Barclays Savings Account Interest Rate - November 2024
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This high-yield tiered savings account offers up to 4.80% APY, which is several times the national average, even when considering rate cap adjustments, and much higher than most traditional checking or savings accounts offer.
Barclays does not have brick-and-mortar branches in the United States, so you will not have any in-person customer service options or ATM access with this account.
You can also choose to save money and earn interest with Barclays CDs, which come with terms of three to 60 months and APYs of 0.10% to 4.65%.
Some other competitive options offering high yield savings accounts include American Express National Bank, Member FDIC (apy% Annual Percentage Yield), Bask Bank (4.85% APY), UFB Portfolio Savings (apy APY) and Western Alliance (4.70% APY) or BrioDirect (apy% APY).
SUMMARY
The online savings account from Barclays is a solid choice for anyone who wants easy access to a high APY and doesn’t mind a mostly DIY option. You can manage the account online or via the Barclays US Savings mobile app, but you won’t get any access via local branches or ATMs because Barclays doesn’t offer any in the United States.
To find out more about whether this might be the best savings account for your goals, check out Barclays savings account review, which covers:
How much you can earn with a Barclays high-yield savings account
The Barclays online savings account offers an APY of up to 4.80%. However, the APY is tiered, so to receive this rate, you’ll need to deposit $250,000 or more. For anything less than this, you’ll earn a rate of 4.50% APY.
There are no minimum balance requirements or monthly maintenance fees, making the Barclays Tiered Savings Account best suited for those who already have significant funds to take full advantage of the highest APY.
PROS
Impressive APY of up to 4.80%
No minimum balance requirement
No monthly maintenance fees
No minimum deposit requirement
FDIC-Insured
CONS
Tiered APY
No in-person services in the US
No ATM card
Barclays Tiered Savings Account interest rates
The Barclays Tiered Savings Account is considered a high-yield savings account, which means you will earn much more than the national average on your money.
The interest earnings offered by this product as of September 2024 ranged between 4.50% and 4.80%, which is between double and ten times more than the average APY nationally.
To get the best rates, your deposit amount will have to fall into the higher tiers for investment, with the highest rate of 4.80% reserved for those who deposit at least $250,000 into their account. For amounts between $0,00 and $250,000, customers can get an APY of 4.5%, making the account very appealing to many users. Barclays does not limit the number of transactions you can make to and from the savings account, which is not the case with many similar products from other banks.
Barclays US only operates an online bank, however, so you sacrifice conveniences like branch and ATM access for these benefits.
Barclays Savings Account Interest Rate & Fees*
APY
Monthly fee
Deposit amount
4.50 %
$0
<$10,000
4.50 %
$0
$10,000 to <$50,000
4.50 %
$0
$50,000 to <$250,000
4.80 %
$0
$250,0000+
*Figures are correct as of September 2024.
How much can I earn with a Barclays Tiered Savings Account?
The interest you earn on money held in a Barclays account is compounded daily and credited monthly. That means you’ll see a single interest amount reflected as a credit on your account each month.
However, because the interest compounds daily, you earn a little bit more than you would with an account that compounds interest once a month. The difference is negligible on smaller balances or short-term earnings, but it can add up to a couple hundred or more on large balances or long-term earnings.
A high-yield savings account isn’t a get-rich-quick opportunity. However, a bit of patience and good money management can help you build savings long term.
Here are a few examples to help you understand how much you can save with a Barclays account over time.*
Interest earned on $5,000 initial deposit and an additional deposit of $100 per month:
Years saved
Total amount, including interest
Total interest earned
5 years
$11,411.45
$411.45
10 years
$18,151.61
$1,151.61
15 years
$25,237.34
$2,237.34
20 years
$32,686.36
$3,686.36
What if you need to start thinking bigger? Here’s an example of what savings can look like if you have a high initial deposit.
Interest earned on $50,000 initial deposit and an additional deposit of $100 per month:
Years saved
Total amount, including interest
Total interest earned
5 years
$69,356.45
$13,356.45
10 years
$93,596.63
$31,596.63
15 years
$123,952.75
$55,952.75
20 years
$161,967.87
$87,967.87
As you can see, the amount you can earn with a Barclays Tiered Savings Account depends on how much you initially deposit, whether you continue to make consistent deposits into the account and the length of time you hold money in the account.
With additional deposits of as little as $100 per month, you could more than triple the value of your $50,000 deposit in 20 years. This being said, even with a shorter-term savings plan of a few years, you could earn a few hundred dollars in interest depending on your deposits.
*The calculations shown are just a simple example. Always seek advice from a qualified professional before making important financial decisions or long-term agreements.
How the Barclays savings interest rate compares
When compared to rate-cap-adjusted national deposit rates published by the FDIC in August 2024, this online savings account provides between two and ten times the average yield. It’s more than four or five times what you might find with other banks and credit unions if you’re not investing in a high-yield savings account.
The highest Annual Percentage Yield of 4.80% isn’t the highest option you’ll find among high-yield savings accounts on the market, but it’s certainly competitive. It’s also among one of the highest rates you’ll find on accounts that don’t require minimum deposits or minimum balance requirements or charge monthly maintenance or regular transaction fees.
How Barclays Tiered Savings Account rates compare to other large banks:
**Barclays offers a Tiered Savings Account with the rate depending on the amount deposited. The account has no minimum deposit, though deposits of less than $250,000 will receive the lowest interest rate of 4.50% APY. Barclays rates then scale up depending on the amount deposited, with the highest rate of 4.80% available only to those who deposit in excess of $250,000.
