at Barclays,

Member, FDIC

Pros

1.80% APY on savings, among the best you'll find
No minimum opening deposits for savings or CDs
$5 nonsufficient funds fee; many banks charge $30 or more for similar fees

Cons

No ATM network and no branches for U.S. customers
No checking account
No cash deposits or withdrawals from ATMs

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Overall

4.0

London-based Barclays provides services to 48 million people worldwide. Its U.S. banking operation, which is online-only, offers excellent annual percentage yields on savings accounts and certificates of deposit — but it doesn’t offer a checking account.

 

Barclays also lacks a U.S. branch network, so it’s best suited for consumers who don’t require in-person assistance. But if you value high savings rates, you might be able to overlook these limitations.

 

Ratings methodology | Updated October 9, 2019

Savings

5.0

With low fees and strong rates, Barclays is a good bank to boost your savings. The Online Savings account pays 1.80% 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
1.80%
Min. balance for APY
$0

at Barclays,

Member, FDIC

Online CD
APY
2.20%
Min. balance for APY
$0
Length of term
5 years

at Barclays,

Member, FDIC

How does Barclays compare?

Barclays

Online Savings Account

NerdWallet Rating

at Barclays,

Member, FDIC

APY

1.80%

Monthly Fees

$0

Bonus features

No Monthly Fee

Competitive APY

American Express National Bank

Personal Savings

NerdWallet Rating

at American Express National Bank,

Member, FDIC

APY

1.75%

Monthly Fees

$0

Bonus features

Competitive APY

Live help 24/7

No Monthly Fee

Citizens Access

Online Savings Account

NerdWallet Rating

at Citizens Access,

Member, FDIC

APY

1.85%

Monthly Fees

$0

Bonus features

No Monthly Fee

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
Excellent
Rates
Fair
Fees
High
Indignantly Proud of Their Predatory Fees
Closed both accounts I had with Barclays because of their indignant prideful attitude about their predatory fees. I had an auto-transfer set up which failed one month with reason "account closed" on the external account. A couple days apart from that, I'd also initiated a manual transfer from that same account - which also failed with reason "account closed." The external account had $30k in it so it was obviously not "closed." Rather than notifying me by phone or halting the second transfer attempt, they sent letters by snail mail informing me the external account was closed and they'd be charging me fees for both their failures. When I called to discuss the issue, they proudly declared "we can charge you if we want to because it's in our fine print." There are far too many honest banks to deal with this kind of scum.
Overall
Customer service
Excellent
Website / app
Excellent
Rates
Excellent
Fees
Low
Top Tier Internet Banking
I have accounts with Ally, Barclays and CIT. Barclays ranks at the top in several categories. Their savings rates are very competitive. The customer service representatives are knowledgeable. The phone wait times are probably the shortest of the three. You always receive an email confirmation for all your transactions. I have never had a problem with any ACH transactions. They do not offer checking or ATM access but that’s not a big deal for me. I would definitely recommend Barclays.
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