Barclays Bank review: No monthly service fees or minimum opening deposits for online accounts

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  • Barclays Bank (Member FDIC) has an online savings account and CDs, but no checking or money market account.
  • Because there's no checking account, you can't access your cash quickly; you'll have to transfer money to an external bank account, which could take a couple business days.
  • The Barclays Online Savings Account is a strong online savings account that pays a high APY, doesn't charge monthly fees, and doesn't require a minimum opening deposit.
  • The Barclays Online CD has its strengths, such as no minimum deposit and low early withdrawal penalties — but you can find higher rates at other online banks.
  • See Business Insider's picks for the best CD rates »

Is Barclays right for you?

You might like banking with Barclays if you:

  • Are comfortable banking digitally
  • Are looking for a high savings APY
  • Don't have much money to open a savings account or CD
  • Want a savings account with no monthly service fee

You might not like banking with Barclays if you:

  • Aren't comfortable banking digitally
  • Need quick access to your money
  • Are looking for the highest APY on CDs
  • Expect to bank from your Apple mobile app frequently

The bottom line: Barclays' savings account is its strongest product, but it doesn't have a checking account. If you need to access your cash quickly, you may want an account with a different bank that has both savings and checking.

Barclays Online Savings review

Barclays Online Savings Account

Barclays Barclays Online Savings AccountBarclays Barclays Online Certificate of DepositBarclays

Ally
Goldman Sachs

Savings APY

0.80% APY

Savings APY

0.80% APY

Savings APY

0.80% APY

CD APY

0.10% to 0.65% APY

CD APY

0.35% to 1.00% APY

CD APY

0.60% to 1.05% APY

Minimum deposits

None

Minimum deposits

None

Minimum deposits

$500 for CDs

Get Started

Get Started

Get Started

Barclays review vs. Ally review

If you're looking for a bank to open a checking or money market account, then you'll prefer Ally to Barclays (which has neither).

You could also have faster access to your money with Ally. Rather than waiting a couple business days for money to transfer to an external account, like with Barclays, you can transfer funds from savings to your Ally checking account and use it almost immediately.

The banks' high-yield savings accounts are both strong — no minimum deposit or monthly fees, and both pay a high APY. You might like Ally's bucket system, though, which lets you save for multiple goals in one savings account, such as "Emergency Fund" or "Vacation."

For CDs, Ally is the clear winner. The bank pays higher rates on fixed-rate CDs than Barclays, and it offers two other types of CDs. The No Penalty CD won't charge a penalty when you withdraw funds before your CD matures. The Raise Your Rate CD lets you increase your rate should Ally's rates go up during your term.

See Business Insider's complete review of Ally »

Barclays review vs. Marcus review

Barclays and Marcus have a lot of similarities. Both only offer a high-yield savings account and CDs, and both savings accounts come with high APY, no monthly fees, and no minimum deposit.

You'll prefer Barclays, which has mobile check deposit, if you need to deposit paper checks. Marcus doesn't have a mobile check deposit tool.

Marcus does require a $500 minimum deposit for CDs, but if you have the money, you may prefer Marcus to Barclays. Marcus pays higher rates, and there's a Marcus No-Penalty CD option along with the fixed-rate CD.

See Business Insider's complete review of Marcus »

Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.

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