Business Insider's personal finance team compared Barclays Tiered Savings and the Barclays Online Savings Account to the best high-yield savings accounts and found them to be standard offerings.
Barclays is an online bank that has two high-yield savings accounts and various CDs. Its Barclays Tiered Savings account offers a good interest rate, but you have to deposit a significant amount of money to earn that rate. And the Barclays Online Savings Account doesn't offer as competitive a rate.
Current Barclays Savings Rates
Barclays Tiered Savings
no monthly maintenance fee
4.15% to 4.40%
$0
- No monthly maintenance fees
- No minimum opening deposit required
- High APY at the highest tiers
- Interest compounds daily
- Requires a lot of money to earn highest tier of interest
This account could be a good option for you if you're searching for an account with no monthly service fees but you can't earn the best rate unless you put more than $250,000 in. This account also doesn't quite stack up to the top high-yield savings accounts offerings.
- Online-only bank for U.S. customers
- Customer service available over the phone from 8:00 am ET to 8:00 pm ET every day of the week
- Interest compounds daily and deposits monthly
- Member FDIC
The Barclays Tiered Savings offers a high interest rate, at 4.15% to 4.40% APY (Annual Percentage Yield). Earning the top rate will require you to deposit the exact amount of money that the FDIC covers, though. Interest will likely take you over the FDIC-covered maximum unless you have a joint bank account.
Barclays Online Savings
no monthly service fee
3.90%
$0
- High APY
- No minimum opening deposit
- No monthly service fees
- Must transfer money to external bank to access it
- Low mobile app ratings in the Apple store
The Barclays Online Savings Account is a solid free savings account and is a worthwhile choice if you'd like to open an account with Barclays and a competitive interest rate. However, Barclays doesn't offer a checking account, so you'll have to transfer money to an external bank account to access your money.
- 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 has an easier-to-earn interest rate of 3.90% APY. You don't need to do anything special to earn this rate, but it isn't as competitive as the Barclays Tiered Savings — even for its lower tiers.
Overview of Barclays Savings Accounts
How Barclays Savings Accounts Work
Barclays Tiered Savings and the Barclays Online Savings Account are online high-yield savings accounts. If you are unfamiliar with what a high-yield savings account is, it's similar to a regular savings account from a brick-and-mortar bank. The only difference is that it offers a higher interest rate than a traditional bank account.
Barclays is a good option if you're looking for a savings account that helps you avoid common bank fees. Its savings accounts have no monthly maintenance fees, minimum balance requirements, non-sufficient funds fees, or statement fees.
If you'd like to get a paper bank statement mailed to you, there's a $0.50 fee. There's also a $5 cashier's check fee.
Barclays Savings Account User Experience and Accessibility
Barclays accounts are online-only, which means you can't visit any physical branches to get customer support. You'll have to be comfortable with online banking to use this account. Barclays also doesn't have a checking account, so you'll need to transfer your money to an external bank account to access it.
The Barclays mobile banking app has received 4.7 out of 5 stars in the Google Play store and 4.8 out of 5 stars in the Apple store.
Barclays offers 24/7 customer service by phone or live chat. You'll be able to do telephone banking via Barclays' phone line, if you prefer to do your banking that way.
Barclays Savings Security
Barclays is a long-running bank that originated in the United Kingdom. It has generally high ratings from Moody's, Fitch, and Bauer Financial.
Your deposits are FDIC-insured for $250,000 for individual bank accounts or $500,000 for joint accounts. Keep in mind that if you're not opening a joint account, you won't be able to earn the best interest rate without putting more money in the account than the FDIC covers.
Barclays Savings Rates Pros and Cons
Barclays Savings Pros
- Interest rates that are significantly higher than the average savings account interest rate
- No monthly service fees on savings accounts
- $0 minimum opening deposits for both accounts
Barclays Savings Cons
- Need to put a lot of money in Barclays Tiered Savings to earn the best rate
Barclays Savings Account Alternatives
Barclays Savings vs. Marcus by Goldman Sachs High Yield Online Savings
Both banks offer online high-yield savings accounts with no monthly service fees or minimum opening deposits, so it could be a bit of a toss-up.
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.
Barclays has two savings account options, so you do have more variety with Marcus. You could also earn more interest with Barclays Tiered Savings than the Marcus High Yield Online Savings Account, which offers 3.75% APY.
Barclays Savings vs. Discover Online Savings
Barclays and Discover® pay similar rates. Both savings accounts charge similar fees — no minimum opening deposit and no monthly service fees.
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 can earn 1% cash back on up to $3,000 of purchases per month (see website for details).
Barclays has two savings accounts to choose from, so you may lean more toward Barclays if you're interested in a tiered savings account.
Opening a Barclays Savings Account
Barclays Eligibility Requirements
You're eligible to open the Barclays Tiered Savings and the Barclays Online Savings Account if you are at least 18 years old and live in the U.S.
