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Barclays Savings account review: annual and monthly maintenance fees, ATM fee, interest rates, required minimum daily balance and deposit, FDIC insurance, pros and cons.

Barclays Online Savings

Barclays Online Savings will allow you to deposit as often as you like to build your balance. You need to set up an external transfer from your primary bank accounts by inputting your ABA and account number to transfer money electronically/online. Usually takes 2-5 days to have transfer deposited; customer service phone number is 24/7 and is answered without too long of a delay. Direct deposit of funds into account is permitted.


Barclays Online Savings Minimum Requirements

There is no minimum to open an account or to earn interest on the account. There are no monthly minimums balances on your Barclays Online Savings account.


Barclays Online Savings APR Rate

Current interest rate on the account is 2.20% APY. This is one of the best rates in the industry, but not as good as 2.40%, available in CIT Bank's SavingsBuilder account.


Barclays Online Savings Withdrawals

Six withdrawals are allowed per statement cycle which include preauthorized, telephone and automatic withdrawals.


Barclays Dream Account

This type of bank account is ideal if you have a savings goal such as saving for your education, retirement, or for a home. It pays much less on the interest: 1.20% APY. It also comes with direct deposits, telephone and online/electronic funds transfers. No minimum deposit is required to open Barclays Dream account.


Barclays Savings Monthly Maintenance Fee

No monthly maintenance fees are charges on Barclays Dream Account and Barclays Online Savings Account.


Statements

Both accounts send statements to account owners via email or by mailed paper statement. Forms to set up direct deposit, W-9 withholding and account verification are available on the bank's website for the account owner's use.


Barclays Savings Account Review


Is Barclay's Bank FDIC Insured?

Barclay's Bank of Delaware (Barclay's) is FDIC (Federal Deposit Insurance Corporation) insured so you are guaranteed to have the deposits returned in the event of a failure of the bank. The coverage limit is $250,000 per owner.


Depositing Funds to Barclays Savings Accounts

External accounts can be linked to your Barclay's account to transfer money to and from them. All external accounts must be in the Barclay's account owner's name. These accounts can include such types as PayPal, Dwolla, Coinbase, Venmo, Square and payday loans that you may have accounts with as a previous or current customer.

For security reasons during initial setup and to verify information submitted to Barclay's, two to three days post initial setup, two test deposits for approximately a dollar will be made to your Barclay's account. After confirmation of these accounts and their balances, the account is now setup to move funds in and out of it/them. Presently Barclay's doesn't accept wire transfers.

If in the event the access password is forgotten, you can reset your online banking password on the bank's website. Simply use the Forgot UserID and/or password link during login from the bank's home page. you will be asked a few short questions to verify your identity. Then choose to have a one time pass code sent to you by email, phone, or text; the one time pass code will be active for ten minutes. 

To set up direct deposit, use the external account from which you’d like to transfer funds into your Barclay's account.  You’ll need to follow their procedures for setting up direct deposit but all of them will need the following information:

Your Barclays Online Banking account number from your account setup: Routing/ABA number for Barclay's is 031101321.


Personal Information

There are two ways to update your personal information, if needed:

Log in to BarclaysUS.com/deposits and select My Profile to change your personal information, or call Customer Care team a call at 888-710-8756.

Their hours are 7 days a week from 8:00 am to 8:00 pm ET or 5:00 am to 5:00 pm California time.

If documentation for my account or follow up on paper work I have already submitted, what's the best way to contact Barclay's?

You can send an email with copies of your documentation or follow up on your request via DepositResearch@barclaycardus.com or by mail to  

Barclay's Bank
P.O. Box 2460
Cranberry Twp., PA 16066

Be sure to include your account number on all correspondence and the best way to track your correspondence is to send it Certified Mail (only a bit more than sending it via 1st Class US Mail).


Restrictions

Barclay's permits customers to open and maintain any combination of 25 total accounts. Please note that there is a 3 account maximum for Dream Accounts.

Customer tax refunds maybe deposited into Barclays online savings accounts as long as the name on the refund is the same as the account holder. Use the routing number previously mentioned to have the refund credited to your account.

If you are using any third party financial management programs such as Mint, Hello Wallet or something similar, please review/set up process to allow access to your Barclay's account. Until the update is made the third party programs will not recognize the new log in process and will cause a log in failure email alert.


Customer Service

Customer service can be contacted from outside the U.S. by dialing 1-704-719-1515, 7 days a week, 8:00 AM to 8:00 PM ET.

Barclay's offers a mobile app for customer convenience which allows viewing of online bank accounts, complete transfers, deposit checks and more from customer's smartphone or tablet which allows the viewing of your account activity and details, complete one time transfers, depositing of checks through your mobile device and receiving push notifications for all transaction activity.

Check retention policy on mobile banking is one month in the event of banking errors or questions by any party.

TDD/TDY services are offered. Please call 1-866-951-1419.

Power of Attorney (POA) can be provided by submitting a document containing the following: the customer’s signature, printed name, address and telephone number, two witness signatures, printed names, addresses and telephone numbers, a notary’s signature and acknowledgement within a valid date range, a date on the POA showing when it is effective.

If the document has no date or shows a date that is 5 years prior, an Agent’s Certification as to the validity of the Power of Attorney And Agent’s Authority form is required by Barclay's. Power of Attorney’s (agent or delegate) first and last name, address, telephone number, social security number and date of birth

If there are successors to the initial Power of Attorney, all delegates must provide their first and last name, address, telephone number, social security number and date of birth.

You can send an email with the required documentation to DepositOperations@barclaycardus.com or by mail to:

Barclays
P.O. Box 2460
Cranberry Twp., PA 16066

Submission via Certified Mail is strongly suggested.


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Barclays Savings reviewed by TopRatedFirms.com. Rating: 4