at Barclays,

Member, FDIC

Pros

[nw_product_field product_type="banking" product_id="e08baa9a-259e-11e8-9c02-03bb6fe04776" banking_field="derived_details.display_apy" /] 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, 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 May 31, 2018

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 1.65% 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
1.65%
Min. balance for APY
$1

at Barclays,

Member, FDIC

Online CD
APY
2.85%
Min. balance for APY
$1
Length of term
5 years

at Barclays,

Member, FDIC

How does Barclays compare?

Barclays

Online Savings Account

NerdWallet Rating

at Barclays,

Member, FDIC

APY

1.65%

Monthly Fees

$0

Bonus features

No Monthly Fee

Competitive APY

Goldman Sachs Bank USA

Online Savings

NerdWallet Rating

at Goldman Sachs Bank USA,

Member, FDIC

APY

1.8%

Monthly Fees

$0

Bonus features

No Monthly Fee

Competitive APY

American Express National Bank

High Yield Savings Account

NerdWallet Rating

at American Express National Bank,

Member, FDIC

APY

1.75%

Monthly Fees

$0

Bonus features

No Monthly Fee

Mobile-friendly

Competitive APY

Not for you? Read more bank reviews
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
Rude
The person I spoke with on the phone was not only rude, he was condescending and spoke over me throughout the call. He kept telling me to email him a paper after I told him several times that I don’t have access to a scanner. After going back and forth about my lack of IT accessibility, he finally agreed to give me the mailing address to snail mail the document following up with a snide remark that the document may not be accepted due to the 2-3 day mail time. Grossly unprofessional, don’t bank here or get credit cards through here, much better options elsewhere.
Overall
Customer service
Poor
Website / app
Poor
Rates
Poor
Fees
High
AVOID THIS BANK
I got a Barclay Card during a time when I was struggling financially--I had moved and was in between jobs. I made my payments--extremely high interest--and then, about 3 years later, my job situation changed. I asked for a lower interest rate for a short time, so that I could meet my obligations; Barclay refused to even considering lowering my interest rate for any period of time. When my situation changed, I paid off the balance--with the help of a friend. The following month I received an email that I still owed money to Barclay! I was told that there had been a pending transaction, so why wasn't I given this information when I paid off the debt? Why was this the one and only transaction that took Barclay 5 days to post? This company targets those in financial difficulty such as myself--charging high interest rates to those who can least afford it. Just because people struggle financially doesn't mean they should be taken advantage of. I will never do business with this bank again, and will tell everyone I know to avoid them like the plague.
Some of the reviews on the NerdWallet site were purchased through a third party provider. Users who post a review directly on the NerdWallet site will not be compensated in any way. Please see our Terms of Use and Posting Guidelines for more information.