Pros

$5 nonsufficient funds fee; many banks charge $30 or more
1.30% 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 1.30% 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
1.30%
APY
$1
Min. balance for APY
Learn moreat Barclays
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Overall
Customer service
Excellent
Website / app
Excellent
Rates
Excellent
Fees
Low
Opened new account 9-27-2017 w/o any trouble.
Opened new account 9-27-2017 with no trouble. Fast and easy online transaction. External bank connected for money transfer. High interest rate. No fees.
Overall
Customer service
Poor
Website / app
Poor
Rates
Fair
Fees
Low
Enormous hassle opening account
Opening deposit account took unexpected amount of paperwork and many interactions with the verification department - about a month, with multiple email exchanges. They appear to be unable to perform online identity verification, like other US banks, requiring scanned documents via email; totally inflexible on the document selection and not expecting that some people receive their mail at PO Box. Minor rate difference was not worth the effort.
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