bank

High Yield Savings Account

NerdWallet Rating

at American Express National Bank,

Member, FDIC

APY

1.90%

Monthly Fees

$0

Bonus features

No Monthly Fee

Competitive APY

Not for you? Read more bank reviews
NerdWallet reviews are the result of independent research by our editorial team while accountholder reviews are contributions from independent users not affiliated with NerdWallet. Banks, issuers and credit card companies are not responsible for any content posted on the NerdWallet site, nor do they endorse or guarantee any posted comments or reviews.
Overall
Customer service
Excellent
Website / app
Excellent
Rates
Excellent
Fees
Low
Perfect for saving...
The reason I went with an online savings account was for one reason, so I do not have quick access to my funds. I wanted an online savings account to do exactly what it's supposed to do... Save my money. I love the fact, they do not have an ATM network or debit cards. If I really need to withdraw money I have to do a transfer which takes a day or two. So the only way I'm withdrawing my money is if I really need it or planned for. Having an ATM card kind of defeats the whole purpose of a savings account in my opinion. They charge absolutely nothing to have these accounts that I have with them, and no minimum requirement and also no fees or maintenance fees. I have had so much trouble saving money in the past, and this just makes it so easy. Customer service was very easy to reach, and was able to resolve any issue or answer any question I had immediately. So if you are looking to honestly save your money, why would you go anywhere else? Especially at 1.90%...
Overall
Customer service
Fair
Website / app
Good
Rates
Excellent
Fees
Low
New Customer learning the ropes
Just joined for the rates on savings/CDs. Opening my account was fairly easy but transfers regulations get in the way. Fed laws not their fault. You need an ACH account to transfer funds to them. Mailing paper checks for deposit only go to a midwestern state for processing. The have a check upload image process that I have not tried to use. Imagine image quality requirement is high. Once established, I plan to use for secure, high rate investments of my retirement funds as I remove them from my 401K. Local bank offering .025% while Barclays offers 1.85%. Huge. May not be everyone's cup of tea with learning curve but well worth the effort in my book.
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