at Barclays,

Member, FDIC

Pros

2.20% 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 and only 5 branch locations 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 primarily online, offers excellent annual percentage yields on savings accounts and certificates of deposit — but it doesn’t offer a checking account.

 

Barclays also lacks an extensive U.S. 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 April 2, 2019

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 2.20% 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
2.20%
Min. balance for APY
$1

at Barclays,

Member, FDIC

Online CD
APY
3.00%
Min. balance for APY
$1
Length of term
5 years

at Barclays,

Member, FDIC

How does Barclays compare?

Barclays

Online Savings Account

NerdWallet Rating

APY

2.20%

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

2.25%

Monthly Fees

$0

Bonus features

No Monthly Fee

Competitive APY

HSBC

Online Savings Account

NerdWallet Rating

at HSBC,

Member, FDIC

APY

2.30%

Monthly Fees

$0

Bonus features

Competitive APY

No Monthly Fee

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
Excellent
Website / app
Excellent
Rates
Excellent
Fees
Low
Used for Mid-Long Term Savings
No problem opening the account. I'm already a Barclaycard Ring CC holder, so there was a history of good service for me from the company. The Barclay account is my mid to long term savings account. Additionally, I get double and a quarter annual interest on this account relative to my immediate savings account, i.e., I have half the amount in this account relative to my immediate savings account. My monthly interest payment for the Barclay Bank account is more than double what I get for my other savings account! Overall, very pleased with the results. Additionally, the "difficulty" of withdrawing the money ensures that I wouldn't touch it unless I really need the funds--but then that's what my immediate (emergency) savings account is for.
Overall
Customer service
Fair
Website / app
Poor
Rates
Good
Fees
Low
Taking my business elsewhere
I have had an account for 3 years. Good rates and fees however poor services. I tried to get a cashier's check mailed and it has taken nearly 1 month. I think that kind of service is unacceptable. I have closed my account. There are too many other entities with competitive rates to warrant staying
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