Barclays Online Savings Account Review: High APY, No Minimum Deposit Required

Check out the competitive APY with Barclays' online savings.

Saving money for an emergency is always a good idea in these trying times, but with the national rate sitting at a mere 0.09% APY, it can be hard to find an account with a noticeable return. The Barclays Online Savings, however, might raise some eyebrows with its high 0.50% APY.

Keep reading this savings account review to determine if you should save with an online savings account like Barclays.

Barclays Online Savings Account at a Glance
APY 0.50%
Minimum Deposit $0
Monthly Maintenance Fees None
Excessive Transaction Charge $5 after 6 transfers or withdrawals
Insufficient Funds Fee $5
Returned Deposit Fee $5
Information accurate as of Oct. 10, 2018.

In this review:

What You Need to Know About the Barclays Online Savings

Here are the most important features of the online savings account:

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  • 0.50% APY
  • No monthly maintenance fee
  • No minimum deposit required to open an account
  • Six account withdrawals a month

The high-interest savings account allows customers to save without incurring any fees that would offset potential gains.

Best for: People interested in accumulating wealth while safely saving their money

Learn: Here’s Why You Need Multiple Savings Accounts

Best Features of the Barclays Online Savings

Barclays’ online savings account boasts a competitive APY, outperforming some of the more well-known banks. Check out how a Barclays savings account compares to the products offered by major banks.

Savings Accounts APYs
Bank APY
Barclays Online Savings 0.50%
Bank of America 0.06%
Citibank 0.04 – 0.15%
Chase 0.04%
Wells Fargo 0.01%
Information accurate as of Oct. 10, 2018.

Barclays’ online savings account has an APY that is higher than or on par with that of most of the best savings accounts of 2018. Plus, there is no maximum monthly deposit.

Should You Open a Barclays Online Savings Account?

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A Barclays online savings account offers customers an impressive APY with little setback. No account minimum means anyone can open an account, though you will have to invest a sizable amount of money to maximize the account’s use. Related account fees might offset or lessen potential earnings, but they can be avoided with a bit of smart saving. Remember that you will only be allowed to make six account withdrawals each month. Barclays’ online savings account is an overall sound investment for any individual seeking a higher APY than the traditionally lower rates offered by big banks.

Click through to read more about the pros and cons of online savings accounts.

More on Savings Accounts

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More on Barclay Bank

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Information is accurate as of Oct. 9, 2018. For the most up-to-date information on an institution or its accounts, visit its website.

GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack, Inc., an online marketing company serving top-tier banks, credit unions and other financial services organizations. Some companies mentioned in this article might be clients of ConsumerTrack, Inc., which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by the companies included in the article. All fees and rates are subject to change at the issuers’ discretion. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met in order to obtain the interest rates listed. Rates and availability might vary by region. Verify terms and conditions before opening an account. 

About the Author

Sean Dennison

Sean joined the GOBankingRates team in 2018, bringing with him several years of experience with both military and collegiate writing and editing experience. Sean’s first foray into writing happened when he enlisted in the Marines, with the occupational specialty of combat correspondent. He covered military affairs both in garrison and internationally when he deployed to Afghanistan. After finishing his enlistment, he completed his BA in English at UC Berkeley, eventually moving to Southern California.

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