Pros

$5 nonsufficient funds fee; many banks charge $30 or more
1.20% APY on savings, about the best you'll find

Cons

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

Overall

4.0

Barclays is based in London and serves 48 million people worldwide. Its U.S. banking operation, which is only online, offers excellent annual percentage yields, but you’ll need to pair its services with another bank if you need a checking account because Barclays doesn’t offer that service.

If you value high savings rates, though, you may be able to overlook this limitation and a few others. Barclays also lacks a branch network and the latest technological features, so the bank is best suited for consumers who take a hands-off approach to saving money.

Ratings methodology | Updated May 5, 2017

Savings

5.0

With low fees and some of the highest interest rates around, Barclays is the bank to boost your savings. The Dream Account and Online Savings Account offer 1.20% APY and reward you for staying on track with savings. And there are few or no fees.

Whereas some banks charge pricey overdraft fees, Barclays has a $5 nonsufficient funds fee charged if a transfer or withdrawal would overdraw your account.

Online Savings Account
1.20%
APY
$1
Min. balance for APY
Learn moreat Barclays
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Overall
Customer service
Poor
Website / app
Poor
Rates
Good
Fees
Low
terrible security
Run far away from Barclays! I've banked with them personally for a few years without any problems but when I recently tried opening a joint savings account with my husband we ran into trouble verifying his identity. Whoever is on the other end of depositresearch@barclaycardus.com is really rude an unhelpful. We had a misunderstanding about how many documents to send and, rather than email us back clarifying, they just.....did nothing. I eventually had to followup and ask why I hadn't heard anything in a month. But the bigger problem is that it turned out that Barclays wanted a copy of his social security card, his passport, and utilities *sent over unencrypted email.* Just scanned and sent for any old hacker to access. Totally insane for a major international bank. Anyway, since that's how they treat customer security, I'm closing my personal account and going elsewhere. But seriously unprofessional in the dumbest way possible.
Overall
Customer service
Poor
Website / app
Good
Rates
Fair
Fees
Fair
Horrid Customer Service
I've had a Barclay Rewards MC for 2 yrs and have never had a late payment until June, when I was 7 days late. Due to an extended illness by a family member finances have been tight, but I always pay above to minimum amount due in an effort to pay off the balance. In early August I had a large, unexpected mechanical expense. When I realized on 8/2 that I would not be able to pay on my due date of 8/9/2017 I contacted Barclay via e-mail and asked for a 4 day extension as I would be getting paid on the 12th. 4 measly days! But no, they were "regretfully unable to assist me," which resulted in me accruing a late fee of 29.99. Money grubbing at it's most base level! Will never spend another dime with Barclay.
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