Compound Interest Calculator With Monthly Contributions - Barclays
Estimated Future Balance
0
Important Note: The savings estimates provided on this platform are meant for general information purposes only and should not be considered financial advice. We strongly encourage you to check with the specific financial institution for an accurate estimate before applying for any financial product.
Is a Barclays savings account right for me?
An online savings account from Barclays may be a good choice if you don’t mind the lack of local bank account or credit union access. It provides high-yield savings without any of the fees and limitations you might expect from such an account, but you do lose some of the peace of mind that comes from numerous customer support options.
If you’re familiar with online checking or mobile banking apps, you will likely find it easy to manage your savings account. However, it’s important to note that you may not have immediate access to money in your account. There are no direct withdrawal options such as an ATM card or checks you can write on your account. Instead, you’ll need to transfer funds from your Barclays account to an external savings or checking account, which can take a few business days.
Consider the pros and cons when deciding if the Barclays Tiered Savings Account is right for you.
Pros of a Barclays savings account
High-yield, competitive APY of up to 4.80% (as of September 2024)
No deposit minimum
No minimum balance requirements
No monthly maintenance fees
No transaction fees for regular withdrawals
Potential cons of a Barclays account
Higher APY rates only available on large deposits
Online only in the United States
No access to in-person customer support
No ATM access or debit card
Customer support is only offered via phone and email
How to apply for a Barclays Tiered Savings account
You can apply for a Barclays Tiered Savings account online through the Barclays US website.
Individuals can apply for a single account, and two or more people can apply for a joint savings account. In either case, everyone who will be listed as an owner on the account must submit their Social Security number or a taxpayer identification number when completing the application.
You will also need an account number and routing number for an external checking or savings account. This is what you will use to fund your Barclays Tiered Savings account.
The Barclays account application also requires you to complete some personal and account information. The entire process to open your savings account is completed online in as little as about 10 minutes. Once you complete the application, enter funding information for the account and accept the terms, your savings account will be set up.
Barclays offers a few options for depositing funds into your savings account once you set it up.
1
Make an online deposit.
You can use remote deposit features online on your computer or via the Barclays US Savings mobile app to deposit paper checks.
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2
Set up a direct deposit into your Barclays US savings account.
This is a good way to ensure that you continue to consistently save money so you can see gains such as those reflected in the hypothetical tables above. If your employer lets you split your paycheck direct deposit, for example, you can automatically save a portion of each check directly to your Barclays account.
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3
Use ACH transfers to move money from other accounts into your Barclays account.
This is often how you fund your account initially, and you may want to move money from external checking or savings accounts periodically into your high-yield account.
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4
Send the funds to Barclays by mail.
If you have a check or other type of money you want to deposit and can’t use any of the above options, you can mail it to the deposit lockbox for Barclays.
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Keep in mind that Barclays does not allow you to deposit cash or checks drawn on foreign banks. You also can’t deposit a third-party check, which is a check that was made out to someone else initially but signed over to you.
If you have these types of funds, you will need to deposit them into an account with another financial institution. You can then move those funds to your Barclays savings account if you want.
How to get money out of your Barclays Tiered Savings account
The entire point of saving money is so you can access it when you need it in the future, right? If you have an online savings account with a bank that doesn’t offer a checking account or ATM access and doesn’t have local branches, how do you get the money out?
To withdraw funds from your Barclays account, you use your online access or mobile app. Each offers a Transfer Funds option that lets you transfer funds from your savings account to an external savings or checking account. You can then use that account to access your money via an ATM, a check, a debit card or a teller window.
You do need to plan appropriately when managing money in your Barclays Tiered Savings account, though. It can take two to three business days for money funds to be fully credited to the receiving bank account. This means you may not have immediate access to your money.
Other savings options at Barclays
In addition to its online savings account, Barclays also offers renewable CDs as another type of savings account option.
CDs can offer an even higher yield, as you can find options from Barclays with APYs ranging from 3.00% to 4.65%. However, you have to keep the money in the CD for the length of the term.
You may also pay a penalty if you withdraw funds before the CD term matures, which would cause you to lose money on the investment. If you decide to choose a CD from Barclays as an investment vehicle, ensure you select a term you can work with.
Once the term is up on your CD, you can take the money out and do something else with it, or you can choose to renew the CD for another term to accrue more interest earnings. When you renew your CD, you renew it at the terms that are in place at that time, which might not be the same as your initial terms. You can also choose to invest in a CD with different terms.
Barclays does not offer checking accounts in the United States. However, it does offer a few credit card options that might be of interest to account holders.
FAQ: Barclays savings account interest rate
Does Barclays offer online checking accounts?
No, Barclays does not offer online checking accounts in the United States. Your options are limited to the high-yield savings account or CDs, so this is not the online bank for you if you are looking for a comprehensive financial institution.
Does Barclays offer money market accounts?
No, your options for interest-bearing savings with Barclays online are limited to a savings account or CDs.
Is Barclays FDIC insured?
The Barclays savings and CD accounts are protected by federal deposit insurance. FDIC insurance covers up to $250,000 per depositor per account. So, as long as you keep your balance at $250,000 or less in each account, your funds are covered should there be a bank failure.
How often does Barclays pay interest?
Interest earnings are credited to your Barclays Tiered Savings account once per statement cycle. That means you will see an interest credit one time each month.
Sarah Stasik is well versed in personal finance thanks to her previous role as a Revenue Cycle Manager for a Fortune 500 healthcare company. Using her inside knowledge and expertise, Sarah often covers topics ranging from insurance and the economics of private healthcare to personal finance and small business management.
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