Barclays offers a competitive APY on its single savings account, which is light on restrictions and fees. Learn more about Barclays Online Savings Account to see if it’s right for you.
Is Barclays Good for Savings?Barclays Bank could be a solid choice for savers who are comfortable with online banking and don’t need direct ATM access to their funds. The bank’s Online Savings account offers a simple, uncomplicated way to earn above-average interest rates without having to worry about minimum balances, APY tiers, or monthly maintenance fees. And the Tiered Savings account may offer a higher rate than that for a higher balance. However, if your primary goal is to earn the highest interest rate possible on your savings, you might want to consider other savings account options as well; check out the best high-yield savings accounts to see what you could get.How Often Does Barclays Pay Interest?You earn interest on your Barclays savings account in the same basic way that interest works on savings accounts from other financial institutions. Interest begins to accrue on the same business day you deposit cash into your savings account. From there, the interest will compound daily. The bank credits any interest you earn to your account once a month.Is Barclays’ Savings Account FDIC-Insured?Barclays Bank is a member of the Federal Deposit Insurance Corporation (FDIC). Therefore, any cash you deposit in a Barclays savings account, certificate of deposit, or other type of deposit account will receive the backing of FDIC insurance. Not all bank accounts are insured by the FDIC. When you choose a financial institution, it’s important to choose a bank that’s a member of the FDIC or a credit union that’s a member of the National Credit Union Administration (NCUA) to protect your savings.