Review: Barclays Online Savings Account

0.50% APY: Barclays Online Savings account delivers a competitively high APY, and that APY applies to all balances. This is a nice bonus, considering that some competitors offer tiered rates that go up as balances increase or a promotional rate that expires after a set period of time.

$0 minimum deposit and no minimum balance requirement: With no minimum balance required to get started or maintain your account, Barclays is an ideal choice for those who are beginning to build savings. Even super savers will appreciate the fact that you won’t be penalized if you have to pull money from savings and leave your account with a low balance.

$0 monthly maintenance fee: Low or no fees are the norm for high-yield online savings accounts. This is one of the most important features for a prospective savings account, given that fees can quickly wipe out interest earnings.

Highly rated mobile app: Mobile convenience is a must-have for an online savings account. You can make mobile check deposits and free electronic transfers to your Barclays Online Savings account. Both the iOS and Android apps have received high marks from users as well.

FDIC insured: Finally, Barclays Online accounts are covered by the same FDIC insurance as traditional bank savings accounts. You’re covered for as much as $250,000 per depositor, per institution, in the event of a bank failure.

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