Pros

1.50% APY on savings, about the best you'll find
$5 nonsufficient funds fee; many banks charge $30 or more for similar fees

Cons

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

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 and the latest technological features, 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 Nov. 30, 2017

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 1.50% 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
1.50%
APY
$1
Min. balance for APY
Learn moreat Barclays
Online CD
2.55%
APY
$1
Min. balance for APY
5 years
Length of term
Learn moreat Barclays
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
Poor
Website / app
Poor
Rates
Poor
Fees
High
Terrible.
There was an issue with the bank account I used for direct deposit by no fault of my own and Barclays restricted and then closed my account without warning, made threats over the phone, and stole and/or lost the money in the account and in transit. Claim the money will post to my checking account eventually but it has been serveral days with no sign of my money. Absolutely the worst customer service I had ever experienced and a scam of a bank.
Overall
Customer service
Poor
Website / app
Poor
Rates
Poor
Fees
High
This company scares me.
They put your funds on hold five days but when you call them ask why it takes so long to release its actually seven days. Customer service rep are argumentative.
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