Barclays offers a very high interest rate when compared with the best online savings accounts in our round-up. We really like that this account has very few fees, and theyâ€™re very reasonable. In comparison, other banks sometimes charge up to $35 in NSF fees, whereas Barclays only knocks you back $5 per item.
The only shortcoming that we can see is its lack of an ATM card. Because electronic transfers can take a couple of days to process, you wonâ€™t have immediate access to your cash. But if you donâ€™t mind the wait, this shouldnâ€™t be too much of a limitation for you.
Barclays offers good rates on its CDs. Some competitors seen in our best CDs listing might offer slightly better rates, but Barclays remains a very decent choice. Many of the higher APYs offered by other banks require a minimum deposit, which Barclays does not. Barclays also offers low early withdrawal penalties, especially for its longer-term CDs.
The lack of minimum deposits for CDs is a significant benefit. Most banks require a substantial deposit, but you can put anything into a Barclays CD, as long as you carry a balance over $0.01. This makes it possible for people with less money to still earn super-high interest rates, and probably keep them reinvesting the returns.
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