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Barclays Tiered Savings Summary
Barclays is a trusted name in banking, and although its roots stretch back to 17th century England, it’s as innovative as any financial institution on the market. Given its reputation, we were anxious to review the latest Barclays offering, online banking, and we weren’t disappointed. Barclays offers high APYs and low or no fees. Now let’s take a closer look at this banking solution.
Barclays Tiered Savings Pros & Cons
Pros
No monthly maintenance fees
No minimum balance to open a savings account or earn APY
FDIC-insured
Cons
No checking accounts
No immediate access to your funds
Barclays Tiered Savings at a glance
9.4
Editorial scoreRates
Competitive APY offering, minimum balance requirement of $1 or $0 to earn stated APY
10.0
Fees & Requirements
No monthly fees and no minimum balance to open an account, no ongoing balance required
10.0
Security
FDIC insured (directly), SSL/AES encryption and supports 2 factor authentication
10.0
Customer Service and Mobile Experience
Extended CS hours, no/limited virtual live chat, FAQ/help page; mobile app with 4.1 on Google Play and 4.8 in the App Store; no live chat
8.0
Features and Benefits
Includes 3 out of 4- digital savings tools, no or $1 minimum deposit, easy online transfers; doesn't have banking bonus
9.0
Advantages Over Regular Bank
Online banking is becoming increasingly more popular because of how convenient, fast, safe, and easy it is to use. Barclays online savings account is no different. To begin with, you won’t have to meet a minimum deposit amount in order to open your account. You also won’t have to struggle with the usual fees, like a monthly maintenance fee or application fee. Add to that the wide variety of online tools for ease-of-use, and on-the-go account management, and Barclays online banking is a natural choice, at least for anyone who enjoys convenience and big savings. This combination of features makes Barclays a strong contender among the best online banks.
Cutting-Edge Banking Services
Barclays excels at putting modern technology’s greatest developments into the hands of its customers. With up-to-the-minute security measures, a cool mobile app, and automatic features, here’s how Barclays is making your banking life easier every day:
- Convenient account linking
Barclays doesn’t have a checking account option, but it has something just as good. You can link as many as 3 of your other accounts with your Barclays online savings account. These accounts can be checking or savings, with Barclays or with another bank or credit union. Once the accounts are linked, transferring money in and out between accounts is a breeze.
- Easy money transfers
Fast and efficient funding is another advantage Barclays offers its customers. It’s easy to fund your online savings account with Barclays. You can make regular money transfers to and from other banks and other accounts with Barclays, and you can even set up direct deposit for the ultimate set-and-forget ease.
- Check scanning
If you're already a Barclays customer, you can use the Remote Deposit feature to fund your online savings account as well. This feature allows you to scan a check using your computer or smartphone, and the money will instantly be deposited into your account. Not only is this more convenient, it is the fastest way to get funds into your account.
Traditional Banking Services
As mentioned, you are allowed to link up to 3 external accounts with your Barclays online savings account. This is a good way to fund your savings account, but it is also a convenient way for you to withdraw money when you need it. Through ACH transfers, you can transfer money from your online savings into one of your linked accounts. The process takes about 2-3 days.
Barclays online banking doesn’t have any ATM services available, but that’s not surprising for an online bank. Barclays does have credit card and personal loans products, but these are considered separate products from the online banking accounts.
Barclays Tiered Savings
Barclays Tiered Savings account offers competitive APY rates, which vary based on your balance. Interest is compounded daily and credited monthly. There’s no minimum balance requirement to open an account, and you won’t encounter any monthly maintenance fees. This account is designed to help you grow your savings efficiently and conveniently, with easy and secure, 24/7 online access.
In addition, Barclays provides tools to help you set and track savings goals, including a savings assistant.
Customer Service
Barclays customer service is available Monday to Friday from 8:00 am- 8:00 pm. You can use the 866 numbers available to reach a specific department, and Barclays customer service even has a collect call line you can use in case you’re overseas and need to speak with a representative. There is also an internal email center that allows you to send and receive messages securely through the system. You can even reach customer service via Twitter, and Barclays reps are known for responding quickly through this forum.
Mobile Apps
Barclays has a mobile app available on both the Apple Store and the Google Play Store. Aside from being attractive and easy to use, we were happy to see that the Barclays mobile app also has some excellent features like:
- Account management
You can manage all of the settings of your online savings account using the mobile app as well. This includes changing your username or password, setting notifications, checking your balance, reviewing account activity, and setting up automatic deposits or transfers.
- Check scanning
As mentioned above, Barclays’ mobile app allows customers to snap a picture of a check and have it automatically deposited into their account. This is definitely the easiest way to deal with checks, and it beats standing in line or looking for an ATM that provides this service.
There are other features available through the mobile app if you have other types of Barclays accounts as well.
Security
Barclays keeps its customers safe numerous security measures. For one thing, the entire website is secured with Norton Secured by VeriSign, an industry-recognized leader in online security. Additionally, Barclays uses RSA digital risk management software for an added layer of protection against hacking attempts. All pages use Secure Sockets Layer and Transport Layer Security with 248-bit encryption and built-in firewalls. Finally, Barclays has a timeout function that logs you out if you’ve been inactive for a few minutes.
In addition to its own site security, Barclays employs several measures to keep your data private and safe as well. Every account is accessible only through a SecurPass code chosen by the user, comes with $0 fraud liability protection, and constant monitoring. The monitoring service scans your account, checking for fraudulent or suspicious activities. If anything ever raises a red flag, you’ll be notified immediately via the fraud alerts, so the issue can be dealt with quickly.
Conclusion
Barclays focuses on delivering a personal touch while giving you cutting-edge features technology. The high-interest rates and low fees structure make their online savings accounts appealing, and the friendly service completes the package.
Disclaimer
* Qualifying activities to earn the $200 bonus offer:
1. Open a new Tiered Savings account
2. Deposit $30,000 or more within 30 days
3. Maintain at least $30,000 for the next 30 days
4. After the $30,000 balance is maintained for 120 consecutive days, the $200 bonus will be added directly to the account in approximately 60 days
Credit to the account within 60 days after the requirements have been completed. Offer valid until 3/31/2026.
Written bySarah Badani
Sarah Badani is a personal finance expert at BestMoney.com, specializing in loans. She has extensive research and review experience in the finance industry. With a degree in psychology and education, Sarah brings a unique perspective and depth of understanding to every topic she covers.
