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.
Try using our savings calculator to see how much you could earn.
*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 APY 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:
*Rates are correct as of September 2024.
**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.
Barclays Savings Account
See how much money you could save:
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.
Learn more about the Barclays Savings Account
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.
Apply now
How to deposit funds into your Barclays account
Barclays offers a few options for depositing funds into your savings account once you set it up.
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 5.10%. 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.
You can see the Barclays CD rates per term in the table below.
Barclays CD Rates
CD term |
APY* |
Minimum deposit |
6 months |
5.10% |
$0 |
9 months |
4.25% |
$0 |
12 months |
3.75% |
$0 |
18 months |
3.25% |
$0 |
24 months |
3.00% |
$0 |
36 months |
3.00% |
$0 |
48 months |
3.00% |
$0 |
60 months |
3.25% |
$0 |
*Rates are correct as of September 2024.
Barclays Online CDs
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.