Barclays Savings Account Interest Rates for June 2024

Commitment to Our Readers

GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.

20 Years
Helping You Live Richer

Reviewed
by Experts

Trusted by
Millions of Readers

Whether you’re looking to open a high-yield online savings account or a short- or long-term CD, Barclays Bank Delaware offers multiple options, all with no minimum balances to open an account and no monthly maintenance fees.  

Here’s a look at Barclays’ savings interest rate and other features to help you decide whether its savings account is right for you.

Barclays Savings Interest Rate

In June 2024, Barclays advertises an annual percentage yield of for its Online Savings account. This rate is well above the national average savings rate of 0.45% as of May 20.

There is no minimum balance, although you must hold an amount that will earn at least 1 cent at the current APY. Interest compounds daily and is deposited monthly.

There are no fees and no minimum or maximum monthly deposits. You’ll earn the same high interest rate on all balances.

Key Features of the Barclays Online Savings Account

Barclays makes it easy to transfer funds online to and from other banks, or save money through direct deposits from your employer and other ACH payments. You can also deposit funds by check through the mail or through remote deposit on the app or on the website.

You won’t get a debit card when you open a Barclays savings account, which could be a benefit as it means you’ll need to take the extra step of transferring funds before spending money from your savings account. For those who might be tempted to spend their savings on nonemergency purchases, that extra waiting period might be enough to cause a change of heart — and a change in spending habits.

According to the Barclays FAQ page, it can take as long as two to three business days before funds from ACH transfers to an external account are available for withdrawal. On the plus side, there’s no limit to the types of withdrawals or transfers you can make each month.

With no branches and no ATM access, a Barclays account provides a safe place to stash your money where you’ll have to think twice before making a withdrawal. It’s a good account for those who are committed to saving but may not be disciplined with their money.

Barclays CD Rates

GOBankingRates ranked Barclays as one of the best banks in 2024 for CD accounts. Barclays’ online CDs have no minimum balance requirement or minimum opening deposit, although you must fund the account within 14 days to avoid account closure.

Take a look at Barclays’ competitive CD rates below.

Barclays discloses that the financial institution charges an early withdrawal penalty equal to 90 days’ worth of simple interest on the amount withdrawn for CDs with terms of 24 months or less. For a CD with a term greater than 24 months, the bank deducts 180 days’ worth of simple interest on the dollar amount withdrawn as a penalty.

Once your CD matures, you’ll have a 14-day grace period to withdraw funds or roll it into another CD with a different term. Otherwise, your CD will automatically renew at the current interest rate.

With this in mind, you can create CD ladders by staggering the terms of each CD and then cashing out or rolling funds into a CD with a more preferable interest rate or term when each CD matures. This gives you access to your money at specific intervals while allowing you to lock in high interest rates.

Pros and Cons of the Barclays Savings Account

There are many benefits to opening a Barclays savings account, along with a few drawbacks to watch out for.  

Pros

• APY is well above the national average
• No maintenance fees
• No minimum balance to open an account
• FDIC insured

Cons

• Can’t deposit third-party checks
• No ATM card
• Two to three business days for ACH transfers to external accounts

Alternatives to the Barclays Savings Account

In spite of its high ratings, positive reviews and high-yield savings, you might find more desirable options than the Barclays Online Savings account. Some reviewers have pointed out that Barclays customer service is lacking. And in fact, the Barclays US Savings app on the App Store earned a lackluster 3.2 stars.

Here are a few alternatives to Barclays Online Savings if you’re looking for even higher yields and superior customer service.

Flagstar Bank

Flagstar Bank is a regional bank with branches in five states. It earned 4.4 stars in GOBankingRates’ independent review and was ranked among the Best Premium Checking Accounts for 2024. The bank’s high-yield Flagstar Savings Plus account delivers a high APY for five months with a balance of $25,000 or more, which is practically unheard of in a traditional, brick-and-mortar bank.

Be aware that you’ll pay a $15 service fee, but this is waived if you also have a Flagstar personal checking account or if your savings account has an average daily balance of at least $10,000.

BrioDirect

BrioDirect, powered by Webster Bank, is an online-only financial services firm offering high-yield savings and CDs. The bank’s 12-month CD competes favorably with Barclays’ similar product, offering a APY. However, you’ll need a minimum balance of $500 for a BrioDirect CD.

A BrioDirect high-yield savings account offers a APY with no monthly maintenance fee. However, you’ll need at least $5,000 to open the account and must maintain a minimum balance of $25 to earn .

How To Open a Barclays Savings Account

If you’ve decided Barclays is the right online savings bank for you, it’s easy to open an account. First, click the blue button that says “Open Account” in the top right of the homepage. Choose whether you want a single or joint account.

You will need your Social Security number or taxpayer ID number to open an account, along with an external bank account number and routing number for each account holder. You will also need to provide a residential address within the U.S. as well as a phone number and email address.

Once that’s done, click submit. From there, you can download the mobile app and fund your account when you are ready via external ACH deposit, mailed check or mobile check deposit.

Bottom Line

If you don’t need immediate access to the money in your savings account, Barclays offers a high yield of , which is well above the national average.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of June 14, 2024.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

Share This Article: