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
1.50%
APY
$1
Min. balance for APY
Learn moreat Barclays
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Overall
Customer service
Poor
Website / app
Excellent
Rates
Poor
Fees
High
Closed accounts
Barclays closed my credit accounts without never being delinquent or missed payment. Still have to pay interest fees even though they closed my accounts. Was a current customer.
Overall
Customer service
Poor
Website / app
Poor
Rates
Excellent
Fees
Fair
They lost my money
I tried to open a 12 month CD. Their website didn’t work for two days. Finally the website was able to process my application. It stated that funds must be deposited within 14 days. I sent two checks. One arrived and was deposited. The other was delayed and arrived on day 16. The cashed the $500- check and lost the money. I keep calling and their customer service number is not operational. When I did get a hold of them they said they would direct deposit the money into my checking account in 48 hours and then call me back. It’s been three days. I Again their customer service number is not working. Finally I tried calling their credit card customer service and got ahold of bank customer service they say all computers are down and they have no idea when they will be back up.
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