Though you may not have heard of it before, Barclays is actually quite a popular online savings account.
With 1.30% annual percentage yield, Barclays is up there as offering one of the top APYs. There are no minimum balances required to open a new account, and Barclays offers some nifty tools that should prove helpful should you decide to open a savings account with them.
Why Should I Open a Savings Account?
For one, putting money in a savings accounts will cause you to earn interest on that money, which will slowly but surely increase your available funds over time.
This especially can come in handy when life throws an unexpected — and costly — event your way. Accumulated interest alone likely won’t be able to cover expenses due to any unforeseen circumstances, but it can certainly help.
Savings accounts are also a great way to assist you with saving up for larger purchases. With a savings account, it’s easy to see how much money you have and to successfully budget for the more costly expenses in your life.
Keeping money in a savings account also lets you access that money from virtually anywhere, and it also keeps that money safe.
If you keep much of your money at home or in investments, you may not be able to access it when you need it most. Placing money into a savings account allows you to access your money from multiple locations, quite quickly.
Cash kept at home can be stolen or misplaced, but your money will be safe, and accruing interest, in a savings account.
Now that we’ve covered some reasons one might open a savings account let’s see what Barclays has to say about their savings accounts. Then we’ll share some reviews of Barclays’ savings accounts, to help you decide whether or not to open an account in the future.
When it comes to opening a savings account, your options are by no means limited. This is nice because it means you are never forced to open a savings account that isn’t right for you. But, it also means narrowing down your options and deciding on “the one” can be tedious.
To help you along on your money-saving journey here is some information directly from Barclays about their online savings accounts.
Some Facts & Statistics
Right on Barclays “Online Savings Account” web page, you can see the details that Barclays deems are most important.
In addition to the 1.30% APY, they also inform prospective customers of a few other attractive specifications —
- No monthly maintenance fees
- No minimum balances to open
- Tools to help you save
- Secure, 24/7 online access to your funds
- Online transfers to and from other banks
- Direct deposit to make saving simple and easy
Barclays also offers a nifty “Savings Assistant,” which allows you to see how long it would take to save a certain amount of money. All you need to do is provide the tool with a few numbers — how much money you’ve already saved and how much you can contribute per month. Once you do this, it will spit out how long it will take you to save this amount.
You can read about the specifics of Barclays online savings accounts on their website, but their accounts seem very secure.
Everything from SSL and TLS to built-in session timeouts helps keep your information secure and away from prying eyes. Emails sent by Barclays follow an “email security standard” that allows you to confirm that all emails sent by Barclays are authentic and reliable.
Information passed between Barclays and the savings account holder is always encrypted, as well as all information passed between Barclays and other businesses. This makes it highly unlikely that Barclays, or another business, will end up accidentally sharing information with people it isn’t intended for.
Frequently Asked Questions
For a complete list of FAQs, check out Barclays website.
How many Barclays savings accounts can I have?
You can have up to 25 accounts in total.
Are there any fees associated with Barclays accounts?
There are no monthly maintenance or annual fees. But, there are fees that may apply in a few scenarios, like insufficient funds fees and early withdrawal fees.
Can I use third-party finance software with a Barclays account?
The short answer is yes. Financial management programs such as Mint, Hello Wallet, etc. should all work with your account.
How can I deposit money into an account?
- Via a personal computer or smartphone,
- By direct deposit,
- Through a funds transfer,
- Or by mail using a check.
How soon do deposits begin earning interest?
Right away. As soon as the money makes its way into your account, which depends on the method of depositing the money, it begins earning interest.
How many transfers can I make to/from an account each month?
In accordance with Federal Law, you are able to make up to six transfers a month. Any more than this and you’ll incur a small fee.
Can minors open accounts?
As of June 6, 2017, persons under the age of 18 can no longer open an account.
Barclays Online Savings Review
Paired with a good checking account, a Barclays savings account can be an ideal solution for those who seek a simple, hassle-free online savings account experience.
Those with a Barclay online savings account love its high APY and lack of hidden fees.
One critique of Barclay savings accounts is that their website needs improvement. Though it gets the job done, it could be more easily navigable. Sometimes it’s hard to find what you’re looking for. In addition, Barclays customer support has received mixed reviews.
Though some may prefer a local, physical bank for cash deposits and withdrawals, Barclays is a great fit for those who don’t have to deal with cash transfers very often. Their online check depositing works great and allows you to cash checks from the comfort of your home.