The Barclays Online Savings Account pays a solid interest rate and has a $0 minimum opening deposit

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Read our editorial standards. The bottom line: You might consider the Barclays Online Savings Account if you’re interested in opening a fee-free savings account with $0. However, Barclays doesn’t offer a checking account, so you’ll have to transfer money to an external bank account to access your money.

Pros and cons Pros Cons Solid interest that’s higher than the national average of savings account interest rates No monthly service fees $0 minimum opening deposit Need to transfer money to an external bank account to access funds Other online banks or credit unions may pay higher interest rates or make it easier to access your account Barclays Online Savings Account review Barclays Online Savings Account Annual Percentage Yield (APY) 1. 10% APY Minimum Deposit Amount None 4. 25 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.

25 out of 5 Stars Editor’s Rating Learn More Barclays Online Savings Account 4. 25 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4. 25 out of 5 Stars Editor’s Rating Learn More Annual Percentage Yield (APY) 1.

10% APY Minimum Deposit Amount None Pros & Cons Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Pros High APY No minimum opening deposit No monthly service fees Cons Must transfer money to external bank to access it Low mobile app ratings in the Apple store Details Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. More Information No checking account or debit card, so you must transfer funds to an external bank account to access your money Compounds interest daily to maximize earnings Interest compounded daily, deposited monthly FDIC insured The Barclays Online Savings Account is an overall good fee-free savings account.

It has a $0 minimum opening deposit and earns a higher interest rate than the national average on savings accounts. How Barclays works Barclays is an online bank that has a high-yield savings account and CDs. Barclays doesn’t have a checking account, so you’ll need to transfer your money to an external bank account to access it.

Customer service is available by phone or live chat seven days per week. Contact a representative anytime from 8 a. m.

to 8 p. m. EST.

The Barclays mobile app has received 4. 5 out of 5 stars in the Google Play store, and 4. 8 out of 5 stars in the Apple store.

Your deposits are FDIC insured for $250,000 for individual bank accounts or $500,000 for joint accounts. Barclays trustworthiness and BBB score The Better Business Bureau rates companies by seeing how it responds to customer complaints. The BBB gave Barclays an A+ rating .

A great BBB score doesn’t guarantee your relationship with a bank will be smooth. You’ll want to talk to current customers or read online customer reviews to see if Barclays might be a good fit for you. Although Barclays has a great BBB rating, it does have one recent public settlement.

In 2019, the Securities and Exchange Commission required Barclays to pay $6 million in a settlement that accused the bank of violating the Foreign Corrupt Practices Act due to improper hiring practices. Barclays Online Savings Account vs. Marcus by Goldman Sachs High Yield Online Savings Account We’ve compared the Barclays Online Savings Account to the Marcus by Goldman Sachs High Yield Online Savings Account .

Barclays Marcus by Goldman Sachs Savings APY 1. 10% APY Savings APY 1% APY Minimum opening deposit $0 Minimum opening deposit $0 Learn more Learn more Marcus and Barclays are similar, so it could be a bit of a toss-up. Both offer an online high-yield savings account with no monthly service fees or minimum opening deposit.

The two institutions also share a similar disadvantage in their savings account — limited access to your funds. If you’d like to take out money from your account, you’ll need to link an external bank account and transfer funds. The main difference between these two accounts is that Marcus currently offers a higher interest rate.

However, keep in mind rates could change. Barclays Online Savings Account vs. Discover Online Savings Account See how the Barclays Online Savings Account stacks up to Discover Bank’s Online Savings Account .

Barclays Discover Bank Savings APY 1. 10% APY Savings APY 0. 90% APY Minimum opening deposit $0 Minimum opening deposit $0 Learn more Learn more You might lean more toward Discover if you’d prefer opening multiple bank accounts or having quick access to funds.

Discover offers a checking account. If you open both bank accounts, you’ll be able to link your debit card to your savings account and access funds quickly. The Discover Cashback Debit Account is also a rewards checking account.

You may earn 1% cash back on up to $3,000 of purchases per month. Barclays currently pays a higher interest rate than Discover, though. Frequently asked questions Is the Barclays savings account FDIC insured? Yes.

Barclays is a federally insured bank. Deposits are FDIC insured for $250,000 for individual bank accounts or $500,000 for joint accounts. Does Barclays have a good savings account? You may like Barclays if you don’t want to deal with monthly service fees or minimum balance requirements.

It may not be the best option if you want quick access to your funds. Barclays doesn’t have a checking account or ATM access, so you’ll transfer money to an external bank account. Sophia Acevedo, CEPF Junior Banking Reporter Sophia Acevedo is a junior banking reporter at Insider who covers banking and savings for Personal Finance Insider.

She is also a Certified Educator in Personal Finance (CEPF). She joined Insider in July 2021 as a fellow for the Personal Finance Insider Reviews team. Before joining the Insider team, she was a freelancer based in Los Angeles and worked briefly in publishing.

She also graduated from California State University Fullerton in 2020. You can reach out to her on Twitter at @sophieacvdo or send a quick email at sacevedo@insider. com.

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