Step-by-Step Guide for Barclays Savings
You can open a Barclays individual or joint savings account online. When you're filling out the application, you must provide a Social Security number or taxpayer identification number. You will also need to have an external bank account routing number and account number to add money to your account.
Making Deposits for Barclays Savings
You can deposit money into the Barclays Tiered Savings and Barclays Online Savings Account by making a remote deposit through online or mobile banking, setting up direct deposit, or transferring money from another bank.
Managing Your Barclays Savings Account
Tips for Maximizing Savings at Barclays
Interest on the Barclays Tiered Savings and Barclays Online Savings Account is compounded daily. You can use a compound interest calculator to estimate potential earnings on your savings account.
However, keep in mind that the Barclays Online Savings Account and Barclays Tiered Savings have variable interest rates. Barclays can change the savings account interest rates at any time while the account is open. If you would prefer to earn a fixed rate of return, you might prefer a Barclays CD. However, Barclays CDs have early withdrawal penalties to consider, which might make Barclays CD rates not worth it to you.
Is a Barclays Savings Account Right For You?
Barclays savings accounts are overall good options for low bank fees and easy minimum opening requirements. However, Barclays doesn't offer a checking account, so you'll have to transfer money to an external bank account to access your money. You can also find higher savings rates elsewhere.
Why You Should Trust Us: How We Reviewed Barclays Savings Accounts
For our Barclays savings accounts review, we rated bank products and services using our savings account methodology. We review the minimum opening deposit, monthly service fees, interest rate, customer support, mobile app ratings, miscellaneous features, security, and ethics for both savings accounts. We use a weighted average to get our star rating. We use a scale of one to five stars to determine the overall rating of a product.
Barclays Savings FAQs
What types of savings accounts does Barclays offer?
Barclays offers two high-yield savings accounts and several traditional CDs. It doesn't have a money market account.
Are there any fees associated with the Barclays savings accounts?
The Barclays Online Savings Account and Barclays Tiered Savings have no monthly service fees or non-sufficient funds fees. If you would like to get a physical copy of your bank statement by mail, there's a $0.50 fee. There's also a $5 fee for cashier's checks.
Is Barclays a safe bank?
Yes, Barclays is a safe bank. Your money will be FDIC-insured up to $250,000 for a single depositor and $500,000 for joint depositors in a Barclays savings account.
Who is eligible to open a Barclays savings account?
Anyone in the U.S. who is at least 18 years old is eligible to open a Barclays Tiered Savings and the Barclays Online Savings Account. To apply online, you'll need a Social Security number or taxpayer identification number to verify your identity and external bank account information to link a checking account.
How can I maximize my savings with a Barclays savings account?
Setting up automatic transfers can help you maximize your savings with a Barclays savings account. You'll also need to put at more $250,000 in the account to earn the highest interest tier. A high-yield savings account can also be beneficial for growing an emergency fund.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
**Enrollment required.
*Axos ONE Savings and Checking Bundle: Earn 4.86% APY on your savings account balance and 0.51% APY on yoaur checking account balance by getting at least $1,500 in monthly direct deposits by the 25th of each month and by maintaining an average daily balance of $1,500. If you don't meet those requirements, you'll earn 1.00% APY on savings account balances and no interest on checking account balances.
**LendingClub LevelUp Savings Account: Earn 4.40% APY when you deposit at least $250 per month, earn 3.40% standard APY if minimum isn't met.
***CIT Bank Platinum Savings: Transfer a one-time deposit of $50,000+ for a Bonus of $300 or a one-time deposit of $25,000 -$49,999.99 for a Bonus of $225
****SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
*****Public High-Yield Bonds: All investing involves the risk of loss, including loss of principal. Past performance does not guarantee future results. This is not a recommendation or offer to buy/sell securities or engage in any investment strategy. Brokerage services for treasuries in a Treasury Account and US-listed securities, options, and bonds in a self-directed brokerage account are offered by Open to the Public Investing, member FINRA & SIPC. Public Advisors and Public Investing are affiliates. Self-directed Individual Retirement Accounts and Bond Accounts are offered by Public Investing. A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 investment-grade and high-yield bonds. The 6.9% yield is the average, annualized yield to worst (YTW) across all ten bonds in the Bond Account, before fees, as of 3/13/2025. A bond's yield is a function of its market price, which can fluctuate; therefore, a bond's YTW is not "locked in" until the bond is purchased, and your yield at time of purchase may be different from the yield shown here. The "locked in" YTW is not guaranteed; you may receive less than the YTW of the bonds in the Bond Account if you sell any of the bonds before maturity or if the issuer defaults on the bond. Public Investing charges a markup on each bond trade. See Public's fee schedule for more information. https://public.com/disclosures/fee-schedule. Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. See Bond Account Disclosures to learn more. https://public.com/disclosures.
