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Barclays Online Savings

Our Two Cents: Barclays Online Savings Review

Barclays might not be a name you are familiar with, but it should be. With over 325 years of experience in the banking industry, Barclays is listed by Forbes as the 122nd largest public company in the world. Why haven't you heard of them? Good question. Historically, Barclays has been a major playing in Europe, and more specifically, in the United Kingdom. Their global headquarters is based in London.

Don't let their European roots fool you though. Barclays has been steadily building its U.S business over the last two decades. In 2003, they launched a U.S. credit card program. Shortly thereafter, Barclays brought their online savings account to U.S. consumers. You may be most familiar with the Barclays name thanks to the Barclays Center sports arena that debuted in Brooklyn in 2012, further cementing Barclays commitment to the U.S. market.

As far as their savings product goes, Barclays offers one of the industry's best products, which is why is sits on our list of best online savings accounts. As of 03/02/2018 the APY on savings accounts is 1.50%. Compare that to rates that can be as low as 0.10% from other traditional brick and mortar banks like Bank of America. 1.3% may not sound like a lot, but over 10 years the difference between 1.3% and .1% is almost $1,300. That's $1,300 of interest for parking your money at a bank with the best interest rate.

Barclays has an award winning savings account with a very intuitive mobile application, as well as solid desktop interface. You can open an account without any minimum balance requirements or monthly fees. Funding your account is also easy. You can transfer money from your current bank, set-up a direct deposit, or even take a picture of a check and deposit it into your newly opened account.

If you are looking to stash away some cash for 2-5 years, Barclays also offers some very competitive CD rates. As of 3/2/2018, the APY for a 60 month CD is 2.55%.

Final Thoughts:

Overall, you won't go wrong with Barclays as your saving account provider. Barclays is well established in the banking world, even if they may be new to you. Not only do they offer one of the best savings rates in the U.S. for an online savings account, but you'll also find competitive online CD rates, and a diverse credit card line-up.

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