Barclays Tiered Savings Overview

The Barclays Tiered Savings account has no monthly maintenance fees, minimum opening deposit, or minimum balance requirement. It provides generous interest rates and enables direct deposit and online transfers.

Applying for an account is straightforward, and Barclays has a mobile app that makes it easy to manage your account on the go. It also offers customer support 7 days a week and has online resources to help you reach your savings goals.

Barclays Tiered Savings at a Glance

Suitable For?

A Barclays Tiered Savings account is best for people looking for the stability of a savings account without being stuck with high fees or a poor interest rate. It’s also a good option for someone who prefers to bank online, as there are no physical branches or ATM access.

The account is also worth considering for people just getting started with saving or who don’t have a lot to put away, as there’s no minimum opening deposit requirement.

Features/Highlights

Advantages over traditional banks

The main advantage is that this account offers an interest rate that’s multiple times higher than what traditional banks provide. Barclays also doesn’t charge monthly maintenance fees.

It can offer up to 4.10% APY through its Tiered Savings account, eliminating monthly maintenance fees thanks to its low overhead as an online bank.

The account also has no minimum balance requirement to get the best rate, and there’s no minimum opening balance, so you can get started with as little as you’d like.

Cutting-edge banking services

Barclays provides a Savings Assistant tool that helps you save for everything from a wedding to a house, a car, or even a vacation. To get started, you need to provide your goal, how much you’ve already saved, how much it costs, and how much you can afford to contribute each month. After submitting this information, the tool calculates how long it’ll take to reach your goal.

The company also gives you 24/7 access to your money, and you can easily manage your account from anywhere. You can make transfers online or in the app, and linking bank accounts ensures it’s easy to withdraw and deposit funds. There’s no limit on your transfers, either.

Applying online is quick and easy compared to the lengthy process of opening an account with a traditional bank.

Traditional banking services

In the USA, Barclays operates as an online bank so has limited traditional banking services. It doesn’t offer any ATM access or checking accounts, and there are no physical branches in the country.

However, it provides certificates of deposit (CDs), and another division of Barclays in the USA offers credit cards and personal loans. All deposit accounts with Barclays also have FDIC insurance to protect your funds in case the bank fails.

It lets you open joint savings accounts and assign up to 4 beneficiaries on each account you open.

Interest rates and fees

Barclays offers up to 4.10% APY through its Tiered Savings account. The actual APY depends on your balance tier. This is much higher than you get with most traditional savings accounts. Keep in mind that this rate could change at any time and without notice.

The account has no monthly maintenance fees, non-sufficient funds (NSF) fees, or stop payment fees. There’s also no minimum opening deposit, minimum balance requirement or official check fees. However, it has a $0.50 fee to get a paper statement mailed to you.

Customer service and online experience

You can reach out for customer support over the phone at 888-710-8756. Phone hours are 8am-8pm (ET) every day of the week. While it doesn’t offer 24/7 support like some banks, its hours are much less restrictive than many traditional financial institutions, especially on the weekend.

The website is easy to navigate and offers helpful online resources such as the Savings Assistant tool, a comprehensive list of FAQs, and a few guides. These guides focus on topics like saving, planning for retirement, and money management for parents.

Mobile app

The Barclays US Savings app is available on both Android and Apple devices. It has a clean and streamlined design, and you can use it to make transfers, deposit checks remotely, view statements and balances, and check recent transactions.

However, the app receives mixed reviews on both the Apple App Store and Google Play Store. Positive comments highlight the straightforward design and easy-to-use basic features. On the other hand, the negative reviews focus on errors loading and logging into the app, and the lack of advanced features.

Security

Barclays takes your security seriously and takes several measures to protect your data. Firstly, it uses both Secure Sockets Layer (SSL) and Transport Layer Security (TLS) encryption to provide a secure link between your computer and Barclays and ensure all information transmissions are safe. Communication between Barclays and its partners is also encrypted.

Additionally, the company uses technology like firewalls and state-of-the-art monitoring equipment to ensure there’s no unauthorized access to your information. Barclays logs you out of your session after five minutes of inactivity, to protect your account in case you forgot to log out yourself.

For further security, you can also switch on two-factor authentication when you create your account.

Finally, the company offers some helpful tips and advice to protect your security. This includes always knowing who you’re dealing with, watching out for scams, and using unique passwords.

Application Process

To open a Barclays Tiered Savings account you need to:

• Go to the Barclays US website and navigate to the Online Savings Account page.
• Click “Open Account” in the top-right of the screen to begin the process.
• Choose whether you want to open a single or joint account.
• Provide your personal information like name, date of birth, social security number, phone number, email, occupation, and address.
• Choose your login information, and decide whether to enroll in two-factor authentication.
• Select either Online Savings or Online CD, and choose an opening deposit.
• Provide your bank account info so you can link an external account to fund your Barclays Tiered Savings account.
• Read and accept the terms and conditions to complete your application.

Overall, the process is easy, and it only takes a few minutes to open an account.

Barclays Tiered Savings Summary

The Barclays Tiered Savings account provides up to 4.10% APY with the Tiered Savings account and has no monthly maintenance fees. You can get support 7 days a week over the phone, and you always have access to your funds and account.

There’s no minimum deposit requirement to get started, and you don’t need to maintain a minimum balance to get the highest interest rate possible. Applying for an account online is easy, and shouldn't take more than a few minutes.

While it doesn’t offer ATM or physical branch access, this isn’t a problem if you primarily bank online.

Physical Address

P.O. Box 70378

Philadelphia, PA 19176

Disclaimer

1. National savings average rate courtesy of the FDIC's National Rates and Rate Caps, as of 04/15/2024; average rate is used for deposits under $100,000.
2. Barclays Tiered Savings Annual Percentage Yield (APY) is valid as of 06/17/2025. APY varies by balance tier and may change at any time. No minimum opening balance or deposit required to open. Fees could reduce earnings. To earn interest, you must maintain a balance that would earn at least $0.01.