If you’re looking for one of the nation’s top savings rates, Barclays offers the Online Savings Account with 2.20% APY. This account is available nationwide, and it has no monthly maintenance fees or minimum opening balance. It’s a no-nonsense savings account that you can manage online through your computer or phone. Just keep in mind that getting a hold of a representative in person won’t be easy because there’s only one American Barclays branch in Delaware. Read ahead to check out the pros and cons of opening this account.
Pros:
- No Monthly Maintenance Fee: Online accounts require less maintenance than traditional accounts at banks with more physical branches, which means you can avoid monthly fees due to the lack of overhead costs.
- No Minimum Balance: You don’t have to deposit a minimum amount of cash to get your account started, but you’ll still earn interest 2.20% APY.
- Online Savings Tools: If you need to reach a specific savings goal, you can use the “Savings Assistant” to calculate how much you need to contribute monthly and how long it will take you to reach your goal.
- Multiple Accounts: Barclays allows you to open up to 25 accounts if you plan on working towards multiple savings goals at a time.
- FDIC Insurance: Barclays deposit accounts are insured up to the maximum amount allowed by law.
Cons:
- Interest Earning Minimum: There is no minimum opening deposit, but your account balance must be high enough to earn at least $0.01 in interest within the statement cycle. And if your balance is less than $1 for 180 days or more, the bank can close the account.
- Unpredictable Rates: The fine print of the account states that “rates may change at any time without prior notice, before or after the account is opened.”
- Lack of Physical Branches: There is only one physical branch in Delaware, which means you can only deposit checks online or through the mail. There isn’t an ATM network either, so you won’t be able to deposit cash directly into your Barclays account.
Open Barclays Online Savings Account:
- Before you start the application process, you will need to gather your Social Security number and the account and routing numbers from a different bank account. You will need to connect your external bank account to your Barclays account.
- Visit Barclays Online Savings Account page and click “Open an Account”.
- Provide your first and last name, email address, and primary phone number. Then, click “Continue.”
- Indicate whether you’ll be opening a single or joint account, pick “Online Savings” in “Account Type” and indicate how much you want to deposit initially.
- Create a User ID and password.
- Link a separate bank account to fund your initial deposit.
- Your online savings account is ready!
Bottom Line:
With 2.20% APY, the Barclays Online Savings Account offers one of the highest returns on your funds. Access to the account may be limited to your laptop or phone, but you shouldn’t have any trouble transferring your funds if you link an external account to it. Plus, you don’t have to worry about monthly maintenance fees or minimum opening deposits. Check out our list of bank rates if you want to compare offers!
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