Barclays is a British universal bank operating as Barclays UK and Barclays International divisions. It is a leading bank in the United Kingdom that is also gaining increasing popularity in the U.S.
Barclays’ online savings account service is desirable for a quick increase in your savings amount, as it offers high-interest rates and certificates of deposit (CD) rates that are market competitive and higher than what other banks offer. The lack of availability of physical branches in the U.S. and ATM cards makes it difficult to manage the account as just an online presence.
The Barclays online savings accounts offer its customers high-interest rates and easy access to funds. The minimum maintenance fee and high APYs make it a desirable platform for saving money for short-term goals or a quick increase in savings.
The savings account is online only, and the account holder doesn’t have access to a branch. This decreases the overhead costs by the bank, which can be passed on as high-interest rates.
You can deposit money in your savings account by transferring it from a remote bank account or mailing checks to the Barclays account. Barclays Online Savings account helps you gain a high annual yield of approximately 1.10%.
Certificates Of Deposit Or CD
The CD rates offered at Barclays are higher and more competitive than what other online banks are offering. The certificates of deposit terms range from one to five years. After the duration ends, the account holder can either renew it or withdraw the amount. Most interests received upon the CDs can be transferred to your bank account.
Easy Access To Your Money
Barclays offers mobile banking that allows account holders to monitor and track their funds and investments. The apps even make it easy to deposit an amount by taking the front and back picture of the cheques.
The app has been reported to have minimal features and reduced functionality. This makes it difficult for this online savings account to be used as a frequent source of money transfers.
Why Should You Get This Savings Account?
Barclays offers one of the best online savings accounts. Its popularity is due to high-interest rates and low fees. The savings account annual yield and CD rates make it stand out among online savings account services provided by other banks.
There are several situations in which a Barclays savings account can be an asset for you:
If you want to save money for a short-term goal, you can easily do that by depositing a small amount in the beginning and gaining a profitable investment on it every month.
The online savings service provides safety for your money, which is indeed much better than other investments, where you can quickly lose your money.
The Barclays savings account ensures that you can withdraw your funds anytime you like, which is highly desirable in emergencies like medical emergencies, house or car loans, etc.
There is no minimum deposit amount that is needed for the opening of a Barclays savings account.
The bank doesn’t charge monthly fees for maintenance.
The service allows 24/7 access to your account online.
Competitive and high-interest rates on the CDs.
Easy withdrawal of funds.
There are no CD terms that allow you to withdraw your money before at least one year.
There is a lack of physical branches in the U.S.
The lack of ATM support and physical branches makes it difficult to withdraw cash amounts and transfer them to other bank accounts via online transfer.