at Barclays,

Member, FDIC

Pros

1.50% 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, 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
APY
1.50%
Min. balance for APY
$1

at Barclays,

Member, FDIC

Online CD
APY
2.80%
Min. balance for APY
$1
Length of term
5 years

at Barclays,

Member, FDIC

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
Watch out!
I refinanced our home to pay off debt and one was a Barclay card. Somehow we over paid so I expected to send back the balance, about $200. I waited for two months then scoured their website and then their statement. In extremely fine print, it said I needed to call and request the balance. They then said it would take 10 business days and would come by regular mail since I had a business address. That was news to me because we are right in the middle of a residential neighborhood and not s business. Lesson learned, watch these people like a hawk!
Overall
Customer service
Good
Website / app
Excellent
Rates
Fair
Fees
Fair
Excellent websiter for savings and CDs
Lots of options to change maturity and interest disbursements online. Rates average.
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